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  • ISDA: Margin requirements for non-centrally cleared swaps margin – impact of COVID-19 on initial margin phase-in

    26/03/2020
    ISDA has published a letter it has sent on behalf of 21 industry associations which requests BIS, IOSCO and other regulators... to suspend the current timeline for the initial margin phase-in to allow market participants to focus their resources on ensuring continued access to the derivatives market.
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  • HoC: Written ministerial statement by John Glen

    26/03/2020
    Text of a statement by John Glen submitted to Parliament on 25 March 2020 follows. He notes that the Temporary... Transitional Power introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations will be retained so that it is available for use by the UK regulators for a period of two years from the end of the Transition Period.
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  • FCA/FRC/PRA: Joint statement

    26/03/2020
    FCA, FRC and PRA have announced a series of actions intended to support the continued functioning of the UK’s capital markets.... FCA has published a statement allowing listed companies an additional two months to publish their audited annual financial reports. FRC has published guidance for companies preparing financial statements in the current environment. PRA has published guidance concerning the approach that should be taken by banks, building societies and PRA-designated investment firms in assessing expected loss provisions under IFRS9. Further details and links to the statements may be accessed via the following link.
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  • EC: Delegated Regulation in relation to Solvency II

    26/03/2020
    Commission Delegated Regulation (EU) 2020/442 of 17 December 2019 correcting Delegated Regulation (EU) 2015/35 supplementing Solvency II has been published in... the Official Journal.
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  • FCA: Expectations on financial resilience for FCA solo-regulated firms

    26/03/2020
    FCA’s short press release sets out its expectations in the current environment and states that, if a firm is concerned... it will not be able to meet its capital requirements, or its debts as they fall due, they should contact their FCA supervisor with its plan for the immediate period ahead. It also asks that firms regulated by PRA should discuss concerns with that regulator and should also keep FCA notified of any significant developments.
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  • EC: Draft text of the agreement on the new partnership with the UK

    26/03/2020
    The negotiating text follows. Financial services is discussed in n Section 5 of Chapter Five of Title VI.
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  • ESMA: SFTR

    26/03/2020
    ESMA has issued a revised version of its 19 March 2020 statement. This clarifies that SFTs concluded between 13 April... 2020 and 13 July 2020 and SFTs subject to backloading under SFTR also fall within those issues in respect of which competent authorities are not expected to prioritise in their supervisory actions towards counterparties, entities responsible for reporting and investment firms in respect of their reporting obligations under SFTR or MiFIR and to generally apply their risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner.
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  • ESMA :EMIR REFIT consultation

    26/03/2020
    ESMA has published a consultation on draft regulatory and implementing technical standards under EMIR REFIT which concerns reporting to trade... repositories, procedures to reconcile and validate the date, data access by the relevant authorities and registration of the trade repositories. Responses are required by 19 June 2020.
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  • PRA: CP3/20: Occasional Consultation Paper – March 2020

    26/03/2020
    The CP sets out proposals to make minor amendments to PRA rules, supervisory statements, National Specific Templates and associated LOG files,... and the market risk sensitivities data item and associated instructions. Responses are required by 26 June 2020.
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  • TSC: ABI

    26/03/2020
    TSC has written to ABI with a number of questions in order to understand how the insurance sector is responding to... coronavirus.
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