Financial Regulation Weekly Bulletin - 02 April 2020

General

• COVID-19 – FSB publishes update on actions to ensure continuity of critical financial services functions
• Principles for Responsible Banking – UNEP FI publishes portfolio impact analysis tool
• COP26 – European Commission announces postponement in response to COVID-19
• PRA Policy Statement PS8/20 – Financial Services Compensation Scheme: Management Expenses Levy Limit 2020/21
• COVID-19 – FCA publishes statement on senior managers’ responsibilities in relation to work-related travel
• Business cooperation under competition law - FCA and PSR publish statement responding to CMA guidance on COVID-19

Brexit

• Financial services regulatory regime post-Brexit – House of Lords EU Financial Affairs Committee publishes letter containing recommendations

Banking and Finance

• Basel III – Basel Committee defers implementation in light of COVID-19
• CRR – Implementing Regulation amending ITS on supervisory reporting published in the Official Journal
• Fundamental Review of the Trading Book – EBA publishes final draft RTS on the new internal model approach
• COVID-19 – EBA publishes statements clarifying measures to mitigate impact of COVID-19
• Dividend distribution policies – ECB publishes Recommendation in response to COVID-19
• COVID-19 – SRB publishes letter on operational relief measures
• Expectation for banks – published by the SRB
• Basel III – HM Treasury and PRA publish statement on delaying implementation
• COVID-19 – PRA publishes statements on its approach to VAR back-testing exceptions and exposure value for internal models method counterparty credit risk
• COVID-19 – PRA publishes statement on large UK deposit-taking banks’ approach to dividend payments, share buybacks and cash bonuses
• COVID-19 – PRA publishes statement on amendments to regulatory reporting and Pillar 3 disclosures
• COVID-19 – FCA updates webpage on strong customer authentication
• COVID-19 – FCA consults on temporary financial relief measures for customers
• Annual Plan and Budget 2020/21 – published by the PSR
• Contactless payments – UK Finance announces increase in payment limit
• Case C-66/19 JC v Kreissparkasse Saarlouis
• Joined Cases C-84/19, C-222/19 and C-252/19 Profi Credit Polska SA v QJ; BW v DR; QL v CG, Opinion of Advocate General Hogan

Securities and Markets

• Taxonomy Regulation for sustainable investment – Council of the EU adopts position at first reading
• EMIR – Delegated Regulation on RTS on the mitigation of counterparty credit risk associated with covered bonds and securitisations published in Official Journal
• EMIR – Delegated Regulation amending RTS on risk mitigation techniques for uncleared OTC derivatives published in the Official Journal
• Transparency Directive – ESMA publishes statement on the application of forbearance measures for financial reporting deadlines
• EMIR Refit – ESMA publishes consultation on post-trade risk reduction services
• EMIR/EMIR Refit – ESMA publishes consultation on technical standards on reporting, data quality, data access and the registration of trade repositories
• MiFID II/MiFIR – ESMA confirms application date for equity transparency calculations
• Credit rating information and data – ESMA publishes call for evidence
• EMIR 2.2 – ESMA publishes draft RTS on colleges for CCPs
• MMF Regulation – ESMA postpones deadline for Q1 reporting
• Enforcement of fines and penalties - ESMA publishes final technical advice on regime for third-country CCPs, TRs and credit ratings agencies
• Regulation on cross-border distribution of collective investment undertakings - ESMA publishes consultation on draft ITS
• MiFID II – ESMA clarifies best execution obligations in light of COVID-19
• MiFID II – ESMA publishes technical advice on the impact of inducements, costs and charges disclosure requirements
• MiFID II – ESMA publishes review report on the impact of position limits and position management on commodity derivatives markets
• COVID-19 - FCA publishes update on implementation of lowered notification thresholds for net short positions

Asset Management

• AIFMD – ESMA publishes consultation on Guidelines to address leverage risk
• COVID-19 – FCA publishes ‘Dear CEO’ letter to firms providing retail investor services

Insurance

• COVID-19 – IAIS announces actions to mitigate impact on the insurance sector
• COVID-19 – EIOPA publishes statement on actions to mitigate impact on consumers
• Solvency II EVT – PRA publishes review of parameters
• Distribution of profits – PRA publishes ‘Dear CEO’ letter in light of COVID-19
• PRA Policy Statement PS9/20 – Solvency II: Income producing real estate loans and internal credit assessments for illiquid unrated assets
• COVID-19 – FCA updates webpage on its expectations of general insurance firms

Financial Crime

• COVID-19 – FATF publishes statement on measures to combat illicit financing