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International
Joint statements and publications
- (18 May 2020) Guidance from ICAS, ICAEW and PRAG on the implications of COVID-19 on pension scheme financial reports and audit
- (15 April 2020) G20 Finance Ministers and Central Bank Governors communiqué committing to using all available policy tools to support the global economy | IIF statement
- (03 April 2020) BCBS and IOSCO agree to extend the deadline for completing the final two implementation phases of the margin requirements for non-centrally cleared derivatives by one year | Revised version of the margin requirements
- (25 March 2020) ISDA letter on behalf of 21 industry association on the impact of COVID-19 on initial margin phase-in, suggesting that decisions regarding a new timeline for the implementation of further phases of the IM requirements be delayed and reconsidered when relevant facts and circumstances are known
- (20 March 2020) ISDA and trade associations joint letter and statement on keeping US markets open amid Coronavirus
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (17 March 2020) G7 leaders’ statement
Bank for International Settlements (BIS)
- (24 July 2020) BIS FSI paper Covid-19: Boon and bane for digital payments and financial inclusion
- (June 2020) Basel Committee met on 10 and 16 June 2020 to discuss a range of policy issues and to review the impact to date of the pandemic on the global banking system, noting that the crisis had underlined the importance of a resilient banking system and a prudent regulatory framework
- (28 May 2020) FSI brief on payment holidays in the age of Covid and the implications for loan valuations, market trust and financial stability
- (15 April 2020) FIS brief: reflections on regulatory responses to the Covid-19 pandemic
- (03 April 2020) BIS publishes technical clarifications to ensure that banks reflect the risk-reducing effect of the extraordinary government support measures that have been put in place in jurisdictions around the world in response to COVID-19 when calculating their regulatory capital requirements | Press release
- (03 April 2020) BIS amends its transitional arrangements for the regulatory capital treatment of ECL accounting | Press release
- (03 April 2020) Basel Committee announces additional measures to alleviate the impact of Covid-19 on the global banking system
- (27 March 2020) Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19
- (20 March 2020) Basel Committee coordinates policy and supervisory response to Covid-19, including suspending consultation on all policy initiatives and postponing all outstanding jurisdictional assessments planned in 2020 under its Regulatory Consistency Assessment Programme.
FIA
Financial Action Task Force (FATF)
- FATF focus on COVID-19 webpage
- (16 December 2020) FATF updated report on money laundering and terrorist financing risks | Press release
- (May 2020) FATF report on challenges, good practices and policy responses to new money laundering and terrorist financing threats and vulnerabilities arising from the crisis
- (01 April 2020) FATF statement on COVID-19 and measures to combat illicit financing
Financial Stability Board (FSB)
- FSB webpage on addressing financial stability risks of COVID-19
- (17 November 2020) FSB reports to G20 Leaders on impact of pandemic and its response | Financial Stability Impact and Policy Responses | Holistic Review of the March Market Turmoil | Letter from the FSB Chair
- (7 September 2020) FSB announces extensions to implementation timelines for SFTs
- (15 July 2020) FSB report to the G20 on the financial stability implications of, and policy measures taken in response to, the pandemic
- (15 July 2020) FSB publishes letter from its Chair to G20 Finance Ministers and Central Bank Governors, setting out areas of focus for the FSB
- (01 July 2020) FSB statement on the impact of COVID-19 on global benchmark reform
- (28 May 2020) FSB Europe group discusses financial vulnerabilities and responses to the COVID-19 pandemic
- (26 May 2020) Financial policymakers discuss responses to COVID-19 with the private sector
- (15 April 2020) FSB report on international cooperation to address the financial stability implications of COVID-19 | Press release
- (11 April 2020) FSB letter on policy work and the challenges facing the global financial system
- (02 April 2020) FSB update on the actions its members are taking nationally and collectively to mitigate the financial risks posed by the pandemic
- (20 March 2020) FSB coordinate financial sector work in response to COVID-19
G20
Institute of International Finance (IIF)
International Accounting Standards Board (IASB)
International Air Transport Association
International Association of Insurance Supervisors (IAIS)
- (17 December 2020) IAIS 2020 Global Insurance Market Report (GIMAR) | Press release
- (24 July 2020) IAIS request for feedback from stakeholders on the implications of COVID-19 on the insurance sector, supervisors and the future work of the IAIS. Comments due by 4 September 2020
- (07 May 2020) IAIS press release outlining how it is facilitating global co-ordination on financial stability and policyholder protection
- (27 March 2020) IAIS press release on the steps taken to address the impact of COVID-19 on the insurance sector
International Capital Markets Association
- ICMA COVID-19 market updates - covers monetary policy, regulatory responses, market practice and market data & commentary
- (May 2020) ICMA report on the European investment grade corporate bond secondary market & the COVID-19 crisis
- (April 2020) ICMA special report on European repo market performance
- (23 March 2020) ICMA makes Euro commercial paper (ECP) materials available to the wider market
- (19 March 2020) ICMA comments on ESMA's postponement of reporting regulations under SFTR
International Chamber of Commerce (ICC)
- (06 April 2020) Guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules
- (06 April 2020) ICC memo to governments and central banks on essential steps to safeguard trade finance operations
International Corporate Governance Network (ICGN)
International Financial Reporting Standards (IFRS)
- (10 April 2020) IFRS guidance on accounting for COVID-19 related rent concessions applying to IFRS 16 Leases
International Maritime Organization (IMO)
- IMO COVID-19 page
- (21 February 2020) World Health Organization and IMO joint statement in response to the challenges faced by the shipping industry during the coronavirus outbreak.
- (19 February 2020) IMO statement on the implementation and enforcement of relevant IMO instruments
International Monetary Fund (IMF)
- IMF Covid policy tracker
- (17 July 2020) IMF policy paper on the further extension of consultation cycles due to COVID-19 pandemic, and suspension of framework to address excessive delays in Article IV consultations and mandatory financial stability assessments
- (16 March 2020) IMF publish policy steps to address coronavirus
International Organization of Securities Commissions (IOSCO)
- (December 2020) IOSCO report on findings and observations on impact on retail market conduct
- (23 November 2020) IOSCO Annual Meeting addressing the impact of COVID 19 and other critical matters on securities markets
- (29 May 2020) IOSCO statement on importance of disclosure about COVID-19
- (08 April 2020) IOSCO agrees to pause or delay some of its work in 2020 in order to redirect its resources to focus on the multiple challenges securities markets regulators are addressing as a result of the crisis
- (03 April 2020) IOSCO statement on application of accounting standards during the COVID-19 outbreak
- (25 March 2020) IOSCO statement highlighting that its members are cooperating closely on their responses to the disruption in capital markets resulting from the macroeconomic impact of COVID-19 on the global economy
International Securities Lending Association (ISLA)
- (24 August 2020) ISLA Securities Lending Market Report considering impact of coronavirus (COVID-19)
- (08 April 2020) ISLA Council for Sustainable Finance (ICSF) position paper making sense of sustainable securities lending & short selling during the COVID-19 Crisis
International Swaps and Derivatives Association (ISDA)
- ISDA central repository for information relating to COVID-19
- (7 January 2020) ISDA paper on COVID-19 and CCP Risk Management Frameworks
- (18 March 2020) ISDA extends pre-cessation consultation deadline 1 April 2020
- (13 March 2020) ISDA memoranda on COVID-19 update
- (12 March 2020) ISDA postpone AGM until November 2020 following COVID-19
Islamic Financial Services Board (IFSB)
- (08 July 2020) IFSB statement on regulatory measures to mitigate the impact of COVID-19: Recommendations for the Islamic Capital Markets
- (08 July 2020) IFSB statement on regulatory measures to mitigate the impact of COVID-19 for Institutions Offering Islamic Financial Services (IIFS)
- (24 March 2020) IFSB guiding principles for investor protection in Islamic capital markets
Organisation for Economic Co-operation and Development (OECD)
World Federation of Exchanges
- WFE webpage - overview of the exchange and CCP efforts to keep open, and operate, resilient markets in the midst of the COVID-19 crisis
- (19 March 2020) World Federation of Exchanges statement on Covid-19 and market volatility
Americas
In this section: Canada | United States
Canada
Bank of Canada
United States (US)
Legislation
- (April 2020) Two Executive Orders issued by the Governor of the State of New York which, taken together, extend until 15 May 2020 the expiration date of the emergency relief permitting the use of audio-video technology for notarisations in New York: Executive Order 202.14 | Executive Order 202.18
- (13 April 2020) Interim final rules for implementation of Sections 1102 and 1106 of the CARES Act
- (06 April 2020) Delaware Governor issues emergency order applicable to public reporting companies
- (26 March 2020) Senate passes the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), setting out a USD 2 trillion stimulus package including USD 500 billion in corporate liquidity from the Federal Reserve
- (19 March 2020) Executive Order issued by the Governor of the State of New York providing relief regarding in-person notarization requirements
- (07 March 2020) Executive Order 202.7 issued by the Governor of the State of New York providing conditional temporary relief from in-person notarization requirements, permitting use of audio-video technology, effective until 18 April 2020 | Guidance regarding the use of audio-video technology for notarisations (31 March 2020)
Joint statements and publications
- (20 August 2020) Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve jointly decide to reduce the frequency of their 7-day operations from daily to once per week
- (June 2020) The Board of Governors of the US Federal Reserve System, FDIC, OCC and National Credit Union Administration, in conjunction with the state bank and credit union regulators, publishes guidance for interagency examiners on assessing financial institutions' safety and soundness
- (15 May 2020) Federal bank regulatory agencies announce temporary changes to their supplementary leverage ratio rule
- (05 May 2020) Federal bank regulatory agencies announce an interim final rule that modifies the agencies' Liquidity Coverage Ratio (LCR) rule to support banking organisations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility
- (27 April 2020) Federal Deposit Insurance Corporation and the Federal Reserve Board announces that they will extend the comment period for their proposed guidance for resolution plans submitted by certain large foreign banks by 30 days
- (April 2020) Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issue interim final rule temporarily to defer real estate-related appraisals and evaluations under the agencies' interagency appraisal regulations
- (09 April 2020) US federal bank regulatory agencies announce an interim final rule to encourage lending to small businesses through the Small Business Administration's Paycheck Protection Program (PPP)
- (07 April 2020) Federal financial institution regulatory agencies, in consultation with state financial regulators, issue revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications
- (06 April 2020) Federal bank regulatory agencies announce issuance of two interim final rules to provide temporary relief to community banking organizations
- (03 April 2020) Federal financial institution regulatory agencies and the state financial regulators joint policy statement on supervisory and enforcement practices regarding mortgage servicing rules in response to COVID-19 and the CARES Act
- (26 March 2020) Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19
Commodity Futures Trading Commission (CFTC)
- (17 July 2020) DSIO announces that it has extended the time period for the no-action relief provided to registrants listing new principals and to applicants for registration as associated persons from the requirement to submit a fingerprint card
- (10 July 2020) CFTC interim final rule amending its margin requirements for uncleared swaps for swap dealers (SDs) and major swap participants (MSPs) for which there is no prudential regulator
- (10 June 2020) CFTC extends until 30 September 2020 certain elements of the no-action relief issued in response to the pandemic that was set to expire on 30 June 2020
- (28 May 2020) CFTC approves an interim final rule (IFR) which defers the compliance date for the initial margin requirements under the CFTC Margin Rule from 1 September 2020 to 1 September 2021
- (22 May 2020) CFTC issues a Customer Advisory to inform the public about the risks associated with certain trading vehicles that use futures contracts or other commodity interests as they make investment decisions during the pandemic
- (13 May 2020) DMO, DSIO and DCR advisory staff letter (20-17) reminding DCMs, FCMs, and DCOs that they are expected to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity, and possibly negative pricing
- (24 April 2020) CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) announces issuance of additional targeted no-action relief to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card for any such principal or AP registration applicant
- (23 April 2020) CFTC announces additional targeted no-action relief to eligible futures commission merchants and introducing brokers in relation to the treatment of covered loans under the Paycheck Protection Program (PPP).
- (23 April 2020) CFTC extends the deadline for comments on proposed rulemakings
- (April 2020) CFTC customer advisory warning the public that unregistered brokers selling binary options, foreign exchange programmes, and cryptocurrencies are fraudulently targeting people who have lost their jobs due to the coronavirus outbreak
- (31 March 2020) DSIO issues additional targeted, temporary no-action relief to foreign affiliates of certain futures commission merchants (FCMs). The relief expires on 30 September 2020
- (20 March 2020) CFTC no-action letter for commodity pool operators in response to the COVID-19 pandemic
- (20 March 2020) CFTC no-action letter for excluding certain commodity swaps from inclusion in the major swap participant registration threshold calculation of an insured depository institution
- (17 March 2020) CFTC no-action positions to facilitate physical separation of personnel for: swap dealers | retail foreign exchange dealers | floor brokers | futures commission merchants and introducing brokers | designated contract markets and swap execution facilities
Federal Reserve Bank of New York
Federal Reserve Board
- (29 July 2020) Federal Reserve announces the extension of its temporary US dollar liquidity swap lines
- (29 July 2020) FOMC statement concerning monetary policy | Implementation note
- (28 July 2020) Federal Reserve Board announces an extension until 31 December of its lending facilities that were scheduled to expire on or around 30 September
- (15 July 2020) Federal Reserve Board announces an extension of a rule change to improve the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP)
- (25 June 2020) Board of Governors of the Federal Reserve System publishes results of stress tests for 2020 and additional sensitivity analyses conducted in light of COVID-19
- (15 June 2020) Federal Reserve Board announces updates to the Secondary Market Corporate Credit Facility (SMCCF)
- (15 June 2020) Federal Reserve Board announces that it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response
- (08 June 2020) Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support
- (03 June 2020) Federal Reserve Board announces an expansion in the number and type of entities eligible to use MLF directly
- (12 May 2020) Federal Reserve Board announces additional information regarding borrower and collateral eligibility criteria for the Term Asset-Backed Securities Loan Facility (TALF)
- (30 April 2020) Federal Reserve FAQs about the Main Street Lending Program, including the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF)
- (30 April 2020) Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged
- (27 April 2020) Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility
- (23 April 2020) Federal Reserve Board announces temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks
- (17 April 2020) Federal Reserve announces temporary rule change to the Small Business Administration's Paycheck Protection Program (PPP) clarifying that PPP lenders can make PPP loans to businesses owned by their directors and certain shareholders, subject to certain limits and without favouritism
- (16 April 2020) Federal Reserve announces that its Paycheck Protection Program Liquidity Facility is fully operational and available to provide liquidity to eligible financial institutions in order to help support small businesses
- (09 April 2020) Federal Reserve term sheets for Main Street New Loan Facility and Main Street Expanded Loan Facility (for existing loans)
- (01 April 2020) Federal Reserve Board announces temporary change to its supplementary leverage ratio rule, which is intended to ease strains in the Treasury market resulting from the coronavirus and increase banking organisations' ability to provide credit to households and businesses
- (31 March 2020) Federal Reserve Board announces it will delay by six months the effective date for its revised control framework
- (27 March 2020) Federal Register notice on standardized approach for calculating the exposure amount of derivative contracts
- (27 March 2020) Federal Register notice on regulatory capital rule and revised transition of the current expected credit losses methodology for allowances
- (26 March 2020) Federal Reserve statement recognising that small financial institutions may need additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by COVID-19
- (24 March 2020) Federal Reserve provides additional information to financial institutions on how its supervisory approach is adjusting
- (23 March 2020) Federal Reserve announces extensive new measures to support the economy
- (23 March 2020) Federal Reserve announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses
- (20 March 2020) Federal Reserve expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (17 March 2020) Federal Reserve Board establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses
- (13 March 2020) Federal Reserve letter on supervisory practices regarding financial institutions affected by coronavirus
- (11 March 2020) Federal Reserve interagency statement on pandemic planning
- (09 March 2020) Federal financial institution regulators and state regulators encourage financial institutions to meet financial needs of customers and members affected by coronavirus
Financial Industry Regulatory Authority (FINRA)
- (09 March 2020) FINRA regulatory notice 20-08 on pandemic-related business continuity planning, guidance and regulatory relief
Loan Syndications and Trading Association (LSTA)
- (09 March 2020) LSTA statement on business continuity in the corporate loan market
Nasdaq
- (04 May 2020) Notice of proposed rule change to provide listed companies with a temporary limited exception from certain shareholder approval requirements in Nasdaq Rules 5635(c) and (d)
Public Company Accounting Oversight Board (PCAOB)
- (02 April 2020) PCAOB publishes staff Spotlight document on COVID-19: Reminders for audits nearing completion
US Securities and Exchange Commission (SEC)
- (01 July 2020) SEC Temporary Final Rule 10(c) expires | SEC temporary final rule (26 March 2020)
- (29 June 2020) SEC staff extends some COVID-19 related regulatory relief that was set to expire around the end of the first half of 2020
- (23 June 2020) SEC guidance providing additional views of the Division of Corporation Finance regarding operations, liquidity, and capital resources disclosures companies should consider with respect to business and market disruptions related to COVID-19
- (04 May 2020) SEC FAQs to address how filing deadline extensions under SEC Executive Order 34-88465 impact offerings using shelf registration statements on Form S-3 or Form F-3
- (April 2020) SEC Division of Corporation Finance publishes a temporary statement on the filing requirements for certain paper documents (other than Forms 144)
- (10 April 2020) SEC staff announcement regarding requirements for Form 144 paper filings
- (08 April 2020) SEC issues an exemptive order under the Investment Company Act which seeks to facilitate credit support to BDC portfolio companies
- (08 April 2020) Public statement on the importance of disclosure for investors and markets
- (03 April 2020) SEC public statement confirming that eligible financial institutions that elect to take advantage of temporary deferrals or suspensions of the application of two GAAP standards (regarding measurement of credit losses on financial instruments and accounting for troubled debt restructurings) as permitted in the CARES Act will not be in violation of US GAAP
- (03 April 2020) Statement on the importance of high-quality financial reporting in light of the significant impacts of COVID-19
- (25 March 2020) SEC Division of Corporation Finance disclosure guidance for companies affected by the COVID-19 coronavirus | Press release
- (25 March 2020) Executive order modifying relief for investment companies | Original order (13 March 2020)
- (25 March 2020) Executive order modifying relief for investment advisers | Original order (13 March 2020)
- (25 March 2020) Executive order extending relief regarding filing deadlines through July 1, 2020 | Original order (4 March 2020)
- (23 March 2020) Public statement regarding market integrity
- (16 March 2020) SEC Coronavirus (COVID-19) response
- (14 March 2020) SEC enables immediate effectiveness of proposed rule change to facilitate continued operations in light of temporary suspension of Cboe physical trading floor
- (13 March 2020) SEC targeted action to assist funds and advisers, permit virtual board meetings and provide conditional relief from certain filing procedures
- (13 March 2020) SEC guidance to promote continued shareholder engagement, including at virtual annual meetings, for companies and funds affected by coronavirus
- (13 March 2020) SEC staff guidance regarding annual meeting changes due to the COVID-19 pandemic | Press release
US Small Business Administration
- (07 April 2020) Interim final rules for implementation of Sections 1102 and 1106 of the Cares Act, establishing the Paycheck Protection Program and related principal forgiveness
US Treasury
- (23 April 2020) US Treasury FAQs on the Paycheck Protection Program
Asia Pacific
In this section: APAC | Australia | China | Hong Kong | Japan | Korea | New Zealand | Philippines | Singapore
APAC
Asian Development Bank (ADB)
- (06 March 2020) ADB analysis on the economic impact of coronavirus on developing Asian economies
Australia
Legislation and Australian Government
Joint publications
- (01 April 2020) APRA and ASIC joint letter providing guidance to superannuation trustees to help them manage the financial and operational challenges
- (April 2020) APRA and ASIC FAQs to help superannuation trustees understand their new and ongoing responsibilities
- (01 April 2020) APRA, RBA & ABD outlines temporary changes in reporting obligations for authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) in response to the COVID-19 outbreak
Australian Prudential Regulation Authority (APRA)
- Frequently asked questions providing guidance to superannuation trustees on pandemic data collection requirements
- Banking COVID-19 frequently asked questions
- (01 October 2020) APRA updates FAQs on superannuation trustees' response
- (22 September 2020) APRA letter to authorised deposit-taking institutions regarding review of treatment of loans impacted by COVID-19
- (29 July 2020) APRA updates its capital management guidance for banks and insurers | April 2020 guidance
- (08 July 2020) APRA announces an extension of its temporary capital treatment for bank loans with repayment deferrals, as well as temporarily adjusting the capital treatment of loans where terms are modified or renegotiated (restructured)
- (11 May 2020) APRA publishes first fund-level data on superannuation early release scheme
- (04 May 2020) APRA publishes its first industry-level data related to benefits paid to members through the Government's COVID-19 temporary early release of superannuation scheme
- (16 April 2020) APRA publishes ARS 920.0: Australian Government Small and Medium Enterprise (SME) Guarantee Scheme
- (16 April 2020) APRA announces new commencement dates for six prudential and reporting standards
- (08 April 2020) APRA letter informing all applicants for new banking or insurance and superannuation licences that it is temporarily suspending issuing new licenses for at least six months, except in the rare case that the granting of a licence is necessary for APRA to carry out its mandate
- (31 March 2020) APRA letter informing private health insurers (PHIs) of the postponement of the implementation of the Reporting Standard HRS 605.0: Private Health Insurance Reforms Data Collection (HRS 605.0)
- (30 March 2020) APRA announces deferral of its scheduled implementation of the Basel III reforms in Australia
- (30 March 2020) APRA confirms its regulatory approach to the Term Funding Facility (TFF) announced by the Reserve Bank of Australia (RBA) on 19 March 2020
- (24 March 2020) APRA announces temporary suspension of APRA Connect data collection solution project
- (23 March 2020) APRA adapts 2020 agenda to prioritise COVID-19 response
- (23 March 2020) APRA confirms regulatory approach to the COVID-19 support packages being offered by banks and other lenders to their borrowers
- (20 March 2020) APRA letter outlining a request to ADIs and RFCs to extend the parallel run period for the economic and financial statistics (EFS) data collection
- (19 March 2020) APRA adjusts bank capital expectations
Australian Securities Exchange (ASX)
- (09 July 2020) ASX decision to extend its temporary emergency capital raising measures until 30 November 2020 | April 2020 update to class order waivers | Introduction of class waivers (31 March 2020)
- (31 March 2020) ASX announces a suite of temporary measures to facilitate capital raisings and assist listed entities to meet their obligations under the ASX Listing Rules amid the continuing challenges facing businesses
- (25 March 2020) ASX announces it is replanning the Clearing House Electronic Subregister System (CHESS) replacement implementation timetable due to the uncertainty created by the pandemic
Australian Securities and Investments Commission
Council of Financial Regulators (CFR)
- (16 March 2020) Statement by the Council of Financial Regulators
China
Joint statements and publications
- (01 March 2020) Circular on the provisional deferral of interests and principal payments under loans extended to SMEs- CBIRC, People's Bank of China, NDRC, MIIT, and the Ministry of Finance
- (01 February 2020) Circular on further strengthening the financial support for the prevention and control of pneumonia caused by the coronavirus outbreak - People's Bank of China, Ministry of Finance, CBIRC, CSRC and SAFE
China Banking and Insurance Regulatory Commission
- (26 January 2020) Circular on strengthening the cooperation of banking and insurance financial services with the prevention and control of the coronavirus outbreak
Cybersecurity Administration of China (CAC)
- (19 February 2020) CAC guidance on protection of personal information during epidemic prevention and control of coronavirus | Circular (Chinese)
The content above relating to the PRC is based on our experience as international counsel representing clients in business activities in the PRC and should not be construed as constituting a legal opinion on the application of PRC law. As is the case for all international law firms with offices in the PRC, whilst we are authorised to provide information concerning the effect of the Chinese legal environment, we are not permitted to engage in Chinese legal affairs. Our employees who have PRC legal professional qualification certificates are currently not PRC practising lawyers. This publication does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice.
Hong Kong
Legislation and HK Government
- (08 June 2020) Hong Kong Government announces that directors or executives of specified listed companies who travel from Mainland China to Hong Kong for essential business activities or return from Mainland China to Hong Kong after completing these activities and satisfy certain eligibility criteria may apply for an exemption from the compulsory quarantine arrangement
- (22 May 2020) Hong Kong Government announces that directors of companies listed on the Stock Exchange of Hong Kong (SEHK) or directors of companies applying for listing on the SEHK, who (i) are on duty travel from Mainland China to Hong Kong or (ii) return from duty travel from Mainland China to Hong Kong and satisfy certain eligibility criteria, may apply for exemption from the compulsory quarantine arrangement
Joint statements
- (01 April 2020) SFC and SEHK joint statement in relation to general meetings in light of the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation, implemented by the HKSAR Government on 29 March 2020 to promote and maintain social distancing
- (16 March 2020) Securities and Futures Commission (SFC) and Stock Exchange of Hong Kong Limited guidance for listed issuers with 31 December financial year end on the publication of their preliminary results and annual reports
- (04 February 2020) SFC and The Stock Exchange of Hong Kong Limited guidance to listed companies and their auditors in relation to the disclosure of financial information in view of travel and other restrictions
Companies Registry
- (April 2020) Companies Registry FAQs on the holding of company general meetings
Hong Kong Federation of Insurers
- (12 June 2020) HKFI announces the results of a survey on the utilisation of insurers' autonomous alleviation measures and additional benefits for the insuring public
Hong Kong Insurance Authority
- (16 December 2020) Hong Kong Insurance Authority annual report 2019-2020 outlining major activities and outcomes achieved amidst the COVID-19 pandemic | Press release
- (12 June 2020) Hong Kong Insurance Authority circular announcing the following additional measures to facilitate individual licensees' ability to comply with the continuing professional development (CPD) requirements under the new regulatory regime for insurance intermediaries | FAQs
- (15 June 2020) Hong Kong Insurance Authority announces the extension of the temporary facilitative measures relating to non-face-to-face distribution of specific insurance products for another three months to 30 September 2020
- (25 May 2020) Hong Kong Insurance Authority circular informing authorised insurers and licensed insurance broker companies that it has decided to modify its approach in bringing certain guidelines into effect
Hong Kong Monetary Authority (HKMA)
- HKMA Covid-19 webpage
- (31 December 2020) HKMA update on COVID-19 related money laundering and terrorist financing (ML/TF) risks
- (02 September 2020) HKMA and Banking Sector SME Lending Coordination Mechanism announce that the Pre-approved Principal Payment Holiday Scheme has been extended for a further six months to April 2021 | April 2020 scheme launch
- (August 2020) HKMA and the Banking Sector SME Lending Coordination Mechanism announce a 90-day repayment deferment for trade facilities under the pre-approved principal payment holiday scheme. All other terms of the scheme stated in the annex to the HKMA's circular on 17 April 2020 will continue apply
- (30 July 2020) HKMA circular to stored value facility (SVF) licensees to draw their attention to the above-mentioned key observations and industry practices
- (30 July 2020) HKMA circular sharing its key observations and industry practices to assist authorised institutions (AIs) in developing sustained efforts to cope with the evolving COVID-19 situation and support operational responses which are consistent with the risk-based approach (RBA) | Circular dated 7 April 2020
- (25 May 2020) HKMA circular to announce that it will apply the following measures set out in the BCBS guidance in the context of Hong Kong
- (22 April 2020) HKMA circular to inform all locally incorporated licensed banks that it has decided to postpone the 2020 supervisor-driven stress test to 2021 to allow banks to respond to the challenges posed by the COVID-19 outbreak.
- (22 April 2020) HKMA announces the launch of a temporary US dollar liquidity facility
- (03 April 2020) HKMA circular regarding liquidity measures
- (31 March 2020) MAS, ACRA & SGX RegCo guidance for issuers on safe distancing measures when conducting general meetings
- (30 March 2020) HKMA announces deferral of Basel III implementation and HKMA’s supervisory actions in response to Covid-19
- (16 March 2020) HKMA announcement of countercyclical capital buffer for Hong Kong
- (13 February 2020) Banking industry assists small and medium-sized enterprises (SMEs) in overcoming the impact of coronavirus outbreak
- (07 February 2020) Requirements under section 60 of the Banking Ordinance (Cap. 155) and disclosure requirements under the Banking (Disclosure) Rules (Cap. 155M)
Securities and Futures Commission (SFC)
- SFC webpage providing information for firms and the market on COVID-19
- (07 May 2020) SFC circular to inform licenced corporations that it will defer the introduction of IM requirements for non-centrally cleared OTC derivative transactions by one year to provide them operational relief during the pandemic
- (30 April 2020) SFC circular reminding licensed corporations to assess their operational capabilities and implement appropriate measures to manage the cybersecurity risks associated with the use of remote office arrangements
- (20 April 2020) SFC circular to issuers of SFC-authorised paper gold schemes (PGS)
- (17 April 2020) SFC circular to management companies and market makers of SFC-authorised exchange traded funds (ETFs) concerning the risks relating to ETF market making that may be posed by COVID-19
- (03 April 2020) SFC FAQs on paper gold schemes (PGS)
- (03 April 2020) SFC FAQs on investment-linked assurance schemes (ILAS)
- (02 April 2020) SFC FAQs on mandatory provident fund (MPF) products
- (02 April 2020) SFC FAQs on pooled retirement funds
- (01 April 2020) SFC FAQ on post authorisation of SFC-authorised unit trusts and mutual funds
- (01 April 2020) SFC FAQs on application procedures for authorisation of unit trusts and mutual funds under the revamped process
- (31 March 2020) SFC FAQs to address a number of licensing related matters arising from firms reconfiguring staffing arrangements
- (31 March 2020) SFC circular informing intermediaries that it has decided to extend the deadlines of three regulatory expectations that are due for implementation in 2020
- (27 March 2020) SFC circular to management companies and trustees and custodians of SFC-authorised funds to remind them of their regulatory obligations
- (27 March 2020) SFC circular reminding licensed and registered persons of their obligations under the Code of Conduct when distributing investment products, including the suitability obligations when they make a solicitation or recommendation and the obligation to disseminate information in a timely manner where they hold an investment product directly or indirectly on behalf of their clients
- (05 February 2020) Arrangements relating to SFC’s public services
Japan
Joint statements and publications
- (20 August 2020) Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve jointly decide to reduce the frequency of their 7-day operations from daily to once per week
Bank of Japan
- (22 May 2020) Bank of Japan introduces a new fund-provisioning measure to further support the financing of mainly small and medium-sized firms
- (27 April 2020) Bank of Japan decision to further enhance monetary easing
- (08 April 2020) Bank of Japan announces it will, in cooperation with relevant parties such as the national and local governments as well as financial institutions, continue providing essential central banking services while responding appropriately to the circumstances
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (16 March 2020) Bank of Japan announces to establish principal terms and conditions of special funds-supplying operations to facilitate corporate financing regarding COVID-19: Announcement (English) | Announcement (Japanese) | Reference document (English) | Reference document (Japanese)
- (16 March 2020) Bank of Japan announces measures to enhance monetary easing in light of impact of COVID-19 outbreak: Announcement (English) | Announcement (Japanese)
Financial Services Agency (FSA)
- (15 April 2020) FSA guidelines for companies and auditing firms on the publication of corporate year-end closing of accounts, auditing and shareholder meetings
- (April 2020) FSA publishes draft amendments to the Cabinet Office Order on Financial Instruments Business, etc. deferring the implementation of the final two phases of the margin requirements for non-centrally cleared derivatives by one year following the BCBS-IOSCO announcement
- (07 April 2020) FSA statement of the Minister for Financial Services regarding the need to maintain the functioning of the financial system and financial markets during the pandemic
- (13 March 2020) FSA coronavirus portal: Japanese | English
- (10 January 2020) FSA proposal for disaster exemption for offshore financial firms (in Japanese)
Japan Exchange Group (JPX)
- (31 March 2020) JPX releases a list of measures that it has taken so far in response to the COVID-19 outbreak
- (05 March 2020) JPX measures in response to COVID-19 outbreak
Tokyo Stock Exchange (TSE)
- (15 April 2020) TSE requests that listed companies refer to the FSA guidelines for companies and auditing firms on the publication of corporate year-end closing of accounts, auditing and shareholder meetings
- (07 April 2020) TSE confirms that, despite the declaration of a state of emergency by the Government of Japan, trading on all markets of the TSE will be scheduled to continue as normal
Republic of Korea
Joint statements and publications
- (31 March 2020) FSC, FSS, financial associations and federations adopt guidelines for the loan extension of principal payments and the deferment of interest payments to be implemented from 1 April 2020 for SMEs and small merchants
- (25 March 2020) FSC, FSS and financial sector associations and federations memorandum of agreement to deliver a COVID-19 financial support package
- (23 March 2020) FSC, FSS, Korea Federation of Banks and its member institutions memorandum of agreement to closely cooperate in the provision of the COVID-19 financial support programmes
Financial Services Commission (FSC)
- (06 May 2020) FSC announces a one-year postponement of the implementation of margin requirements for non-centrally cleared OTC derivative transactions to help ease compliance burdens on financial institutions
- (16 April 2020) FSC adopts revised rules and regulations on misconduct in financial services intended to encourage the offering of loans and other financial support to businesses and individuals
- (13 March 2020) FSC decision to impose a ban on stock short-selling in the KOSPI, KOSDAQ and KONEX markets for a period of six months (16 March 2020 to 15 September 2020)
Korean Government
- (19 March 2020) South Korea pledges $39 billion emergency funding for small businesses
- (24 March 2020) Korean Government publishes further financial market stabilisation measures
New Zealand
Reserve Bank of New Zealand
- (02 April 2020) Reserve Bank of New Zealand introduces a Term Lending Facility (TLF) in support of the Government's Business Finance Guarantee Scheme to help promote lending to businesses
Philippines
PDS group
Philippine Stock Exchange
- (17 March 2020) Philippine Stock Exchange announcement of no trading and no clearing and settlement at the Securities Clearing Corporation of the Philippines starting 17 March 2020
Singapore
Legislation and Singapore Government
Joint statements and publications
- (03 June 2020) MOF, IRAS, ESG, and MAS announces a package of measures to support landlords that may face cash flow constraints as a result of providing relief to tenants as proposed under the COVID-19 (Temporary Measures) (Amendment) Bill
- (13 May 2020) MAS, SFA, AMTD Group and AMTD Foundation announce the launch of a SGD 6 million 'MAS-SFA-AMTD FinTech Solidarity Grant' to support Singapore-based fintech firms during the pandemic
- (06 May 2020) MAS, SIC and SGX introduce temporary measures to allow listed issuers and parties involved in rights issues and take-over or merger transactions the option to electronically disseminate offer documents through publication on 'SGXNET' and their corporate websites
- (16 April 2020) MOF, IRAS and MAS announce new measures to provide real estate investment trusts listed on the Singapore Exchange (S-REITs) with greater flexibility to manage their cash flows and raise funds
- (07 April 2020) SGX RegCo announces, in consultation with the ACRA and the MAS, it will grant an automatic 60-day extension of time to all issuers with a financial year-end on 31 March
- (31 March 2020) MAS, ABS, LIA, GIA and FHAS announces package of measures to help ease the financial strain on small and mid-size enterprises (SMEs)
- (31 March 2020) Ministry of Law and the Ministry of Finance joint announcement on upcoming legislative provisions to provide legal certainty to enable issuers to hold meetings that comply with the Ministry of Health's safe distancing measures
- (25 March 2020) MAS, ACRA and SGX joint statement calling on all issuers to comply with the Ministry of Health's mandatory safe distancing measures, as well as requiring issuers to implement all the relevant measures in the conduct of meetings including general meetings and scheme meetings
Accounting and Corporate Regulatory Authority (ACRA)
- (07 April 2020) ACRA announces that it will grant a 60-day extension of time for all listed and non-listed companies whose annual general meetings (AGMs) are due during the period from 16 April 2020 to 31 July 2020
Ministry of Law
- (03 June 2020) Ministry of Law announcement on rental relief measures that will be tabled in Parliament under the COVID-19 Amendment Bill
- (01 April 2020) Ministry of Law announces it will introduce the COVID-19 (Temporary Measures) Bill in the Singapore Parliament next week to complement the financial measures announced in the Resilience Budget
Monetary Authority of Singapore (MAS)
- (3 June 2020) MAS updates FAQs on offers of units in collective investment schemes, including REITs | Original FAQs (4 May 2020)
- (19 May 2020) MAS announces that financial institutions in Singapore will be allowed to reopen more customer service locations
- (08 May 2020) MAS advises financial institutions that they should consider the emerging threats and vulnerabilities set out in the FATF paper on money laundering and terrorist financing to supplement the guidance and advisories provided by the MAS and other government agencies
- (06 May 2020) MAS guidelines for issuers and their professional advisers on the publication of an offer information statement and inclusion of cautionary statements in relation to offers of securities, securities-based derivatives contracts or units in collective investment schemes
- (30 April 2020) MAS, ABS and FHAS announce a second package of measures to provide additional support for individuals facing financial difficulties due to the pandemic
- (27 April 2020) MAS FAQs on relief measures relating to COVID-19
- (20 April 2020) MAS and Enterprise Singapore launches MAS SGD Facility for ESG Loans
- (13 April 2020) MAS revises existing Notice 120 on disclosure and advisory process requirements for accident and health insurance products
- (09 April 2020) MAS announces an extension of the assessment period for the award of digital bank licences
- (08 April 2020) MAS revised guidelines on margin requirements for non-centrally cleared OTC derivatives contracts
- (08 April 2020) MAS revises existing Notice SFA 04-N09 on minimum entry and examination requirements for representatives of holders of capital markets services (CMS) licence and exempt financial institutions under the Securities and Futures Act (SFA 04-N09)
- (08 April 2020) MAS announces a SGD 125 million support package to sustain and strengthen capabilities in the financial services and fintech sectors amid the current economic slump
- (07 April 2020) MAS clarifies the application of the loan-to-value (LTV) limits and total debt servicing ratio (TDSR) for residential mortgages and mortgage equity withdrawal loans (MWLs) | Original statement (7 April 2020)
- (07 April 2020) MAS revises existing Notice 652 and Notice 653 on the net stable funding ratio | Announcement on regulatory and supervisory measures to help FIs focus on supporting customers
- (07 April 2020) MAS announces it will adjust selected regulatory requirements and supervisory programmes to enable financial institutions to focus on dealing with issues related to the COVID-19 pandemic
- (05 April 2020) MAS amends Notices relating to residential property to give effect to the support measures announced by the MAS and the financial industry on 31 March 2020 | Notices 115, 115B, 128A, 632, 632B, 645A, 825, 825B, 831A, 1106, 1106B and 1115A
- (03 April 2020) MAS confirms that financial services is one of the essential services exempted from the suspension of activities | Ministry of Health announcement
- (31 March 2020) MAS revised Notice 637 on risk based capital adequacy requirements for banks incorporated in Singapore
- (31 March 2020) MAS and the financial industry announce the first industry support package to help individuals and businesses affected by the pandemic
- (26 March 2020) MAS announces it will provide up to US$60 billion of funding to banks in Singapore through a new MAS USD Facility
- (14 February 2020) MAS welcomes measures by financial institutions to support customers facing the impact of COVID-19
- (09 February 2020) MAS advises financial institutions to adopt recommended measures for DORSCON Orange
Singapore Exchange (SGX)
- (22 April 2020) SGX, in coordination with MAS, announces an automatic two month extension to issuers with financial year-ends of 29 February 2020 or 31 March 2020, and a one month extension to issuers with a financial year-end of 30 April 2020, for the release of their full year unaudited results
- (13 April 2020) SGX additional guidance on the conduct of general meetings during elevated safe distancing period
- (08 April 2020) SGX announces, in consultation with MAS, measures to support issuers
- (27 February 2020) SGX announcement on time extensions for issuers with 31 December year-end to hold their annual general meetings by 30 June 2020
Europe
In this section: European Union (EU) | Austria | Belgium | Bulgaria | Croatia | Czech Republic | Denmark | Estonia | Finland | France | Germany | Greece | Hungary | Italy | Latvia | Lithuania | Luxembourg | Malta | The Netherlands | Norway | Poland | Romania | Slovakia | Slovenia | Spain | Sweden | Switzerland | Turkey | United Kingdom (UK)
European Union (EU)
Legislation
- Delegated Regulation (EU) 2020/1212 amending Delegated Regulation (EU) 2018/1229 to postpone the application of the CSDR settlement discipline regime until 1 February 2021
- Regulation (EU) 2020/873 amending the Capital Requirements Regulation (CRR) as regards adjustments in response to the COVID-19 pandemic
- Delegated Regulation (EU) 2020/866 setting out a new Annex to Delegated Regulation 2016/101 containing the formulae to be used for the purpose of aggregating additional valuation adjustments (AVAs)
- Delegated Regulation amending the regulatory technical standards (RTS) for prudent valuation under Article 105(14) of the Capital Requirements Regulation (CRR)
- Guideline (EU) 2020/634 of the European Central Bank amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/29)
- Regulation (EU) 2020/533 of the European Central Bank of 15 April 2020 on the extension of deadlines for the reporting of statistical information (ECB/2020/23)
- Council Regulation (EU) 2020/521 of 14 April 2020 activating the emergency support under Regulation (EU) 2016/369, and amending its provisions taking into account the COVID‐19 outbreak
Joint statements & publications
- (22 September 2020) EBA, EIOPA and ESMA joint risk assessment report of the financial sector since the outbreak of the COVID-19 pandemic
- (20 August 2020) Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve jointly decide to reduce the frequency of their 7-day operations from daily to once per week
- (24 July 2020) EU Commission and European Investment Fund (EIF) announce new measures aimed at supporting micro-borrowers and social and micro-enterprises facing socio-economic disruption due to COVID-19
- (14 July 2020) Best practices agreed by the financial sector and consumer and business organisations to help further mitigate the impact of the pandemic | EU Commission press release
- (24 June 2020) EU Council and EU Parliament adopts a set of amendments to the revised Capital Requirements Directive (CRR2) which are intended to increase the capacity of banks to lend money during the COVID-19 crisis
- (04 May 2020) European Supervisory Authorities publish joint draft RTS to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared OTC derivatives (bilateral margining), under EMIR, to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements
- (20 April 2020) EU Commission and European Council joint European roadmap for recovery and investment setting out a framework for overcoming the COVID-19 crisis
- (09 April 2020) Joint trade association letter on the impact of COVID-19 on the further implementation of the Shareholder Rights Directive II
- (30 March 2020) Joint statement of the European Social Partners in the Banking and Insurance Sectors on the COVID-19 emergency crisis
Accountancy Europe
- (30 April 2020) Factsheet on the coronavirus' impact on auditing for 2019 year-ends and beyond
- (April 2020) Accountancy Europe report on country responses to the implications on reporting
- (20 March 2020) Accountancy Europe guidance on implications on reporting and auditing
Association for Financial Markets in Europe (AFME)
EUR-Lex
Euronext
- (March 2020) Q&A - resilience during volatility
European Association of Co-operative Banks (EACB)
- EACB webpage: Coperative Banks' actions
- (18 March 2020) EACB call to regulators and supervisors to ensure banking sector can sustain economy during COVID-19 emergency
European Bank for Reconstruction and Development (EBRD)
- (13 March 2020) EBRD unveils euro 1 billion emergency coronavirus financing package
European Banking Authority (EBA)
- (21 December 2020) EBA updated report setting out additional clarifications regarding the policies and guidelines it introduced in response to the coronavirus pandemic | Press release | July 2020 report
- (15 December 2020) EBA statement on dividends and remuneration policies
- (2 December 2020) EBA reactivates guidelines on legislative and non-legislative moratoria | Press release | Consolidated guidelines (April 2020)
- (November 2020) ECB financial stability considerations arising from the interaction of coronavirus-related policy measures
- (November 2020) EBA report on banks' use of moratoria and public guarantees | Press release
- (21 September 2020) EBA announcement that it intends to phase out its guidelines on legislative and non-legislative loan repayments in accordance with its end of September deadline
- (14 August 2020) EBA publishes its updated annual work programme for 2020 to reflect the changes to its activities as a result of the pandemic
- (11 August 2020) EBA guidelines on supervisory reporting and disclosure requirements in compliance with the CRR 'quick fix' in response to the COVID‐19 pandemic
- (11 August 2020) EBA guidelines amending the guidelines on uniform disclosures under Article 473a of the CRR on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR 'quick fix' in response to the COVID-19 pandemic
- (11 August 2020) EBA draft implementing technical standards on supervisory reporting by institutions under CRR, accommodating CRR2 and the CRR 'quick fix' in the light of COVID-19
- (23 July 2020) EBA guidelines for competent authorities, providing further guidance on the special procedure for the 2020 supervisory review and evaluation process (SREP)
- (21 July 2020) EBA list of the public guarantee schemes issued in response to the pandemic
- (09 July 2020) EBA statement on resolution planning in light of the COVID-19 pandemic
- (18 June 2020) EBA extends deadline for the application of its Guidelines on payment moratoria to 30 September | EBA guidelines on the criteria to be fulfilled by legislative and non-legislative moratoria applied before 30 June 2020 (2 April 2020)
- (02 June 2020) EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis | PRA statement (24 June 2020)
- (20 May 2020) EBA opinion following the notification by the French macroprudential authority, HCSF, of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the CRR to safeguard institutions from excessive risk-taking and to prevent the build-up of future vulnerabilities
- (25 May 2020) EBA preliminary assessment of the impact of COVID-19 on the EU banking sector
- (22 April 2020) EBA statement on the application of the prudential framework on targeted aspects in the area of market risk
- (22 April 2020) EBA further guidance on the use of flexibility in relation to COVID-19 and calls for heightened attention to risks | Press release
- (2 April 2020) EBA guidelines on legislative and non-legislative moratoria on loan repayments
- (31 March 2020) EBA statement on actions to mitigate financial crime risks in the COVID-19 pandemic
- (31 March 2020) EBA statement on supervisory reporting and Pillar 3 disclosures in light of COVID-19
- (25 March 2020) EBA statement on consumer and payment issues in light of COVID19
- (25 March 2020) EBA statement on the application of the prudential framework regarding Default, Forbearance and IFRS9 in light of COVID19 measures
- (12 March 2020) EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector
- (03 March 2020) EBA measures to mitigate spreading of the coronavirus
European Banking Federation (EBF)
- (27 March 2020) EBF letter to ECB/SSM in context of actions to fight Covid-19 pandemic
- (11 March 2020) EBF letter calling for European measures to face COVID-19 outbreak | Press release
European Central Bank (ECB)
- ECB response to the coronavirus pandemic webpage
- ECB Q&As on the pandemic emergency purchase programme (PEPP)
- Macroprudential measures taken by national authorities since the outbreak of the coronavirus pandemic
- FAQs on ECB supervisory measures in reaction to the coronavirus
- (15 December 2020) ECB letter on its approach and expectations in relation to remuneration policies
- (15 December 2020) ECB recommendation on dividends distributions and repealing Recommendation ECB/2020/35
- (17 September 2020) ECB allows temporary relief in banks' leverage ratio after declaring exceptional circumstances due to pandemic | Decision
- (28 July 2020) ECB extends its recommendation to banks on dividend distributions and share buy-backs until 1 January 2021
- (28 July 2020) ECB letter to banks communicating its expectations that banks have in place effective management practices and sufficient operational capacity to deal with the expected increase in distressed exposures
- (28 July 2020) ECB letter to banks asking them to be extremely moderate with regard to variable remuneration payments
- (29 June 2020) ECB working paper on the macroeconomic implications of the Covid-19 pandemic
- (04 June 2020) ECB decides to increase the envelope for the pandemic emergency purchase programme (PEPP) by EUR 600 billion to a total of EUR 1,350 billion
- (20 May 2020) ECB opinion on the EU Commission's proposed adjustments to the Capital Requirements Regulation (CRR) to increase the capacity of credit institutions to lend and to absorb losses related to COVID-19
- (30 April 2020) ECB announces new pandemic emergency longer-term refinancing operations
- (30 April 2020) ECB recalibrates targeted lending operations to further support real economy
- (22 April 2020) ECB steps to mitigate impact of possible rating downgrades on collateral availability
- (16 April 2020) ECB Banking Supervision provides temporary relief for capital requirements for market risk
- (15 April 2020) ECB communication to reporting agents on the collection of statistical information
- (15 April 2020) ECB letter to banks on supervisory reporting measures
- (15 April 2020) ECB supports macroprudential policy actions taken in response to coronavirus outbreak
- (07 April 2020) ECB adopts package of temporary collateral easing measures to facilitate the availability of eligible collateral for Eurosystem counterparties to participate in liquidity providing operations, such as the targeted longer-term refinancing operations (TLTRO-III)
- (02 April 2020) ECB extends review of its monetary policy strategy until mid-2021
- (27 March 2020) ECB recommendation on dividend distributions during the COVID-19 pandemic and repealing Recommendation (ECB/2020/1)
- (27 March 2020) ECB revised questions on Corporate sector purchase programme (CSPP)
- (24 March 2020) ECB decision 2020/440 on a temporary pandemic emergency purchase programme
- (24 March 2020) ECB working paper on the real-time weakness of the global economy - a first assessment of the coronavirus crisis
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (20 March 2020) ECB Banking Supervision provides further flexibility to banks in reaction to coronavirus
- (20 March 2020) ECB and Danmarks Nationalbank reactivate swap line to provide euro liquidity
- (19 March 2020) EBA Banking Stakeholder Group response to EBA Communication to Competent Authorities on Covid-19 measures
- (18 March 2020) ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)
- (12 March 2020) ECB Banking Supervision provides temporary capital and operational relief in reaction to coronavirus
- (04 March 2020) ECB announces operational precautions linked to coronavirus
- (03 March 2020 - published 6 March 2020) ECB letter to institutions on the critical need to consider and address potential pandemic risk in their contingency strategies.
European Commission
European Commission approvals for state aid are listed under the individual country headings.
- European Commission website on the coronavirus response
- State aid Temporary Framework:
- (16 December 2020) European Commission communication on tackling non-performing loans (NPL) in the aftermath of the COVID-19 pandemic | Q&A
- (24 August 2020) Commission proposes to provide EUR 81.4 billion in financial support for 15 Member States under SURE, along with an additional proposal to grant EUR 5.9 billion to Portugal
- (24 July 2020) EU Commission proposes a package of targeted amendments to various rules aimed at making it easier for capital markets to support the economy and help businesses recover from the COVID-19 crisis, including amendments to: CRR | MiFID2 | Prospectus Regulation | Securitisation Regulation
- (03 July 2020) EU Commission notice of information on the postponement of the entry into application of MiFIR open access provisions with regard to exchange-traded derivatives in the Official Journal
- (02 July 2020) EU Commission prolongs the validity of certain State aid rules which would otherwise expire at the end of 2020
- (29 May 2020) EU Commission proposed regulation on the creation of a Solvency Support Instrument to support companies which, while viable, face solvency risks due to the economic crisis caused by the pandemic
- (27 May 2020) EU Commission proposal for a major recovery plan
- (27 May 2020) EU Commission publishes adjusted Work Programme for 2020
- (28 April 2020) Commission adopts banking package to facilitate lending to households and businesses in the EU | Q&A on banking package
- (28 April 2020) EU Commission proposal for targeted amendments to the Capital Requirements Regulation (CRR)
- (28 April 2020) EU Commission Interpretative Communication on the application of the EU's accounting and prudential frameworks which encourages banks and supervisory bodies to apply the rules more flexibly
- (27 April 2020) EU Technical Expert Group on Sustainable Finance statement highlighting the role it believes the Sustainable Taxonomy, EU Green Bond Standard, and Paris-Aligned and Climate Transition Benchmarks can play in guiding public and private sector plans for recovery from the pandemic
- (16 April 2020) EU Trade Commissioner introductory statement at the informal meeting of EU trade ministers
- (03 April 2020) European Commission extends timelines for responses to consultations on the review of the MiFID2/MiFIR regulatory framework, revision of the Non-Financial Reporting Directive, new digital finance strategy for Europe and fintech action plan and retail payments strategy for the EU
- (06 April 2020) Commission and European Investment Fund (part of EIB Group) unlock €8 billion in finance for 100,000 small and medium-sized businesses
- (27 March 2020) State aid: Commission amends Short-term export-credit insurance Communication in light of economic impact of coronavirus outbreak
- (25 March 2020) EU Commission guidance to the Member States concerning foreign direct investment and free movement of capital from third countries, and the protection of Europe's strategic assets, ahead of the application of Regulation (EU) 2019/452 (FDI Screening Regulation)
- (16 March 2020) Commission encourages companies to delay merger notifications where possible
- (16 March 2020) Commission offers financing to vaccine developer CureVac
- (13 March 2020) Commission statement setting out European coordinated response to counter the economic impact of the Coronavirus
- (10 March 2020) Press remarks by President von der Leyen on the Coronavirus response
- (10 March 2020) Commission proposes measures to ease impact of the COVID-19 outbreak on the aviation industry and the environment
- (10 March 2020) Commission mandate to further step up its response to the Coronavirus to contain the spread of the virus and help patients, and to counter the economic fallout
European Council
European Financial Services Round Table (EFR)
- (19 March 2020) EFR Chairman letter to the European Commission on the economic fall-out of coronavirus
European Financial Reporting Advisory Group (EFRAG)
- (23 March 2020) EFRAG extends application period for field-tests on primary financial statements
European Fund and Asset Management Association (EFAMA)
- (25 November 2020) EFAMA report on European MMFs in the Covid-19 market turmoil: Evidence, experience and tentative considerations around eventual future reforms | Press release
European Insurance and Occupational Pensions Authority (EIOPA)
- EIOPA COVID-19 webpage setting out relevant supervisory measures, guidance and deadline extensions
- (23 December 2020) EIOPA consultation on the Supervisory Statement on own risk solvency assessment (ORSA)
- (27 July 2020) EIOPA statement on Solvency II supervisory reporting in the context of COVID-19
- (July 2020) EIOPA report on the impact of ultra low yields on the insurance sector, including first effects of COVID-19 crisis
- (20 July 2020) EIOPA supervisory statement on Solvency II recognition of schemes based on reinsurance with regard to Covid-19 and credit insurance
- (08 July 2020) EIOPA statement on supervisory expectations on product oversight and governance requirements | EIOPA statement (April 2020)
- (30 April 2020) EIOPA decides to deliver its advice on the Solvency II Review to the Commission at the end of December 2020, to take into account the importance of assessing the impact of the COVID-19 situation on the review
- (02 April 2020) EIOPA statement setting out how it is re-prioritising and alleviating the burden of information requests and consultations on the industry by extending the deadlines or delaying projects where input from national competent authorities (NCAs) and/or industry is foreseen
- (02 April 2020) EIOPA statement urging (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders
- (20 March 2020) EIOPA recommendations on supervisory flexibility regarding deadline of supervisory reporting and public disclosure
- (17 March 2020) EIOPA statement on actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector
European Investment Bank (EIB)
- (03 April 2020) EIB Group moves to scale up economic response to COVID-19 crisis
- (16 March 2020) EIB Group press release on mobilising EUR40 billion to help Covid-19 crisis and Member States setting up further guarantees
European Parliament
- In-depth analysis on EU/EA measures to mitigate the economic, financial and social effects of coronavirus
- ECON activities in regard to COVID-19
- (10 December 2020) EU Parliament and Council reach political agreement on securitisation rule amendments | ECON Committee publishes draft reports on proposals to adjust securitisation framework: Draft report on the proposal to amend the CRR | Draft report on the proposal to amend the Securitisation Regulation (5 October 2020) | Securitisation Topic Guide
- (December 2020) Political agreement reached on MiFID2 Quick Fix amendments | EU Parliament adopts MiFID2 Quick Fix amendments (November 2020) | ECON Committee publishes MiFID2 Quick Fix amendments (November 2020)| Adopted amendments (October 2020) | Draft report on proposed amendments (September 2020)
- (02 October 2020) European Parliament draft opinion on a Regulation amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID-19 pandemic
- (19 June 2020) EU Parliament plenary session approves the proposed regulation amending the Capital Requirements Regulation (CRR) as regards adjustments in response to the COVID-19 pandemic
- (10 June 2020) ECON Committee adopts position on the proposal for a regulation amending the CRR as regards adjustments in response to the COVID-19 pandemic
- (20 May 2020) ECON Committee draft report on the proposal for a regulation amending the Capital Requirements Regulation (CRR) as regards adjustments in response to the COVID-19 pandemic
- (30 March 2020) European Parliament analysis of EU/EA measures to mitigate the economic, financial and social effects of coronavirus
- (27 March 2020) European Parliament legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1303/2013, Regulation (EU) No 1301/2013 and Regulation (EU) No 508/2014 as regards specific measures to mobilise investments in the health care systems of the Member States and in other sectors of their economies in response to the COVID-19 outbreak
- (18 March 2020) Statement by ECON Chair and the majority of political coordinators on COVID-19 actions
European Securities and Markets Authority (ESMA)
ESMA opinions on emergency measures proposed by countries are listed under the individual country headings.
- ESMA COVID-19 webpage
- (16 December 2020) ESMA renews temporary decision on notification of net short positions | Press release | September 2020 decision | June 2020 decision | March 2020 decision
- (12 November 2020) ESMA report on recommendation of the European Systemic Risk Board (ESRB) on liquidity risk in investment funds
- (26 August 2020) ESMA final report on draft RTS postponing the entry into force of CSDR settlement discipline regime until 1 February 2022 | July 2020 proposal
- (27 August 2020) ESMA announces 2019 guidelines on stress test scenarios under MMFR will be updated to include revised risk parameters modified in light of the COVID-19 pandemic
- (21 July 2020) ESMA statement on accounting for COVID-19 related rent concessions
- (09 July 2020) ESMA public statement promoting coordinated action by national competent authorities in relation to the prohibition of providing external support to money market funds within the meaning of Article 35 of Regulation (EU) 2017/1131 (MMF Regulation).
- (11 June 2020) ESMA public statement to clarify the application of the MiFIR open access provisions (OAP) for trading venues (TVs) and central counterparties (CCPs) in light of the recent adverse developments related to COVID-19
- (08 June 2020) ESRB second set of actions, including: Establishing an EU-wide framework to monitor the financial stability implications of the debt moratoria, guarantee schemes and other fiscal measures being put in place by Member States | Adopting a recommendation that introduces minimum requirements for national monitoring | Issuing a recommendation on the restriction of distributions during the pandemic | Issuing a recommendation on liquidity risks arising from margin calls | ESRB letter to EIOPA on liquidity risks in the insurance sector
- (20 May 2020) ESMA public statement addressing the implications on the half-yearly financial reports of listed issuers
- (18 May 2020) ESMA acknowledges the non-renewal of the emergency restrictions on short selling and similar transactions by certain national competent authorities (NCAs)
- (11 May 2020) ESMA letters on IASB Exposure Draft COVID-19 Related Rent Concessions: EFRAG | IASB
- (06 May 2020) ESMA statement reminding firms about their conduct of business obligations under the MiFID II Directive 2014/65/EU) in the context of increasing retail investor activity
- (06 May 2020) ESMA public statement on the risks for retail investors when trading in the highly uncertain market circumstances
- (17 April 2020) ESMA updated guidelines on Alternative Performance Measures (APMs)
- (15 April 2020) ESMA issues positive opinions agreeing to the renewal of the emergency restrictions on short selling and similar transactions by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC and Spanish CNMV
- (09 April 2020) ESMA public statement postponing the application of the annual non-equity transparency calculations and the calculations for the systematic internaliser test for derivatives, ETCs, ETNs, emission allowances and structured finance products (SFPs) under MiFID II
- (09 April 2020) ESMA public statement promoting coordinated action by National Competent Authorities (NCAs) regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and contributors to interest rate benchmarks
- (09 April 2020) Feedback on draft guidance and rules on temporary financial relief for consumers impacted by coronavirus
- (09 April 2020) ESMA public statement directed at fund managers concerning their obligations to publish yearly and half-yearly reports
- (09 April 2020) ESMA extends response date for the consultation on the MiFID2/MiFIR review report on the transparency regime for non-equity instruments and the trading obligation for derivatives further, from 17 May to 14 June 2020
- (02 April 2020) ESMA updates risk assessment to account for the impact of COVID-19
- (31 March 2020) ESMA announces update to reporting under the Money Market Funds Regulation
- (31 March 2020) ESMA public statement clarifying issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID2 in light of the pandemic
- (27 March 2020) ESMA decides to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged
- (27 March 2020) ESMA public statement on the implications of the pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive
- (26 March 2020) ESMA revised version of a Public Statement on coordinated supervisory actions on the application of SFTR
- (25 March 2020) ESMA public statement on the accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9
- (20 March 2020) Securities and Markets Stakeholder Group (SMSG) own initiative report advising ESMA
- (20 March 2020) ESMA clarification of issues related to the application of MiFID II requirements on the recording of telephone conversations
- (20 March 2020) ESMA extends response date for all ongoing consultations with a closing date on, or after, 16 March 2020 by four weeks
- (20 March 2020) ESMA public statement to ensure coordinated supervisory actions by NCAs on the application of the new tick-size regime for systematic internalisers under MiFIR and IFR
- (19 March 2020) ESMA issues statement on bans on net short positions by Belgian FSMA and Greek HCMC
- (18 March 2020) ESMA sets out approach to SFTR implementation
- (11 March 2020) ESMA recommends action by financial market participants for COVID-19 impact
European Systemic Risk Board (ESRB)
- Policy measures in response to the COVID-19 pandemic
- (15 December 2020) ESRB meeting to discuss the impact of COVID-19 on EU economy and financial system | April 2020 meeting | Spreadsheet providing information on the policy measures taken by Member States, EU institutions and national authorities
- (11 May 2020) ESRB note on liquidity in the corporate bond and commercial paper markets, the procyclical impact of downgrades and implications for asset managers and insurers
- (13 May 2020) ESRB public communication on the importance of the timely and effective use of liquidity management tools by investment funds with exposures to less liquid assets
- (06 May 2020) ESRB recommends ESMA coordinate with national competent authorities in undertaking a focused piece of supervisory engagement with investment funds that have significant exposures to corporate debt and real estate assets | ESMA statement
INSOL Europe
Invest Europe
- (01 April 2020) Letter on supervisory reporting in the context of Covid-19
- (28 March 2020) Letter to the European Commission on public support to SMEs backed by private equity
Single Resolution Board
- (08 April 2020) SRB blog post on its approach to minimum requirements for own funds and eligible liabilities (MREL)
Austria
State aid measures
- (23 May 2020) European Commission approves €8 billion Austrian scheme to compensate companies for damage
- (09 April 2020) European Commission approves €15 billion Austrian liquidity scheme to support the economy in the coronavirus outbreak
Austrian Finanzmarktaufsicht (FMA)
- (15 April 2020) ESMA opinion on a proposed emergency measure by the Austrian Finanzmarktaufsicht under Section 1 of Chapter V of Regulation (EU) No 236/2012 | ESMA press release
- (17 March 2020) FMA ban on any legal or natural person entering into or increasing a short sale or a transaction other than a short sale which creates or relates to a financial instrument and the effect or one of the effects of which is to confer a financial advantage on a natural or legal person in the event of a decrease in the price or value of shares admitted to trading on the Regulated Market of the Vienna Stock Exchange for which the FMA is the relevant competent authority under the Short Selling Regulation, until 18 April 2020 | ESMA opinion (23 March 2020)
Belgium
Legislation
- (09 April 2020) Three Royal Decrees adopted and published in the Belgian State Gazette based on the special powers granted to the Government in relation to the coronavirus (in Dutch)
State aid measures
- (11 April 2020) European Commission approves Belgian guarantee scheme mobilising €50 billion support for companies
Joint publications & statements
- (26 March 2020) National Bank of Belgium and Assuralia, the insurance companies' professional union, announces measures aimed at mitigating the impact of the Covid-19 crisis on private individuals, households, self-employed individuals and companies
- (22 March 2020) The Federal Government, the National Bank of Belgium and the financial sector announce new measures to maintain the provision of credit to individuals, the self-employed and businesses: In French | In Dutch
Financial Services and Markets Authority (FSMA)
- (15 April 2020) ESMA opinion on the proposed emergency measure by the Financial Securities and Markets Authority under Section 1 of Chapter V of Regulation (EU) No 236/2012 | ESMA press release
- (17 March 2020) FSMA announces prohibition of short selling and similar transactions on the regulated market of Euronext Brussels
National Bank of Belgium (NBB)
- (11 March 2020) National Bank of Belgium releases full countercyclical buffer
Bulgaria
State aid measures
- (15 April 2020) European Commission approves €770 million Bulgarian employment aid scheme for preserving jobs in sectors most affected by the coronavirus outbreak
- (08 April 2020) European Commission approves €255 million Bulgarian guarantee scheme to support SMEs in coronavirus outbreak
Croatia
State aid measures
- (12 May 2020) European Commission approves €322 million Croatian loan guarantees and subsidised loans scheme for micro, small and medium-sized companies
- (09 April 2020) European Commission approves €1 billion Croatian schemes to support companies
- (06 April 2020) European Commission approves €790 million Croatian guarantee scheme for companies with export activities affected by coronavirus outbreak
Czech Republic
Legislation
- (April 2020) Czech Senate approves draft bill proposing an opt-in-based substantive moratorium on loans (in Polish)
- (24 March 2020) Czech Government approves and submits to the Czech parliament a COVID-19 related draft amendment to the Act on the Czech National Bank (CNB) | CNB press release
State aid measures
- (15 May 2020) European Commission approves €18.5 billion Czech guarantee scheme for companies
- (05 May 2020) European Commission approves €5.2 billion Czech guarantee scheme for loans to large exporting companies
- (15 April 2020) European Commission approves Czech scheme of up to €37 million to support investments in the production of coronavirus-relevant products
Czech Chamber of Deputies
- (April 2020) Czech Chamber of Deputies approves draft bill proposing an opt-in-based substantive moratorium on loans, which are defined as deferred payments, loans, facilities and similar financial services
Czech National Bank (CNB)
- (26 March 2020) CNB statement on further lowering interest rates and lowering the countercyclical capital buffer for the second time
- (24 March 2020) CNB statement on amendment concerning CNB operations
- (16 March 2020) CNB revises earlier decision adopted in May 2019 to increase the countercyclical capital buffer rate for exposures located in the Czech Republic to 2% with effect from 1 July 2020
Denmark
State aid measures
- (15 May 2020) European Commission approves Danish guarantee scheme to stabilise trade credit insurance market
- (05 May 2020) European Commission approves €296 million Danish loan schemes to support start-ups
- (08 April 2020) European Commission approves €5.4 billion Danish scheme to compensate companies particularly affected by the coronavirus outbreak
- (30 March 2020) European Commission approves €130 million Danish guarantee scheme for SMEs with export activities affected by coronavirus outbreak
- (25 March 2020) European Commission approves a DKK 10 billion (approximately EUR 1.3 billion) Danish scheme that partially compensates the self-employed for the losses of turnover suffered due to the coronavirus outbreak
- (21 March 2020) European Commission approves Danish guarantee scheme for SMEs affected by Coronavirus outbreak
Danmarks Nationalbank
- (20 March 2020) ECB and Danmarks Nationalbank reactivate swap line to provide euro liquidity
Estonia
State aid measures
- (28 April 2020) European Commission approves two additional Estonian schemes to support companies
- (21 April 2020) European Commission approves €75.5 million Estonian schemes in the form of direct grants and payment advantages
- (30 March 2020) European Commission approves €1.75 billion Estonian schemes to support economy in coronavirus outbreak
Finland
State aid measures
- (24 April 2020) European Commission approves €3 billion Finnish scheme to support companies
France
Legislation
- (07 May 2020) Ordinance laying down various banking provisions published in the Official Journal
- (02 May 2020) Ministerial Order, amending the Ministerial Order dated 23 March 2020 which sets out the conditions under which the French State bank loans guarantee should be granted pursuant to the 'PGE' scheme to counter the negative economic effects of the pandemic, published in the Official Journal
- (27 April 2020) Ministerial Order extending the scope of 'strategic sectors' for the purposes of foreign investment control to activities in relation to biotechnologies published in French Official Journal (in French) | Supplements Ministerial Order on the French foreign investment control regime (31 December 2019)
- (22 April 2020) Bill to amend the Finance Bill 2020 (in French)
- (17 April 2020) Ministerial Order further specifying the terms and conditions of the PGE has been published in the Official Journal of France (in French)
- (05 April 2020) Decree setting out the terms and conditions for the State guarantee to be granted to reinsurance transactions of the Caisse centrale de réassurance published in the Official Journal, clarifying Article 7 of Amending Finance Law (Law no. 2020-289 of 23 March 2020) (in French)
- (26 March 2020) Twenty-five ordinances adopted pursuant to the Emergency Law published in the Journal Officiel
- (24 March 2020) Emergency Law No. 2020-290 creating a new state of health emergency for a period of two months from 24 March 2020, which can be extended by law (in French)
- (18 March 2020) Emergency bill presented to the French Council of Ministers - Article 4 of the Draft Bill details the guarantee given by the French State for new loans granted by credit institutions and financing companies (in French)
State aid measures
- (30 June 2020) European Commission approves €30 billion French subordinated loan scheme to support companies
- (05 June 2020) European Commission approves €5 billion French "umbrella" scheme to support research, development, testing infrastructures and production of coronavirus relevant products
- (11 May 2020) European Commission approves French guarantee scheme for exporting small and midsize companies
- (20 April 2020) European Commission approves €7 billion French "umbrella" scheme to support the economy
- (15 April 2020) European Commission approves prolongation and modification of the French "Fonds de solidarité" scheme for small enterprises in temporary financial difficulties due to coronavirus outbreak
- (12 April 2020) European Commission approves €10 billion French guarantee scheme to support domestic credit insurance market
- (30 March 2020) European Commission approves €1.2 billion French “Fonds de solidarité” scheme for small enterprises in temporary financial difficulties due to coronavirus outbreak
- (21 March 2020) European Commission approves three French schemes to support economy in Coronavirus outbreak
Joint statements & publications
- (31 March 2020) French Minister of the Economy and Finance, FBF and Bpifrance Q&As to answer companies' questions relating to the State loan guarantee scheme and to assist the banking network
Autorité de contrôle prudentiel et de résolution (ACPR)
- (30 March 2020) ACPR calls on credit institutions under its direct supervision and finance companies to refrain, at least until 1 October 2020, from distributing dividends and making any irrevocable commitment on dividends for the 2019 and 2020 fiscal years and from initiating any share repurchase which is aimed at remunerating shareholders (in French)
Autorité des marchés financiers (AMF)
- (15 April 2020) ESMA opinion on a proposed emergency measure by the Autorité des marchés financiers under Section 1 of Chapter V of Regulation (EU) No 236/2012 | ESMA press release
- (18 March 2020) AMF FAQs on ban of net short positions | Press release
- (17 March 2020) AMF temporary prohibition of short selling in shares admitted to trading on trading venues under the jurisdiction of the AMF
- (12 March 2020) AMF underlines certain disclosure rules that apply to listed companies in the light of the coronavirus epidemic
- (06 March 2020) AMF press release (in French) reminding that shareholders can participate and vote in AGMs remotely
- (28 February 2020) AMF press release (in French) reminding listed companies of the potential need to inform the market on the impact of the coronavirus on their business
Banque de France
- (27 May 2020) Decision No. 2020-04 amending Decision No. 2020-02 of 20 April 2020 on additional temporary measures relating to the Banque de France refinancing operations and eligibility of collateral (in French)
- (18 May 2020) Decision No. 2020-03 amending Decision No. 2020-02 of 20 April 2020 on additional temporary measures relating to the Banque de France refinancing operations and eligibility of collateral. The decision implements ECB Guideline (EU) 2020/634 into French law
- (20 April 2020) French Central Bank decision (no. 2020-02) from its Governor replacing the Governor's earlier decision (no. 2016-07) and implementing into French law the ECB's guidelines on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral
- (20 April 2020) Banque de France measures aimed at increasing the collateral available to counterparties in the context of refinancing operations for the duration of the ECB's temporary pandemic emergency purchase programme (PEPP)
Haut Conseil de stabilité financière
- (04 April 2020) French High Council for Financial Stability lowers the countercyclical capital buffer to 0% as of 2 April 2020
Ministère de l'Économie et des Finances
- (10 April 2020) Press release presenting the public reinsurance scheme for credit insurance risks made available through the French Caisse centrale de reassurance (in French)
Germany
Legislation
- (24 March 2020) Bundestag and Bundesrat (German Parliament) adopts draft law on the creation of an Economic Stabilisation Fund (Wirtschaftsstabilisierungsfonds) enabling government stabilisation measures for affected German companies (in German) | EU Commission grants required approval (July 2020)
State aid measures
- (14 April 2020) European Commission approves German guarantee scheme to stabilise trade credit insurance market
- (11 April 2020) European Commission approves amendments to previously approved German schemes to further support economy
- (02 April 2020) European Commission approves extension of German scheme for subsidised loans to support economy in coronavirus outbreak
- (24 March 2020) European Commission approves German guarantee measure to further support economy in coronavirus outbreak
- (22 March 2020) European Commission approves two German measures to support economy in Coronavirus outbreak
- Package of measures to combat the corona crisis
Joint publications and statements
- (02 April 2020) BaFin and the Bundesbank postpone stress test for less significant institutions (LSIs) under national supervision from 2021 to 2022
- (13 March 2020) Bundesministerium der finanzen (BMF) and Bundesministeriums für Wirtschaft und Energie measures to mitigate the impact of the coronavirus | Federnal Ministry of Finance related press release
Ausschuss für Finanzstabilität (AFS)
- (08 July 2020) AFS 7th report on financial stability to the German Parliament (Bundestag), warning of potentially extensive liquidity and solvency problems in the corporate sector due to the COVID-19 pandemic
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- BaFin FAQs on coronavirus issues | FAQs in German
- (07 May 2020) BaFin FAQs confirming that the cycle for determining and arranging the SREP capital add-on is suspended for the year 2020
- (31 March) BaFin general decree (Allgemeinverfügung) reducing the domestic countercyclical capital buffer rate from 0.25% to 0% on 1 April 2020 in order to strengthen the resilience of the banking system
- (24 March 2020) BaFin announces adaptation of its supervisory practice and measures in the coronavirus crisis to make use of the high degree of supervisory flexibility afforded by the existing regulatory framework (in German)
- (20 March 2020) BaFin statement on the ESMA statement on requirements for recording obligations (MiFID II regulation) (in German)
- (18 March 2020) BaFin grants relief from requirement for auditors to conduct onsite inspections when reviewing and auditing firms' compliance with regulatory laws (in German)
- (12 March 2020) BaFin statement on the compatibility of activities outside the business premises and regulations for risk management in the trading area (in German)
- (12 March 2020) BaFin response to the ECB granting operational relief to the banks directly supervised by the ECB as part of the unified supervisory mechanism SSM (in German)
Greece
State aid measures
- (30 April 2020) European Commission approves modification of Greek guarantee measure to support companies
- (07 April 2020) European Commission approves €1 billion Greek scheme providing repayable advances to support the economy in the coronavirus outbreak
- (03 April 2020) European Commission approves €2 billion Greek guarantee measure to support companies affected by the coronavirus outbreak
Hellenic Capital Market Commission (HCMC)
- (15 April 2020) ESMA opinion on the proposed emergency measure by the Hellenic Capital Market Commission under Section 1 of Chapter V of Regulation (EU) No 236/2012 | ESMA press release
- (17 March 2020) HCMC announcement of a temporary ban on net short positions
Hungary
State aid measures
- (29 April 2020) European Commission approves €900 million Hungarian schemes to support companies
- (17 April 2020) European Commission approves €88 million Hungarian aid scheme supporting researchers and developers in all sectors affected by coronavirus outbreak
- (08 April 2020) European Commission approves €140 million Hungarian scheme to support economy in coronavirus outbreak
Italy
Legislation and Italian Government
- (19 May 2020) Relaunch Decree (Decreto Rilancio) (no. 34 of 19 May 2020) published in the Italian Official Gazette
- (15 May 2020) Italian Government adopts a unitary and organic decree for phase 2
State aid measures
- (26 June 2020) European Commission approves €7.6 billion Italian tax schemes to support companies and self-employed workers
- (21 May 2020) European Commission approves €9 billion Italian "umbrella" scheme to support economy
- (14 April 2020) European Commission approves Italian guarantee scheme to support self-employed workers, SMEs and mid-caps
- (14 April 2020) European Commission approves Italian guarantee scheme to support the economy
- (25 March 2020) European Commission approves Italian State guarantee supporting a debt moratorium from banks to small and medium-sized enterprises (SMEs) affected by the coronavirus outbreak
Bank of Italy
- (20 March 2020) Extension of deadlines and other temporary measures to mitigate the impact of COVID-19 on the Italian banking and financial system
- (17 March 2020) Bank of Italy suspends deadlines for Financial Banking Arbitrator proceedings
Commissione Nazionale per le Società e la Borsa
- (17 March 2020) Consob prohibits short selling on stock exchange and lowers transparency threshold for major shareholdings
- (12 March 2020) Consob suspends terms of sanctioning procedures until 3 April
Latvia
State aid measures
- (06 July 2020) European Commission approves Latvian fund to enable €100 million of liquidity and capital support to large enterprises
- (12 May 2020) European Commission approves €1.5 million Latvian scheme to support companies active in the agricultural sector
- (23 March 2020) European Commission approves state support for €250 million Latvian subsidised loan scheme and loan guarantee scheme for companies affected by coronavirus outbreak
Lithuania
State aid measures
- (26 May 2020) European Commission approves Lithuanian fund to enable up to €1 billion of liquidity and capital support to medium-sized and large enterprises
- (30 April 2020) European Commission approves €101.5 million Lithuanian rent compensation scheme to support sectors
- (10 April 2020) European Commission approves €150 million Lithuanian schemes to support economy
- (08 April 2020) European Commission approves €110 million Lithuanian guarantee scheme to support economy in coronavirus outbreak
Luxembourg
Legislation
- (19 December 2020) Luxembourg law extending application period of business aid schemes (in French)
- (20 June 2020) Luxembourg law on the State guarantee within the framework of the EU level instruments introduced to mitigate the socio-economic consequences of COVID-19
- (20 June 2020) Luxembourg law establishing a support scheme for projects helping the fight against COVID-19
- (18 June 2020) Luxembourg Law amending the law of 4 December 2019 on the Luxembourg Export Credit Agency (ODL)
- (19 May 2020) Member of Parliament files a bill of law on foreign investments, which intends to introduce a foreign investment screening mechanism in Luxembourg
- (12 May 2020) Luxembourg Law on the extension of certain deadlines in the financial sector during the state of emergency, introducing a three-month extension for certain obligations which are not subject to harmonisation at EU level, to anticipate the difficulties that financial, fund and insurance sector entities may encounter in fulfilling their obligations in terms of the preparation and publication of periodic accounts and reports during the exceptional situation caused by the pandemic
- (24 April 2020) Two Grand Ducal Regulations providing new financial support measures for micro and small commercial and craft enterprises
- (22 April 2020) Bill (no.7567) on professional payment guarantee has been submitted to Parliament, the purpose of which is to create a new type of personal security under Luxembourg law, in addition to existing instruments, such as personal guarantee (cautionnement) and autonomous guarantee (garantie autonome)
- (21 April 2020) Luxembourg Ministry of Justice submits a draft bill (N° 7566), the main purpose of which is to extend the measures allowing the holding of corporate meetings without requiring the physical presence of members to meetings held after the end date of the state of emergency, to the extent they were convened prior to or on such date
- (20 April 2020) BCL adopts Regulation 2020 / No.27 amending BCL Regulation 2014 / No.18 of 21 August 2014 which implements the ECB guidance of 9 July 2014 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2014/31)
- (18 April 2020) Bill (No. 7563) increasing the threshold of commitments undertaken by Luxembourg Export Credit Agency (ODL) on behalf of the Luxembourg State in order to make its support more flexible for Luxembourg companies during crisis situations
- (18 April 2020) Law establishing a guarantee scheme supporting the Luxembourg economy published in the Journal Officiel du Grand-Duché de Luxembourg
- (17 April 2020) Opposition party introduces a bill (N° 7552) that, among other things, seeks to prevent any creditor from petitioning for the opening of insolvency procedures during the current state of emergency
- (14 April 2020) Luxembourg Government introduces a bill (N° 7559) establishing a support scheme to grant financial aid to businesses carrying out investments or research and development projects helping to fight against the COVID-19 pandemic
- (26 March 2020) New bill (no.7540) lodged with the Luxembourg parliament, aiming to take into account the exceptional situation caused by COVID-19 and to anticipate the difficulties that financial and insurance sector entities may encounter in fulfilling their obligations in terms of preparation and publication of periodic reports (in French)
- (20 March 2020) Luxembourg Grand Ducal Regulation on measures regarding the holding of meetings in companies and other legal entities entered into force
State aid measures
- (27 March 2020) European Commission approves Luxembourg guarantee measure to further support economy in coronavirus outbreak
- (24 March 2020) European Commission approves state aid to Luxembourg scheme to support companies affected by coronavirus outbreak
Joint publications and statements
- (05 June 2020) CSSF and BCL communiqué reminding industry participants that ESRB has set out a first set of policy actions in five priority areas to address the impact of COVID-19 on the financial system from a macroprudential perspective
Luxembourg Bankers Association (ABBL)
- (22 April 2020) ABBL announces that several Luxembourg banks have set up a state guarantee system for loans granted as of 18 March 2020 to companies affected by COVID-19
Commissariat aux Assurances (CAA)
- (31 July 2020) CAA circular letter (20/15) with respect to the European Systemic Risk Board (ESRB) Recommendation of 27 May 2020 on restriction of distributions during the pandemic (ESRB/2020/7)
- (13 May 2020) CAA Circular Letter 20/10 setting up a temporary licensing regime for insurance agents and sub-brokers
- (02 April 2020) CAA information notice on the extension of deadlines of the annual and quarterly national reporting in the context of COVID-19 and published adapted 2020 (solo) reporting calendars for Luxembourg life and non-life insurance companies, reinsurance companies and pension funds (in French)
- (30 March 2020) CAA information notice on the adaptation of 2020 (solo) reporting to the CAA in light of the COVID-19 pandemic (in French)
- (25 March 2020) CAA information notice on EIOPA's recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure in the context of COVID-19 pandemic (in French)
Commission de Surveillance du Secteur Financier (CSSF)
- CSSF FAQs on Covid-19
- (22 December 2020) CSSF recommendation on restriction of distributions during pandemic
- (13 November 2020) CSSF communiqué on thematic review of issuers' reporting
- (28 October 2020) CSSF circular adopting EBA guidelines to ensure compliance with CRR 'quick fix'
- (23 October 2020) CSSF communiqué calling on supervised entities to use teleworking in light of upsurge in cases
- (29 July 2020) CSSF circular letter to inform all credit institutions that are not significant institutions under the SSM of its updated policy on restrictions of dividend distributions and share buybacks and to provide guidance on the CSSF's expectations with respect to remuneration practices
- (28 July 2020) CSSF circular to inform all credit institutions that the 30 June 2020 deadline by which moratoria must be effectively applied (i.e. payment must be rescheduled) has been extended to 30 September 2020
- (23 July 2020) CSSF circular to inform all credit institutions designated as less significant institutions under the Single Supervisory Mechanism and all branches of non-EU credit institutions that it complies with and applies EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis
- (17 July 2020) CSSF communiqué to reiterate precautionary instructions amid a resurgence in COVID-19 cases
- (19 June 2020) CSSF communiqué concerning the measures to be put in place, or that should continue to be applied, by all entities subject to its supervision when their employees and external providers return to work on-site further to the additional measures for the easing of the lockdown announced by the Luxembourg Government
- (14 May 2020) CSSF communiqué concerning measures to be taken by all entities subject to its supervision in the context of a possible return to the office in light of the easing of lockdown measures by the Luxembourg Government
- (13 May 2020) CSSF communiqué informing investment fund managers (IFMs) of the launch of a new online notification form for fund issues and large redemptions (IFM Notification Form)
- (04 May 2020) CSSF communiqué on AML/CFT supervision in the collective investment (CIS) sector during the pandemic
- (30 April 2020) CSSF circular (CSSF 20/741) informing all credit institutions that it complies with and applies EBA guidelines on legislative and non-legislative moratoria on loan repayments
- (17 April 2020) CSSF communiqué on working from home in the context of COVID-19
- (10 April 2020) CSSF communiqué on information requests based on Commission Implementing Regulation (EU) 2018/1624 of 23 October 2018 in the context of the pandemic
- (10 April 2020) CSSF Circular 20/740 providing guidance to all professionals subject to AML/CTF supervision by the CSSF in relation to the money laundering and terrorism financing (ML/TF) risks and AML/CTF implications
- (09 April 2020) CSSF communiqué on the approach to SFTR implementation
- (09 April 2020) CSSF communiqué on the launch of a weekly questionnaire to investment fund managers which will provide updates on financial data and governance arrangements
- (02 April 2020) CSSF communiqué concerning the postponement of reporting files to NCAs by managers of money market funds (MMFs) under Article 37 of the Money Market Funds Regulation
- (27 March 2020) CSSF communiqué on the disclosure of information by issuers of securities under the Luxembourg Transparency Law in the context of COVID-19
- (25 March 2020) CSSF decides that, where necessary, long form reports may exceptionally be submitted up to four months after the annual general meeting (AGM) of the audited entity or fund, excluding delays for such AGMs granted by the Luxembourg government through exceptional measures
- (23 March 2020) Communiqué on supervised entities carrying out their CSSF regulatory reporting
- (02 March 2020) CSSF issues clarifications on measures to be taken by supervised entities (in French)
Luxembourg Central Bank (BCL)
- (18 May 2020) BCL adopts Regulation (2020 / No. 28) to amend BCL Regulation 2014 / No 18 of 21 August 2014 implementing the European Central Bank (ECB) Guideline of 9 July 2014 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2014/31), to reflect the amendments made to the latter by the ECB Guideline of 7 May 2020 (ECB/2020/29)
- (April 2020) BCL announces measures to ensure business continuity in the areas of monetary policy operations, collateral management, payment systems, liquidity supervision, and the distribution of banknotes and coins
Luxembourg Stock Exchange (LuxSE)
- (15 April 2020) LuxSE waives listing fee for COVID-19 response bonds
- (30 March 2020) LuxSE FAQs
- (20 March 2020) LuxSE statement on remaining open and fully operational
Malta
State aid measures
- (12 May 2020) European Commission approves €11.5 million Maltese scheme to support investments in the production of coronavirus-relevant products
The Netherlands
State aid measures
- (24 April 2020) European Commission approves €100 million Dutch subsidised loan scheme to support SMEs
- (22 April 2020) European Commission approves Dutch guarantee scheme of up to €10 billion to support the economy
De Nederlandsche Bank (DNB)
- (27 May 2020) DNB extends the temporary reduction in capital requirements for significant institutions using internal models for market risk recently announced by the ECB to all Dutch less significant institutions
- (14 May 2020) DNB information on the notification requirements for general moratoria
- (17 March 2020) DNB lowers bank buffer requirements to support lending
- (06 March 2020) DNB press release on business continuity expectations and considerations for financial institutions
Netherlands Enterprise Agency
Rijksoverheid (Government of the Netherlands)
- Government portal on Coronavirus
- National Institute for Public Health portal on Coronavirus
- (03 July 2020) Dutch Government announces a new measure for the reimbursement of SMEs' fixed costs
- (11 June 2020) Dutch Government announces a temporary moratorium of payments law (Tijdelijke Betalingsuitstelwet 2020) for Dutch companies that are in distress as a consequence of the coronavirus
- (May 2020) Dutch Government announces a new type of corona bridging loan (COL) for start-ups, scale-ups and innovative SMEs that need financing as a result of the coronavirus crisis
- (08 May 2020) Dutch Government agrees that SMEs with relatively small financial needs (EUR 10,000 to EUR 50,000) may be eligible for a bridging loan of up to EUR 50,000 under the Small Corona Credit Guarantee Scheme (Klein Krediet Corona garantieregeling or KKC)
- (14 April 2020) Policy decree on fiscal leniency in relation to the corona crisis (in Dutch)
- (08 April 2020) Temporary act COVID-19 Ministry of Justice and Security, which will change a large number of laws in order to guarantee the continuity of the courts, the legislative process and administration/governance of corporate- and governmental organisations. This will include remote access options for company law requirements such as virtual shareholders' meetings (in Dutch)
- (02 April 2020) Relaxation of payment deferment by the tax authorities (in Dutch)
- (31 March 2020) Government measures to combat coronavirus extended until 28 April 2020 inclusive
- (March 2020) Government FAQs for entrepreneurs - measures to help businesses
- (March 2020) FAQ for international business (in Dutch)
- (17 March 2020) Dutch government adopts package of new measures designed to save jobs and the economy
- (March 2020) Temporary emergency bridging measure for sustained employment (NOW - Tijdelijke Noodmaatregel Overbrugging voor Werkbehoud)
- (March 2020) Government measures to preserve employment – overview of all arrangements for corporations and entrepreneurs (in Dutch)
Norway
Finanstilsynet (Financial Supervisory Authority of Norway)
- (25 March 2020) Finanstilsynet letter asking the Norwegian Ministry of Finance to adopt regulations that require banks and insurance undertakings not to pay dividends etc. for 2019 until further notice
Poland
State aid measures
- (11 June 2020) European Commission approves Polish recapitalisation scheme to enable up to €1.65 billion of capital support to SMEs and large enterprises
- (29 May 2020) European Commission approves €1.6 billion Polish scheme to compensate companies for damages suffered due to coronavirus outbreak and provide liquidity support
- (11 May 2020) European Commission approves €450 million Polish scheme to support companies
- (23 April 2020) European Commission approves €7.8 billion Polish schemes to support companies
- (17 April 2020) European Commission approves €140 million Portuguese scheme to support investment in research, development, testing and production of coronavirus relevant products
- (10 April 2020) European Commission approves €115 million Polish scheme to support economy
- (08 April 2020) European Commission approves € 700 million Polish loan and guarantee scheme to support economy in coronavirus outbreak
- (03 April 2020) European Commission approves Polish scheme enabling public guarantees up to €22 billion to support economy in coronavirus outbreak
Bankowy Fundusz Gwarancyjny (BFG)
- (26 March 2020) BFG announces action intended to alleviate the adverse effects of the pandemic on the banking sector (in Polish)
Polish Financial Supervision Authority (KNF)
- (15 December 2020) Communication regarding deferment of obligation to apply ESEF (in Polish)
- (12 May 2020) KNF announces that for the purpose of setting the solvency capital requirement (SCR) for the credit risk spread and the asset concentration risk according to the standard SCR formula, the PFR's bonds are regarded as equivalent to State Treasury bonds. In the risk submodules the PFR bonds are allocated risk factors (stressi and gi respectively) equal to 0% (in Polish)
- (23 April 2020) KNF publishes communiqué as part of the Supervisory Impulses Package indicating that banks will be able to treat the covering of credit exposures by way of a guarantee issued by institutions other than Bank Gospodarstwa Krajowego (in Polish)
- (20 April 2020) KNF bulletin highlighting that, pursuant to its recommendation set out in the Supervisory Stimulus Package for Security and Development, the Ordinance of the Minister of Finance on the Rules of Creating Reserves Associated with the Activities of Banks has been amended (in Polish)
- (17 April 2020) KNF statement setting out its expectations of banks and insurance companies (in Polish)
- (17 April 2020) KNF announces it has granted permission to Bank Gospodarstwa Krajowego (BGK) to delegate to other banks assessments of capacity to repay a liability and analyses of the risk of disbursing a liability, in relation to credit facilities guaranteed by BGK as part of the portfolio guarantee line financed from the Liquidity Guarantees Fund (in Polish)
- (31 March 2020) KNF statement on the financing of corporate clients by banks, setting out its interpretation of a provision of the Banking Law regarding the conditions for granting a facility to an entity that is not creditworthy (in Polish)
- (31 March 2020) KNF bulletin on the change to the deadlines for the publication of annual reports, annual consolidated reports and other periodic reports drawn up for 2019 by issuers of securities admitted to trading on a regulated market
- (27 March 2020) KNF supervisory impulses package to ensure the security and development of the capital market
- (24 March 2020) KNF communiqué on the change of dates and scope of information to be provided as part of the annual reports for 2019 and the report for Q1 2020 that are prepared for the purposes of Solvency II
National Bank of Poland
- (28 May 2020) Monetary Policy Council decision to decrease the NBP interest rates
- (10 April 2020) National Bank of Poland adopts a resolution setting out the conditions for granting bill discount credits to banks
- (08 April 2020) Monetary Policy Council decreases the NBP reference rate by 0.5 percentage points to 0.50%
Romania
Legislation
- (April 2020) Romanian Government Emergency Ordinance no. 37/2020 on relief for loans granted by credit institutions and non-bank financial institutions to certain categories of borrowers
State aid measures
- (11 April 2020) European Commission approves €3.3 billion Romanian scheme to support SMEs in coronavirus outbreak
Slovakia
State aid measures
- (21 April 2020) European Commission approves €2 billion Slovak employment aid scheme to preserve jobs and support the self-employed
Slovak Parliament
- (07 April 2020) Slovak Parliament approves draft bill introducing an opt-in based substantive moratorium on the payment of loans (in Slovak)
Slovenia
State aid measures
- (30 April 2020) European Commission approves €2 billion Slovenian guarantee and rent relief schemes to support companies
- (24 April 2020) European Commission approves €2 billion Slovenian "umbrella" scheme to support the economy
Spain
Legislation and Spanish Government
- (24 December 2020) Spanish Government launches fourth and fifth tranches of guarantee scheme to support hospitality industry (in Spanish)
- (17 November 2020) Royal Decree-Law 34/2020 on urgent measures to support business solvency and the energy sector, and on tax matters published in the Spanish Official Gazette
- (03 November 2020) Revised criteria for the reallocation of the first tranche of the guarantee scheme approved 28 July 2020
- (July 2020) Royal Decree-Law 26/2020 on economic recovery measures to deal with the impact of COVID-19 in relation to transport and housing, which adopts a series of measures with financial implications, enters into force
- (06 July 2020) Royal Decree-Law 25/2020 on urgent measures to support economic recovery and employment (RDL), which adopts a series of measures to support the productive sector, employment and incomes, enters into force
- (16 June 2020) Council of Ministers approves the fifth tranche of the guarantee scheme for loans granted to self-employed individuals (autónomos) and corporates, loans granted to self-employed individuals and micro, small and medium-sized companies (SMEs) in the tourism sector and related activities, and financing granted to companies and self-employed individuals for the purchase of motorised road transport vehicles for professional use
- (05 June 2020) General Directorate of Legal Certainty and Public Faith (Dirección General de Seguridad Jurídica y Fe Pública) approves the application forms for filing with the Registry of Movable Assets (Registro de Bienes Muebles) the suspension of contractual obligations arising from loans and mortgages granted to natural persons in a situation of economic vulnerability
- (26 May 2020) Royal Decree-Law 19/2020 adopting complementary measures regarding agricultural, scientific, economic, employment and social security matters to mitigate the effects of COVID-19 (in Spanish)
- (22 May 2020) Royal Decree-Law 15/2020 on urgent complementary measures to support the economy and employment has been debated and voted on by the Spanish Congress of Deputies, which agreed that the Royal Decree-Law should be ratified as well as processed as a Draft Law (in Spanish)
- (20 May 2020) Spanish Council of Ministers (Consejo de Ministros) approves a fourth tranche of the guarantee scheme for the benefit of self-employed individuals and SMEs
State aid measures
- (02 April 2020) European Commission approves Spanish "umbrella" scheme to support economy in coronavirus outbreak
- (24 March 2020) European Commission approves €20 billion Spanish guarantee schemes for companies and self-employed affected by coronavirus outbreak
Banco de España
- (15 December 2020) Bank of Spain communication on ECB recommendation on dividend distributions and variable remuneration | Spanish version
- (28 July 2020) Bank of Spain resolves to extend the ECB's recommendation on dividend distributions to the less significant credit institutions under its direct supervision
- (31 March 2020) Bank of Spain decision to maintain the value of the countercyclical capital buffer applicable to credit exposures in Spain at 0% in the second quarter of 2020 (in Spanish)
Comisión Nacional del Mercado de Valores (CNMV)
- (15 April 2020) ESMA opinion on the proposed emergency measure by Comision Nacional del Mercado de Valores (CNMV) under Section 1 of Chapter V of Regulation (EU) No 236/2012 | ESMA press release
- (16 March 2020) CNMV temporarily bans the creation or increase of net short positions on shares
- (12 March 2020 CNMV temporarily bans short sales on 69 shares listed on the Spanish stock exchanges
Sweden
State aid measures
- (02 April 2020) European Commission approves a €9.1 billion Swedish guarantee scheme to support economy in coronavirus outbreak
Switzerland
Federal Council
- (16 April 2020) Swiss Federal Council passes ordinance to minimise corporate insolvencies due to the coronavirus outbreak (in German)
- (27 March 2020) Federal Council deactivates the countercyclical capital buffer with immediate effect
- (25 March 2020) Federal Council adopts emergency ordinance on granting of credits with joint and several federal guarantees
Financial Market Supervisory Authority (FINMA)
- (02 October 2020) FINMA partially extends exemptions for onboarding new relationships (guidance 07/2020)
- (19 May 2020) FINMA further guidance in the context of the COVID-19 crisis containing adjustments to the periods for various exemptions already granted and specifying in more detail how the net stable funding ratio (NSFR) is calculated
- (14 April 2020) FINMA guidance on further exemptions for supervised institutions
- (07 April 2020) FINMA further guidance for supervised institutions about exemptions and clarifications related to its supervisory practice
- (31 March 2020) FINMA guidance providing banks with clarifications for dealing with the COVID-19 credits with federal guarantees within the framework of the capital and liquidity requirements, and on temporary exemptions relating to the leverage ratio and on risk diversification requirements
- (25 March 2020) FINMA statement supporting the Federal Council's liquidity package and introduces further measures
Swiss National Bank (SNB)
- (11 May 2020) Swiss National Bank expands its COVID-19 refinancing facility
- (25 March 2020) SNB introduces a SNB COVID-19 refinancing facility (CRF)
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (19 March 2020) Swiss National Bank maintains expansionary monetary policy and raises negative interest exemption threshold
Turkey
Banking and Regulatory Supervision Agency of Turkey (BRSA)
- (05 May 2020) BRSA introduces new restrictions on banks and financial institutions operating in Turkey
Borsa Istanbul
- (12 March 2020) Borsa Istanbul announces number of changes in price limits in its equity and derivatives markets
Central Bank of the Republic of Turkey
- (17 March 2020) Central Bank of the Republic of Turkey measures against the likely economic and financial impacts of the coronavirus
- (17 March 2020) Central Bank of the Republic of Turkey press release on interest rates
United Kingdom (UK)
Legislation and UK Government
- Financial support for businesses during coronavirus
- Coronavirus Act 2020: As originally enacted | Latest available as revised
- (17 December 2020) Chancellor announces extension of business interruption loan schemes (CBILS, CLBILS and BBLS)
- (01 October 2020) Chair writes to Secretary of State on British Business Bank and Covid-19 loans: Letter on the British Business Bank Reservation Notices | Letter on the extension of CBILS and CLBILS to companies owned by Private Equity Groups
- (16 September 2020) House of Commons research briefing on coronavirus and business interruption insurance (No. 8917)
- (July 2020) UK Government letter setting out, among other things, its expectation that all accredited CBILS lenders will implement the required changes, noting the consequence that businesses whose CBILS applications were previously decline may now be eligible
- (30 July 2020) UK Government announces extension of the CBILS to small and micro businesses
- (24 July 2020) Treasury Committee re-launches inquiry into the decarbonisation of the UK economy and green finance to seek additional written evidence on how and whether the UK's response to coronavirus should take the Government's net zero carbon emissions by 2050 target into account
- (18 July 2020) The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020) entered into force
- (30 June 2020) HM Treasury announces that more start-ups and innovative firms will be able to apply for investment from the UK Government's Future Fund
- (27 June 2020) UK Government launches a new GPB 200 million Sustainable Innovation Fund which is intended to help innovative businesses recover from the impact of coronavirus
- (26 June 2020) BEIS list of the rules that have been temporarily relaxed to make it easier for businesses to continue working
- (25 June 2020) Corporate Insolvency and Governance Act 2020 receives Royal Assent
- (21 June 2020) BEIS announce new protections for UK businesses key to national security and fight against coronavirus
- (19 June 2020) Code of practice for commercial property relationships during the COVID-19 pandemic
- (09 June 2020) HM Treasury announces an extra GBP 37.8 million of funding to provide essential debt advice services and help more people who are struggling with their finances due to coronavirus
- (26 May 2020) HM Treasury and Bank of England publish a CCFF Consolidated Market Notice
- (20 May 2020) Corporate Insolvency and Governance Bill | Explanatory notes | BEIS factsheets
- (20 May 2020) UK Government’s GBP 500 million Future Fund opens for applications | Guidance
- (19 May 2020) HM Treasury announces an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- (19 May 2020) HM Treasury publishes update to the terms of the Covid Corporate Financing Facility (CCFF)
- (13 May 2020) HM Treasury press release on supporting businesses through Trade Credit Insurance guarantee
- (May 2020) Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020, which removes from the scope of the consumer credit regulatory regime loans of GBP 25,000 or less that are made by commercial lenders to sole traders, unincorporated associations and partnerships of fewer than four people under the BBLS
- (07 May 2020) Guidance on responsible contractual behaviour in the performance and enforcement of contracts impacted by the COVID-19 emergency
- (01 May 2020) Letter from the Chancellor to lenders on the new Bounce Back Loan Scheme
- (27 April 2020) HM Treasury announces amendments to the UK's Coronavirus Business Interruption Loan Scheme (CBILS) to support small businesses
- (27 April 2020) Guidance on applying for a coronavirus Bounce Back Loan | Press release
- (24 April 2020) House of Commons Treasury Committee publishes the terms of reference and a call for evidence on the next stage of its inquiry into the economic impact of COVID-19
- (23 April 2020) UK Government announces new measures designed to protect commercial tenants from rent collection action
- (21 April 2020) House of Commons International Trade Committee launches an enquiry into the impact of COVID-19 on UK businesses trading internationally
- (03 April 2020) UK Government announces a new Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- (20 March 2020) Financial Services and Markets Act 2020 Amendment Order published to include Covid Corporate Financing Facility Ltd
- (19 March 2020) Coronavirus Bill (HC Bill 122) published | Explanatory notes
- (17 March 2020) Chancellor announces additional support to protect businesses
- (17 March 2020) Department of Health and Social Care guidance on the UK Coronavirus Bill
State aid measures
- (06 April 2020) European Commission approves £50 billion UK "umbrella" scheme to support the economy in the coronavirus outbreak
- (25 March 2020) European Commission approves UK schemes to support SMEs affected by coronavirus outbreak
UK Courts
- HMCTS advice and guidance page for all court and tribunal users during the coronavirus (COVID-19) outbreak
- Supreme Court advice and guidance page for all Court users during the coronavirus outbreak
- (07 April 2020) Temporary Insolvency Practice Direction (IPD) signed (in force 6 April 2020)
- (24 March 2020) Practice Direction on video or audio hearings in civil proceedings during the coronavirus pandemic
- (22 March 2020) Civil Court guidance on how to conduct remote hearings
- (17 March 2020) UKSC and JCPC update on time limits for filing documents in the Supreme Court and JCPC
- (17 March 2020) Coronavirus update from the Lord Chief Justice
Joint publications and initiatives
- (16 July 2020) FCA and the City of London Corporation announce that they will collaborate on the pilot of a 'digital sandbox' to support innovative firms tackling challenges caused by the pandemic
- (30 June 2020) FCA and PSR publish further information on their joint work to map access to cash | Statement on access to cash during COVID-19 and identifying and managing temporary gaps in provision | Statement on coverage of access to cash across the UK | 16 June update
- (08 June 2020) BoE and PRA statement acknowledging the ESRB recommendation on the restriction of distributions during the pandemic and noting that, in the context of the UK's withdrawal from the EU, the recommendation applies to UK authorities during the transition period
- (04 June 2020) BoE and PRA letter to the chief executive officers of UK deposit takers on the treatment of COVID-19 related payment deferrals under IFRS 9 and CRR, providing guidance on initial and further payment deferrals in response to updated FCA guidance on retail mortgage payment deferrals
- (07 May 2020) BoE and PRA announce changes to resolution measures aimed at alleviating operational burdens on PRA-regulated firms
- (09 April 2020) HM Treasury and the Bank of England agree to extend temporarily the use of the UK Government's Ways and Means (W&M) facility
- (28 March 2020) UK government announces amendments to insolvency law
- (26 March 2020) FCA, FRC and PRA joint statement announcing a series of actions to ensure information continues to flow to investors and support the continued functioning of the UK's capital markets
- (25 March 2020) FCA, BoE and members of the Working Group on Sterling Risk-Free Reference Rates statement on the impact of the coronavirus on firms’ LIBOR transition plans over the coming months.
- (25 March 2020) Joint letter from the Chancellor, BoE and FCA to the CEOs of the UK Banks on the subject of COVID-19 and bank lending
- (23 March 202) Government support for businesses to keep operating
- (17 March 2020) HM Treasury and the Bank of England launch a Covid Corporate Financing Facility (CCFF)
Association of British Insurers (ABI)
Bank of England (BoE)
- BoE webpage on the BoE response to coronavirus
- BoE Covid Corporate Financing Facility (CCFF) page providing information for those seeking to participate in the CCFF | Consolidated market notice | Results and usage data:
- (09 October 2020) BoE update on the Covid CCFF | HM Treasury press release
- (22 September 2020) BoE market notice confirming that the CCFF will close for new purchases of Commercial Paper (CP) with effect from 23 March 2021
- (19 June 2020) BoE announces that in light of continued improvements in funding market conditions and recent usage patterns it will discontinue 1-month CTRF operations at the end of June 2020
- (24 March 2020) BoE activates the CTRF, a temporary enhancement to its sterling liquidity insurance facilities
- (21 December 2020) BoE financial stability paper (No. 45) on capital flows during the pandemic: lessons for a more resilient international financial architecture
- (04 June 2020) BoE Deputy Governor for Financial Stability letter to regulated UK financial market infrastructures and specified providers concerning the distribution of profits
- (07 May 2020) BoE publishes an Interim Financial Stability Report (IFSR)
- (07 May 2020) Financial Services Regulatory Initiatives Forum launches a Regulatory Initiatives Grid to help financial firms prepare for upcoming regulatory work
- (02 May 2020) BoE updates the TFSME and UK leverage ratio to reflect HMT's new Bounce Back Loans Scheme
- (09 April 2020) Financial Policy Committee (FPC) decision to supplement its normal practice with an additional interim Financial Stability Report
- (06 April 2020) BoE announces the new Term Funding Scheme with additional incentives for Small and Medium-sized Enterprises (TFSME) will open for drawings on 15 April 2020
- (02 April 2020) BoE announces it intends to purchase at least GBP 10 billion of eligible sterling non-financial corporate bonds in the coming months, taking the stock of purchased corporate bonds to at least GBP 20 billion
- (20 March 2020) Coordinated central bank action to further enhance the provision of US dollar liquidity | Action of 15 March 2020
- (20 March 2020) BoE announces supervisory and prudential policy measures to address the challenges of Covid-19
- (19 March 2020) BoE votes to cut bank rate to 0.1% and increase its holdings of UK government and corporate bonds by £200 billion
- (13 March 2020) Chancellor and Bank of England Governor hold banking industry summit on support for small and medium sized businesses affected by Coronavirus
- (11 March 2020) BoE measures to respond to the economic shock from Covid-19 | Press conference
British Business Bank
British Private Equity & Venture Capital Association (BVCA)
Business Banking Resolution Service (BBRS)
- (22 May 2020) BBRS report on the impact of covid-19 loan schemes on business banking dispute resolution
The Chartered Governance Institute (ICSA)
- (28 March 2020) ICSA guidance on good practice for virtual board and committee meetings
- (17 March 2020) ICSA guidance on AGMs and impact of Covid-19
China-Britain Business Council (CBBC)
Competition and Markets Authority (CMA)
Companies House
- Coronavirus webpage with guidance for Companies House customers, employees and suppliers
- (25 March 2020) Companies receive 3-month extension period to file accounts during COVID-1
TheCityUK
- (July 2020) TheCityUK Recapitalisation Group final report: Supporting economic recovery: recapitalising businesses post Covid-19
- (June 2020) Recapitalisation group interim report
Economic and business response committee
- (18 March 2020) HM Treasury economic business response committee meets to discuss COVID-19
Financial Conduct Authority (FCA)
Accounting
- (18 August 2020) FCA statement on accounting for lease modifications, announcing temporary relief for issuers who choose to use the amended IFRS 16 during the coronavirus (Covid-19) pandemic and its aftermath
- (26 March 2020) Statement of policy on delaying annual company accounts during the coronavirus crisis
- (22 March 2020) FCA Q&A on the delay of preliminary accounts
- (21 March 2020) FCA requests a delay to the forthcoming announcement of preliminary financial accounts
Business interruption (BI) insurance | Insuring SMEs: business interruption (FCA webpages)
Client assets (FCA webpage)
Changes to regulatory reporting (FCA webpage)
Consumers (FCA webpage)
- (13 January 2021) FCA consultation on proposed update to guidance on mortgages and consumer credit repossessions | Draft guidance – consumer credit | Draft guidance – mortgages
- (19 November 2020) FCA final guidance on support for affected consumer credit customers
- (4 November 2020) FCA announces proposals for further support to consumer credit borrowers impacted by coronavirus | Draft guidance
- (15 July 2020) FCA confirms further support for motor finance and high-cost credit customers | Proposal (3 July 2020) | Temporary measures (24 April 2020) | Consultation (April 2020)
- (9 July 2020) FCA finalised guidance for payment and e-money firms on coronavirus and safeguarding customers' funds to strengthen firms' prudential risk management and arrangements for safeguarding customers' funds | FCA consultation (May 2020)
- (5 June 2020) FCA extends the deadline for responding to its consultation on additional temporary guidance to strengthen payment firms' prudential risk management and arrangements for safeguarding customers' funds to 12 June 2020
- (1 May 2020) FCA announces that it is giving the industry an additional six months to implement strong customer authentication (SCA) for e-commerce in order to minimise potential disruption to consumers and merchants
- (9 April 2020) FCA confirms package of targeted temporary measures to help people with some of the most commonly used consumer credit products
- (2 April 2020) FCA proposes temporary financial relief for customers impacted by coronavirus
Delayed activities and regulatory change (FCA webpage)
Digital sandbox pilot (FCA webpage)
Firm handling of complaints during coronavirus (FCA webpage)
- (20 August 2020) FCA Regulation Round-up Newsletter, which includes commentary on firms' approach to disclosure and complaints handling during the Covid-19 pandemic
Financial advisors
Financial resilience survey
- (7 January 2020) FCA results of financial resilience survey | Data
- (10 September 2020) FCA statement on financial resilience survey
Funds | Fund reports and accounts (FCA webpage)
Information for firms (FCA webpage)
Insurance
- (30 October 2020) FCA statement reminding insurance firms to review the value of their products in light of the impact of the pandemic
- (16 October 2020) FCA proposes additional measures to help insurance customers
- (31 July 2020) FCA consultation on guidance for insurance firms to help their customers identify their quickest and easiest options to claim for any cancelled travel or events caused by coronavirus. Comments are due by 13 August 2020
- (3 June 2020) FCA guidance setting out its expectations for insurers and insurance intermediaries to consider the value of their products in light of the pandemic
- (1 May 2020) FCA draft guidance setting out their expectations for insurers and insurance intermediaries to consider the value of their products in light of the coronavirus
- (1 May 2020) FCA draft guidance sets out our expectations for firms when dealing with customers of general insurance and pure protection contracts who may be experiencing temporary financial difficulty as a result of the coronavirus pandemic
- (19 March 2020) FCA expectations of insurers
Mortgages (FCA webpage)
- (13 January 2021) FCA consultation on proposed update to guidance on mortgages and consumer credit repossessions | Draft guidance – consumer credit | Draft guidance – mortgages
- (17 November 2020) FCA final guidance on support for affected mortgage borrowers
- (2 November 2020) FCA consultation on further proposals to support affected mortgage borrowers | Press release
- (26 August 2020) FCA feedback request on proposals for the next stage of its support for mortgage borrowers who are facing payment difficulties. Comments due 1 September 2020
- (31 July 2020) FCA call for input on ongoing support for mortgage and consumer credit customers affected by coronavirus
- (1 July 2020) FCA confirms the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus
- (22 May 2020) FCA announces proposals to continue support for customers who are struggling to pay their mortgage due to coronavirus
Mutual societies registration function (FCA webpage)
Same-day service (FCA webpage)
Senior Managers
Additional materials
- (18 December 2020) FCA updated statement on short selling bans and reporting
- (18 December 2020) FCA statement on firms under Approved Persons Regime (APR) | June 2020 statement
- (4 December 2020) FCA consults on guidance for firms providing pay as you grow options under Bounce Back Loan Scheme | Press release
- (13 November 2020) FCA statement on certain FCA work in light of coronavirus and changing market conditions
- (November 2020) FCA policy statement (PS20/14) on delayed implementation of European Single Electronic Format (ESEF)
- (30 September 2020) FCA extends temporary measures for firms
- (12 August 2020) FCA writes to the CEOs of firms who provide a non-discretionary investment service
- (22 July 2020) FCA consultation on proposals to delay by one year the mandatory European Single Electronic Format (ESEF) requirements for annual financial reporting under the Transparency Directive
- (11 June 2020) FCA statement on the open access regime for the trading and clearing of exchange-traded derivatives, welcoming ESMA's recommendation that relevant competent authorities should have regard to the risks raised by Covid-19
- (14 May 2020) FCA statement on financial services exemptions in the Corporate Insolvency and Governance Bill
- (13 May 2020) FCA statement on how firms should handle post and paper documents
- (6 May 2020) FCA expectations on how firms should apply their systems and controls to combat and prevent financial crime
- (4 May 2020) FCA updated statement on CBILS and BBLS | 27 April 2020 statement
- (29 April 2020) FCA statement from the Working Group on Sterling Risk-Free Reference Rates (RFRWG) on the impact of coronavirus on the timeline for firms' LIBOR transition plans
- (28 April) FCA Dear CEO letter on the need to ensure fair treatment of corporate customers preparing to raise equity finance
- (20 April 2020) FCA statement on expectations for wet-ink signatures in light of coronavirus restrictions
- (15 April 2020) FCA Dear CEO letter on lending to small businesses
- (8 April 2020) FCA announces a series of measures aimed at assisting companies to raise new share capital in response to the coronavirus crisis while retaining an appropriate degree of investor protection
- (30 March 2020) Update to Delays in Corporate Reporting section
- (23 March 2020) FCA statement on UK markets
- (20 March 2020) FCA and FSA extend deadline for interest rate hedging products lessons learned review until early 2021
- (20 March 2020) FCA statement on key workers in financial services
- (4 March 2020) FCA statement on Covid-19
Financial Markets Law Committee (FMLC)
- (November 2003) FMLC analysis of how the law and market practice would respond to an event of major operational disruption - this paper was prepared in the wake of 9/11 and was in response to a UK Government tentative proposal to take emergency powers directly to override financial market contracts; the paper contains points of general relevance: contracts, market infrastructure and regulatory and other emergency powers.
Financial Reporting Council (FRC)
HM Land Registry (HMLR)
- Guidance on execution of deeds (PG8)
- (26 May 2020) HMLR guidance on temporary changes to HM Land Registry's evidence of identity requirements (PG67A)
- (04 May 2020) HMLR changes to identity verification and signing deeds
- (01 May 2020) HMLR announces changes to identity verification and signing deeds
HM Treasury
- (25 September 2020) HM Treasury letter to ABI on the deduction of government grants from business interruption claims
- (16 July 2020) HMT statement on applicability of Covid-19 related amendments to Capital Requirements Regulations
- (09 June 2020) HM Treasury announces an extra GBP 37.8 million of funding to provide essential debt advice services and help more people who are struggling with their finances due to coronavirus
- (19 May 2020) HM Treasury announces an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS)
- (19 May 2020) HM Treasury publishes update to the terms of the Covid Corporate Financing Facility (CCFF)
- (13 May 2020) HM Treasury press release on supporting businesses through Trade Credit Insurance guarantee
- (27 April 2020) HM Treasury announces amendments to the UK's Coronavirus Business Interruption Loan Scheme (CBILS) to support small businesses
Home Office
- (20 April 2020) Guidance on modern slavery reporting during the coronavirus pandemic
Infrastructure and Projects Authority (IPA)
- (02 April 2020) IPA guidance note on Private Finance Initiative and PF2 Projects
Insolvency Service
- (17 April 2020) Insolvency Service guidance for the Straightforward Consumer IVA Protocol
Investment Association (IA)
- (27 April 2020) IA guidance outlining shareholder expectations on executive pay
- (08 April 2020) IA letter to the Chairs of all FTSE 350 companies, expressing the industry’s commitment to supporting British business
Law Society
- (18 June 2020) Law Society amended version of its position on the use of virtual execution and e-signature during the coronavirus (COVID-19) pandemic | May 2020 statement
Loan Market Association (LMA)
- LMA Covid-19 Microsite | Please note this is only available to LMA members
- (29 April 2020) Working Group on Sterling Risk-Free Reference Rates statement regarding impact of Coronavirus on firm's LIBOR transition plans
Lloyd's Market Association
- (12 March 2020) Lloyd's Market Association publishes clause to ensure continuity of coverage in case of market closure
Lloyd's of London
London Stock Exchange (LSE)
- (16 October 2020) Notice N07/20 setting out guidance to issuers in respect of temporary measures for payment dates under the Dividend Procedure Timetable in light of the challenges and uncertainties caused by COVID-19
- (09 June 2020) LSE temporary measures for publication of half-yearly reports
- (20 March 2020) AIM guidance setting out temporary measures to be implemented by AIM Regulation to support AIM companies and nominated advisers
Payment Systems Regulator (PSR)
Pensions Regulator
- (12 March 2020) Pensions Regulator statement on COVID-19 and what the trustees of pension schemes need to consider
Prudential Regulation Authority (PRA)
- PRA webpages: Regulatory measures for PRA firms | Waivers and modifications of rules
- (07 December 2020) PRA to maintain systemic risk buffer rates until December 2022 | April 2020 decision | March 2020 statement
- (09 November 2020) PRA statement on Covid guidance for firms
- (28 October 2020) PRA consultation (CP19/20) on resolution assessments and amendments to reporting and disclosure dates. Comments due 31 January 2021.
- (27 August 2020) PRA statement setting out its decision to terminate its temporary approach to VAR back-testing exceptions from 30 September 2020 | Statement temporary approach (30 March 2020)
- (26 August 2020) PRA statement on the treatment of COVID-19 related payment deferrals in the context of IFRS 9 and the Capital Requirements Regulation (CRR)
- (August 2020) PRA policy statement providing feedback on its consultation on temporarily extending coverage under the FSCS for temporary high balances (THBs) from six months to twelve months from the date of deposit or the first date the THB becomes legally transferable to the depositor
- (28 July 2020) PRA statement on dividend payments and share buybacks beyond 2020
- (28 July 2020) PRA statement providing guidance on EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 outbreak
- (10 July 2020) PRA updated statement on the implementation of EBA guidelines to address gaps in reporting data and public information in the context of COVID-19
- (09 July 2020) PRA consultation setting out its proposal to extend coverage under the Financial Services Compensation Scheme for Temporary High Balances
- (07 July 2020) PRA statement to insurers to clarify its approach to the application of the matching adjustment
- (30 June 2020) PRA statement on the CRR 'Quick Fix' package, setting out its initial views
- (26 June 2020) PRA updated statement on the regulatory treatment of the CBILS and CLBILS
- (17 June 2020) PRA Dear CEO letter for general and life insurers providing feedback on Insurance Stress Test 2019 and Covid-19 stress testing
- (02 June 2020) PRA statement on the use of electronic signatures in relation to the submission of forms and other regulatory documents to the PRA
- (29 May 2020) PRA Q&A document addressing some commonly asked questions regarding residential and commercial property valuations for CRR purposes during the period of disruption caused by COVID-19
- (22 May 2020) PRA guidance on the application of regulatory capital and IFRS 9 requirements to payment holidays
- (07 May 2020) PRA statement on setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total risk weighted assets (RWAs)
- (07 May 2020) PRA statement on prioritisation in light of Covid-19, including climate change, LIBOR transition, Insurance Stress Test 2019, Stressed VAR
- (04 May 2020) PRA statement on credit risk mitigation eligibility and leverage ratio treatment of loans under the Bounce Back Loan scheme
- (04 May 2020) PRA modification by consent of the exclusion of loans under the Bounce Back Loan scheme from the calculation of the total exposure measure of the leverage ratio
- (23 April 2020) PRA note for PRA-regulated insurers, clarifying the PRA's position regarding IFRS 9, capital requirements and loan covenants
- (20 April 2020) PRA publishes Q&As aimed at banks subject to CRD4 on the use and operation of liquidity and capital buffers in response to the COVID-19 outbreak
- (April 2020) PRA modification by consent of the calculation of the total exposure measure of the leverage ratio
- (09 April 2020) PRA updates statement on regulatory reporting and Pillar 3 disclosures to extend the deadline of two additional returns | Original statement (2 April 2020)
- (08 April 2020) PRA letter to directors, staff members and volunteers of PRA-regulated credit unions
- (31 March 2020) Statement on deposit takers' approach to dividend payments, share buybacks and cash bonuses in response to Covid-19 | Letters to UK deposit takes
- (31 March 2020) Letter to UK insurers about distribution of profits
- (30 March 2020) Statement on exposure value for internal models method counterparty risk
- (26 March 2020) Dear CEO letter on IFRS 9, capital requirements and loan covenants
- (23 March 2020) PRA statement outlining its approach to regulatory reporting for UK insurers in response to COVID-19 and EIOPA recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosures
- (20 March 2020) PRA statement on key financial workers
UK Debt Management Office
- (23 April 2020) UK Debt Management Office announces revisions to its financing remit and gilt issuance plans for 2020-21
UK Export Finance (UKEF)
UK Finance
- UK Finance webpage on coronavirus business interruption loan scheme
- (22 April 2020) UK finance press release on the £2.8 billion provided to SMEs through Coronavirus lending scheme (CBILS)
- (17 March 2020) UK Finance comments on FCA information for firms on Coronavirus (Covid-19) response
- (11 March 2020) UK Finance comments on the Bank of England's measures to respond to the economic shock from COVID-19
Middle East and Africa
Africa
Webpages
- Amref COVID-19 Africa Information Centre - includes latest data on COVID-19 in Africa (including confirmed cases, country travel restrictions, national emergency numbers, workplace guidelines, etc), FAQs and downloadable resources.
Joint statements and publications
- 0(2 April 2020) World Bank Group partners with countries across the Middle East and North Africa to help address the urgent public health needs of the COVID-19 outbreak
Middle East
Joint statements and publications
- (02 April 2020) World Bank Group partners with countries across the Middle East and North Africa to help address the urgent public health needs of the COVID-19 outbreak
Central Bank of the UAE (CBUAE)
- (05 April 2020) CBUAE reduces reserves requirement for demand deposits by 50 percent and announces further measures to support the UAE Economy
- (15 March 2020) CBUAE terms and conditions of AED 100 billion Targeted Economic Support Scheme (TESS)
- (29 February 2020) CBUAE advises banks and finance companies to implement measures to mitigate the effects of coronavirus on the UAE economy
Dubai Financial Services Authority
- (07 April 2020) DFSA announces series of significant regulatory relief measures and measures to allow financial services firms to focus attention on protecting the wellbeing of staff and helping their customers
Saudi Arabian Monetary Authority (SAMA)
- (14 March 2020) SAMA announces the introduction of a Private Sector Financing Support Program
UAE Securities and Commodities Authority (SCA)
- (24 March 2020) SCA announces the availability of certain temporary exemptions up to 30 June 2020 for companies who are publicly listed on the UAE's stock exchanges to buy back their shares with the SCA's approval
- (17 March 2020) Minister of Economy and Chairman of the SCA decision amending the limit down on stock prices.
