On 31 March 2020, the Single Resolution Board (SRB) published its Expectations for Banks document. The SRB has updated this document to reflect industry feedback and sets out the capabilities the SRB expects banks to demonstrate in order to show that they are resolvable. It describes best practice and sets benchmarks for assessing
On 31 March 2020, the European Banking Authority (EBA) published the following:
On 1 April 2020, the European Securities and Markets Authority (ESMA) published its final report to the European Commission on inducements and costs and charges disclosures under MiFID II.
The final report deals with technical advice in relation to certain investor protection topics under MiFID II. In this respect, in line with the
On 1 April 2020, the European Securities and Markets Authority (ESMA) issued a public statement intended to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under Regulatory Technical Standards (RTS) 27 and 28 of MiFID II.
The statement notes that the next
On 2 April, 2020 the FCA proposed several measures, intended to come into effect within seven days, to provide relief to consumers across a range of consumer credit products. The measures complement the announcement from HM Government to provide support to mortgage holders, and the assistance to be provided to furloughed employees and the
The STOCK Act clarifies that members of Congress and other congressional employees do, in fact, have a duty of trust and confidence to the Congress, the United States Government, and US citizens.
On March 16, 2020, the Securities and Exchange Commission’s Division of Investment Management announced additional COVID-19 related relief. This relief is available on the SEC’s COVID-19 page, available here, and summarized below.
Operation of Business From Temporary Locations. The conduct of business from temporary locations, such as an employee’s home, as part of
On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and