On 6 May 2020, the European Securities and Markets Authority (ESMA) issued a public statement reminding firms of their conduct of business obligations under MiFID II. ESMA has issued this public statement after several Member State national competent authorities noticed a significant increase in the number of investment accounts opened by retail clients and a … Continue Reading
On 4 May 2020, the European Supervisory Authorities (ESAs) published joint draft Regulatory Technical Standards (RTS) to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared over-the-counter derivatives (bilateral margining), under the European Markets Infrastructure Regulation, to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements. On … Continue Reading
On 9 April 2020, the European Securities and Markets Authority (ESMA) published a public statement concerning: UCITS management companies, self-managed UCITS investment companies, authorised alternative investment fund managers (AIFMs), non-EU AIFMs marketing alternative investment funds (AIFs) pursuant to Article 42 of the Alternative Investment Fund Managers Directive, EuVECA managers and EuSEF managers. The purpose of … Continue Reading
On 14 April 2020, the European Securities and Markets Authority published a new web page that contains all of its responses to the COVID-19 pandemic.… Continue Reading
On 9 April 2020, the European Systemic Risk Board published a spreadsheet that provides information on the policy measures taken by Member States, EU institutions and national authorities in response to the COVID-19 pandemic.… Continue Reading
On 9 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that it follows the European Securities and Markets Authority’s (ESMA) request in its recent public statement (the Statement) to not prioritise supervisory actions where it concerns compliance with their obligation to publish annual and half yearly reports in … Continue Reading
On 6 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item containing an update on the measures taken by DNB in connection to the coronavirus pandemic. DNB starts off by noting that the pandemic is having a significant impact on the economy and in order to minimize the situation, it … Continue Reading
On 2 April 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which they endorse the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) calling on insurers to suspend their dividend payments and share buybacks until more is known about the impact of COVID-19. DNB fully endorses … Continue Reading
On 2 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item emphasising the statement issued by the European Insurance and Occupational Pensions Authority (EIOPA) to insurers and intermediaries, urging them to take steps to mitigate the impact of Coronavirus/COVID-19 on consumers. Insurers and intermediaries are asked … Continue Reading
On 31 March 2020, the PRA issued a statement welcoming the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to cancel payments of any outstanding 2019 dividends in response to a request from it. The PRA also expects banks not … Continue Reading
On 27 March 2020, the European Central Bank (ECB) updated its recommendation to banks on dividend distributions. The ECB recommends that at least until 1 October 2020 no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken by credit institutions for the financial year 2019 and 2020 and that credit … Continue Reading
On 27 March 2020, the Dutch Minister of Finance (the Minister) sent a letter to the Dutch Parliament containing answers to questions raised by members of the Dutch Parliament on potential liquidity issues in the financial sector as a result of the COVID-19 crisis. The questions in the letter among other things relate to the … Continue Reading
On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a statement on the implication of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive (TD). In the statement ESMA notes that issuers maybe prevented from fulfilling their reporting requirements due to COVID-19, … Continue Reading
On 26 March 2020, the European Securities and Markets Authority (ESMA) issued a revised version of its earlier statement on coordinated supervisory actions on the application of the Securities Finance Transactions Regulation (SFTR). The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject to backloading under the … Continue Reading
On 26 March 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that due to the impact of the coronavirus it will be suspending large data requests to financial undertakings until 1 June 2020. The AFM wants to give the financial sector space to fully focus … Continue Reading
On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular … Continue Reading
On 25 March 2020, the European Banking Authority (EBA) issued the following statements related to the COVID-19 pandemic: Statement on the application of the prudential framework regarding default, forbearance and IFRS9 in light of COVID-19 measures. The EBA is supportive of the measures taken and proposed by Member State national governments and EU bodies to … Continue Reading
On 20 March 2020, the Basel Committee on Banking Supervision (Basel Committee) reported that it had held a conference call with its members to discuss the impact of the COVID-19 pandemic on the global banking system. The Basel Committee reports that following the strengthening of the Basel III standards the global banking system has significantly … Continue Reading
On 20 March 2020, the European Central Bank (ECB) announced further measures to ensure that directly supervised banks can weather the coronavirus related economic shock. The ECB has introduced supervisory flexibility regarding the treatment of non-performing loans (NPLs), in particular to allow banks to fully benefit from guarantees and moratoriums put in place by public … Continue Reading
On Friday, 20 March 2020, the European Securities and Markets Authority (ESMA) published a Public Statement to ensure coordinated supervisory actions by national competent authorities on the application of the new tick size regime for systematic internalisers (SIs) under Regulation (EU) 600/2014 on markets in financial instruments (MiFIR), as amended by Regulation (EU) 2019/2033 on the … Continue Reading
On 20 March 2020, the Financial Stability Board (FSB) issued a press release stating that it is actively cooperating with its members to maintain financial stability during market stress related to the COVID-19 pandemic. The FSB explains that the global financial system is today in a better position to withstand shocks as a result of … Continue Reading
On 20 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release on its approach with respect to Less Significant Institutions (LSIs) in light of the coronavirus pandemic (COVID-19). This follows the measures announced by the European Central Bank (ECB) providing temporary capital and operational relief to Significant Institutions. DNB welcomes … Continue Reading
On 17 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release stating that it has discussed the consequences of the coronavirus outbreak for the Dutch economy and the financial sector with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Banking Association, the Federation of Dutch Pension … Continue Reading
On 12 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement which makes certain recommendations to market participants as regards the impact of COVID-19. The statement touches on: Business continuity planning; Market disclosure; Financial reporting; and Fund management.… Continue Reading
