April 14, 2020 | 6 minutes read

COVID-19 | Global Regulatory Intelligence Bulletin | Tuesday 14th April 2020

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Chris Brown

Senior Manager

George Pechlivanidis

Director

Kent Mackenzie

Partner

Get in touch

Chris Brown

Senior Manager

George Pechlivanidis

Director

Kent Mackenzie

Partner

The COVID-19 situation is complex and fast-moving, resulting in an extremely challenging environment to navigate. This daily regulatory intelligence bulletin, powered by RegHub and Corlytics, aims to provide a summary of regulatory developments relating to COVID-19. More information on how COVID-19 might impact your firm is available here.

Tuesday 14th April 2020 (including results from 9th-13th April)

United Kingdom

09 Apr	BOE	HM Treasury and Bank of England announce temporary extension to Ways and Means facility
	BOE	Financial Policy Committee statement
	PRA	Prudential Regulation Authority Business Plan 2020/21
	PRA	PRA decision on Systemic Risk Buffer rates
	CMA	CMA blocks airline booking merger
	FCA	FS20/3: Temporary financial relief for consumers impacted by coronavirus: feedback on draft guidance and rules
	FCA	FCA confirms temporary financial relief for customers impacted by coronavirus
	FSC	What’s changed at FSCS since COVID-19?
	HMT	HM Treasury and Bank of England announce temporary extension of the Ways and Means facility
	HMT	Covid-19: Temporary changes to the Statutory Residence Test
	TPR	New COVID-19 pension guidance published for employers
	UK Finance	UK Finance responds to FCA package of measures enabling temporary relief for customers affected by Covid-19
12 Apr	UK Finance	Advice for self-isolating customers seeking access to cash and wanting to pay for essential items
13 Apr	HMT	Chancellor provides over £14 billion for our NHS and vital public services

European Union

09 Apr	EC	State aid: Commission approves €15 billion Austrian liquidity scheme to support the economy in the coronavirus outbreak
	EC	Coronavirus: Taiwan's aid to the EU delivered to Spain and Italy
	ECB	Meeting of 11-12 March 2020 9 April 2020
	ECB	Meeting of 18 March 2020 9 April 2020
	ESMA	Actions to mitigate the impact of COVID-19 on the deadlines for the publication of periodic reports by fund managers
		ESMA postpones the publication dates of the annual transparency calculations for non-equity instruments and for the quarterly systematic internaliser data for non-equity instruments other than bonds
		ESMA extends MiFID II/MiFIR transparency review report consultation to 14 June 2020
		ESMA promotes coordinated action regarding benchmarks external audit requirements
		Actions to mitigate the impact of COVID-19 on the EU financial markets regarding the timeliness of fulfilling external audit requirements for interest rate benchmarks under the Benchmarks Regulation
		ESMA sets out supervisory expectations on publication of investment funds periodic reports
	ESRB	The General Board of the European Systemic Risk Board held its 37th regular meeting on 2 April 2020
10 Apr	EC	State aid: Commission approves €150 million Lithuanian schemes to support economy in coronavirus outbreak
		State aid: Commission approves €115 million Polish scheme to support economy in coronavirus outbreak
		State aid: Commission approves guarantee scheme of up to €3 billion to support the Flemish economy in coronavirus outbreak
11 Apr	EC	State aid: Commission approves €3.3 billion Romanian scheme to support SMEs in coronavirus outbreak
		State aid: Commission approves Belgian guarantee scheme mobilising €50 billion support for companies affected by coronavirus outbreak
		State aid: Commission approves amendments to previously approved German schemes to further support economy in coronavirus outbreak
		State aid: Commission approves €455 million Swedish guarantee scheme to support airlines affected by coronavirus outbreak
		State aid: Commission approves Belgian scheme deferring payment by Walloon airports of concession fees to mitigate economic impact of coronavirus outbreak
12 Apr	EC	State aid: Commission approves €10 billion French guarantee scheme to support domestic credit insurance market in coronavirus outbreak
12 Apr	ECB	Luis de Guindos: Interview with La Vanguardia

Republic of Ireland

09 Apr	CBI	Response to Pearse Doherty TD on measures taken by financial services during COVID-19 published 9 April 2020
		Response to Robert Troy TD on Business Disruption Cover during COVID-19 published 9 April 2020

Switzerland

09 Apr

FINMA

The Swiss Financial Market Supervisory Authority FINMA welcomes the step announced today by UBS Group AG and Credit Suisse Group AG to postpone half of their planned dividend distributions for 2019 despite their position of capital strength.

Germany

09 Apr

BaFin

FIU warnt vor Betrugs- und Geldwäscheaktivitäten im Zusammenhang mit COVID-19

France

09 Apr	BDF	Account of the monetary policy discussion at the Governing Council meeting of 11-12 March 2020
		Compte rendu de la réunion de politique monétaire du Conseil des gouverneurs de la Banque centrale européenne du 18 mars 2020
		ECB announces package of temporary collateral easing measures

Luxembourg

09 Apr	CSSF	Communication regarding the approach to SFTR implementation
		Circular CSSF 20/739
10 Apr	CSSF	Communication from the CSSF as resolution authority regarding the information request in accordance with Commission Implementing Regulation (EU) 2018/1624 of 23 October 2018 ("CIR")
		Circular CSSF 20/740

The Netherlands

09 Apr

LAFM

Signalenmonitor geeft beeld van signalen en meldingen aan AFM

United States of America

09 Apr	CFTC	85 FR 19878 - 17 CFR Part 23 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
	CFTC	Dissenting Statement of Commissioner Dan M. Berkovitz Regarding the Extension of Open Comment Periods
	DOT	Treasury Underscores Commitment to Global Flow of Humanitarian Aid in Face of COVID-19 Pandemic
	DOT	Treasury and Federal Reserve Board Announce New and Expanded Lending Programs to Provide up to $2.3 Trillion in Financing
	FDIC	FIL-39-2020 Consolidated Reports of Condition and Income for First Quarter 2020
		FIL-38-2020 Capital-related Revisions to the Consolidated Reports of Condition and Income (Call Report) and the FFIEC 101 Report
		FIL-37-2020 Changes to the Regulatory Capital Rule to Accommodate the Paycheck Protection Program
	FRB	COVID-19 and the Economy
	FRB	Federal bank regulators issue interim final rule for Paycheck Protection Program Facility
	OCC	Comptroller of the Currency Thanks Stakeholders for Comments on the Proposal to Modernize Community Reinvestment Act Regulations
		Capital Treatment for Paycheck Protection Program
		Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility
10 Apr	CFPB	Consumer Financial Protection Bureau Announces Guidance on Remittance Transfers During COVID-19 Pandemic
	CFTC	Dissenting Statement of Commissioner Rostin Behnam Regarding CFTC’s Extension of Currently Open Comment Periods in Response to the COVID-19 Pandemic
	CFTC	CFTC Extends Certain Comment Periods in Response to COVID-19
	DOL	PBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic Allows Additional Time to Pay Premiums, Submit Filings
	DOT	Treasury, IRS to Launch “Get My Payment” Web App Next Week
	FDIC	FIL-40-2020 Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to COVID-19 and the CARES Act
	NYDFS	DFS Secures Over $1 Million for Consumers from Three Life Insurance Companies for Deferred to Immediate Annuity Replacement Violations
10 Apr	OCC	Consolidated Reports of Condition and Income
13 Apr	CFPB	Consumer Financial Protection Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker
	DOJ	Justice Department and Federal Trade Commission Jointly Issue Statement on COVID-19 and Competition in U.S. Labor Markets
	DOT	Treasury Launches Web Portal and Begins Disbursement of CARES Act Funding to State, Local, and Tribal Governments
	FDIC	Regulatory Capital Rule: Paycheck Protection Program Lending Facility and Paycheck Protection Program Loans 12 CFR Part 324 RIN 3064–AF49 Interim final rule with request for comments. Effective Date: April 13, 2020 Comment Period End: May 13, 2020
	FinCen	Paycheck Protection Program Frequently Asked Questions
	NYDFS	Guidance to Department of Financial Services (“DFS”) Regulated Entities Regarding Cybersecurity Awareness During COVID-19 Pandemic

Canada

09 Apr	IIROC	Joint statement by Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada on recent volatility in Canadian equity markets
09 Apr	OSFI	OSFI announces continued regulatory flexibility measures to support COVID-19 efforts

China

09 Apr	PBC	PBC Official: Targeted RRR Cuts for Small and Medium-Sized Banks to Support Growth of the Real Economy
10 Apr	PBC	Deputy Governor Liu Guoqiang Attends the Press Conference on Expanding Local Government Special Bonds and Enhancing Support for MSMEs with Inclusive Finance

Hong Kong

09 Apr	HKMA	Reducing the issuance of Exchange Fund Bills
11 Apr	HKIA	Closure of Insurance Authority office until 26 April

India

13 Apr	SEBI	Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19
		Order in the matter of Arohan Trustee Company Private Limited

Japan

09 Apr	BOJ	Regional Economic Report (Summary) (April 2020)
10 Apr	FSA	FSA publishes Weekly Review No.387

The Philippines

10 Apr	BSP	BSP Announces Extraordinary Measures to Support Domestic Liquidity
13 Apr	SECP	SEC EXPECTS STRONG RECOVERY FOR CAPITAL MARKET

South Korea

09 Apr	FSC	Fintech Innovation Fund to Invest More than KRW85.5 billion in Fintech Firms in 2020
		Financial Authorities Work to Ensure Strong Support for Corporate Bond Issuance
10 Apr	FSC	Financial Regulators Issue Investor Alert on COVID-19 Related Stocks
13 Apr	FSC	Application Opens for Participating Businesses to 2020 Korea Fintech Week
		Authorities Recommend Flexibility in Accounting Standards amid COVID-19 Crisis

Singapore

09 Apr	ABS	Go Digital, Use PayNow, Be Rewarded
	MAS	FAQs on Relief Measures relating to COVID-19 Situation
		MAS Urges Use of Digital Finance and E-Payments to Support COVID-19 Safe Distancing Measures
		MAS Extends Digital Bank Assessment Period in view of COVID-19 Pandemic
13 Apr	MAS	Additional Guidance on the Conduct of General Meetings During Elevated Safe Distancing Period

Australia

09 Apr

ASIC

20-084MR ASIC to provide additional time for unlisted entity financial reports

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COVID-19 | Global Regulatory Intelligence Bulletin | Tuesday 14th April 2020

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