The COVID-19 outbreak brings into play a number of important regulatory requirements of which financial institutions need to be mindful. These include the FCA’s Principles for Businesses, the PRA’s Fundamental Rules, the Threshold Conditions in the Financial Services and Markets Act 2000 and the FCA’s rules and guidance in the Senior Management Arrangements, Systems and Controls sourcebook.
The regulatory requirements concerning operational resilience have, in particular, been brought into even sharper focus. Financial institutions are reviewing the consultations that both regulators issued before Christmas. A key component of the operational resilience piece is outsourcing and third-party risk management, particularly as financial institutions are increasingly reliant on technology provided by third parties. Again the regulators are currently consulting on updating their rules.
Communications with regulators, customers and the market will also be key in managing expectations. On the customer side, financial institutions will be mindful of the recent regulatory communications on vulnerable customers. On the banking side, the Bank of England has set the countercyclical capital buffer rate at 0 percent (it was due to reach 2 percent in December 2020). The PRA has issued guidance advising banks not to use any such additional liquidity to pay increased dividends or pay bonuses.
With the senior managers regime, those board members with responsibility for operational resilience will be looking for guidance. We have produced a thought leadership piece, COVID-19: Regulatory issues for boards to consider, and have also produced a regulatory checklist for companies to consider.
Under German insolvency law, non-exclusive patent licenses may pose substantial commercial and financial risks in the event of an insolvency of one of the licensed parties
Many companies have made significant donations of funds, goods and services as part of international relief efforts.
US SEC officials issued a statement urging municipal securities issuers to disclose information regarding the current and future impact of COVID-19 on financial and operating conditions.
Companies with international trade have adapted to a new reality and are confronting ongoing and emergent compliance challenges.
On May 27, 2020, the Financial Conduct Authority (FCA) published Market Watch 63 (MW 63) setting out its expectations of market conduct in the context of increased capital raising events and alternative working arrangements due to COVID-19.
On April 23, 2020, the UK Government announced additional temporary restrictions on commercial landlords pursuing outstanding rent (see our Briefing). It has now published full details.
The current crisis has disrupted investigations, enforcement and prosecutions around the world.
Due to the extraordinary nature of the impact of COVID-19 on senior living providers, investors in public debt are looking for insight into how these individuals are coping.
COVID-19 has gone far beyond creating a temporary crisis.
COVID-19 has increased the immediate risk of corporate class actions in multiple areas, yet it can also drive lasting class actions law reform in Australia.
On May 7, 2020, the government published a guidance note on responsible contractual behaviours which applies to all contracts impacted by COVID-19 with immediate effect.
The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties.”
The global construction industry has been hugely impacted as a result of the COVID-19 pandemic (COVID-19).
The International Federation of Consulting Engineers (FIDIC) recently published guidance for its contract users which is aimed at helping them manage some of the situations that are arising across the world as a consequence of the current pandemic.
Durante il nostro prossimo webinar parleremo delle implicazioni relative alle clausole MAC/MAE nei contratti di finanziamento, di closing virtuali e validità della firma digitale alla luce degli scenari che si stanno delineando a seguito della pandemia di COVID-19.
L'incontro sarà condotto in lingua italiana.
Financial Institutions
Both the PRA and the FCA have issued several communications to firms in recent weeks.
2020 has already seen a significant uptick in preemptive standard and NOL pill adoption.
Significant volume of material published by the UK regulators, the four key headlines.
Financial Institutions
The UAE Federal Law No. 14 of 2014 on communicable diseases (the 2014 Law), as amended and expanded by Cabinet Resolution 33 of 2016 (the 2016 Resolution) (collectively the Laws) now applies to COVID-19.
The COVID-19 pandemic has prompted US lawmakers to act by passing a historic economic stimulus program for businesses.
In our briefing COVID-19: What does this mean for AGMs?, we considered a number of issues with which companies with December 31 year-ends have been grappling.
We highlight some of the issues businesses will confront in the interim and when life returns to normal.
The EPA will apply enforcement discretion for noncompliance: (i) during the period of the policy; (ii) that results from the COVID-19 pandemic.
The SEC issued an order that provides a publicly traded company 45 more days to file disclosure reports
The new work-from-home reality has implications for employers with workers employed in California and other states.
Many investigations across the globe are currently being conducted remotely, with in-house investigators/lawyers, external counsel and other providers, and even government prosecutors, working from their homes.
COVID-19 is already causing major disruption in courthouses, with criminal grand juries and trials delayed.
In light of the coronavirus outbreak, this update provides recommendations for US boards to comply with risk oversight.
On February 11, 2020, the World Health Organisation (WHO) officially adopted the name “COVID-19” for the new strain of coronavirus afflicting the world.
Concerns over the coronavirus have prompted issuers to examine whether to hold their upcoming shareholder meetings through electronic means.
The effective and successful management of such crises is directly related to how well-prepared organisations are to respond.
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