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 AprBOEHM Treasury and Bank of England announce temporary extension to Ways and Means facility
Financial Policy Committee statement
PRAPrudential Regulation Authority Business Plan 2020/21
PRA decision on Systemic Risk Buffer rates
CMACMA blocks airline booking merger
FCAFS20/3: Temporary financial relief for consumers impacted by coronavirus: feedback on draft guidance and rules
FCA confirms temporary financial relief for customers impacted by coronavirus
FSCWhat’s changed at FSCS since COVID-19?
HMTHM Treasury and Bank of England announce temporary extension of the Ways and Means facility
Covid-19: Temporary changes to the Statutory Residence Test
TPRNew COVID-19 pension guidance published for employers
UK FinanceUK Finance responds to FCA package of measures enabling temporary relief for customers affected by Covid-19
12 AprUK FinanceAdvice for self-isolating customers seeking access to cash and wanting to pay for essential items
13 AprHMTChancellor provides over £14 billion for our NHS and vital public services


European Union

09 AprECState aid: Commission approves €15 billion Austrian liquidity scheme to support the economy in the coronavirus outbreak
Coronavirus: Taiwan's aid to the EU delivered to Spain and Italy
ECBMeeting of 11-12 March 2020 9 April 2020
Meeting of 18 March 2020 9 April 2020
ESMAActions 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
ESRBThe General Board of the European Systemic Risk Board held its 37th regular meeting on 2 April 2020
10 AprECState 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 AprECState 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 AprECState aid: Commission approves €10 billion French guarantee scheme to support domestic credit insurance market in coronavirus outbreak
ECBLuis de Guindos: Interview with La Vanguardia


Republic of Ireland

09 AprCBIResponse 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 AprFINMAThe 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 AprBaFinFIU warnt vor Betrugs- und Geldwäscheaktivitäten im Zusammenhang mit COVID-19


France

09 AprBDFAccount 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 AprCSSFCommunication regarding the approach to SFTR implementation
Circular CSSF 20/739
10 AprCSSFCommunication 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 AprLAFMSignalenmonitor geeft beeld van signalen en meldingen aan AFM


United States of America

09 AprCFTC85 FR 19878 - 17 CFR Part 23 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Dissenting Statement of Commissioner Dan M. Berkovitz Regarding the Extension of Open Comment Periods
DOTTreasury Underscores Commitment to Global Flow of Humanitarian Aid in Face of COVID-19 Pandemic
Treasury and Federal Reserve Board Announce New and Expanded Lending Programs to Provide up to $2.3 Trillion in Financing
FDICFIL-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
FRBCOVID-19 and the Economy
Federal bank regulators issue interim final rule for Paycheck Protection Program Facility
OCCComptroller 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 AprCFPBConsumer Financial Protection Bureau Announces Guidance on Remittance Transfers During COVID-19 Pandemic
CFTCDissenting Statement of Commissioner Rostin Behnam Regarding CFTC’s Extension of Currently Open Comment Periods in Response to the COVID-19 Pandemic
CFTC Extends Certain Comment Periods in Response to COVID-19
DOLPBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic Allows Additional Time to Pay Premiums, Submit Filings
DOTTreasury, IRS to Launch “Get My Payment” Web App Next Week
FDICFIL-40-2020 Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response to COVID-19 and the CARES Act
NYDFSDFS Secures Over $1 Million for Consumers from Three Life Insurance Companies for Deferred to Immediate Annuity Replacement Violations
10 AprOCCConsolidated Reports of Condition and Income
13 AprCFPBConsumer Financial Protection Bureau Paves Way for Consumers to Receive Economic Impact Payments Quicker
DOJJustice Department and Federal Trade Commission Jointly Issue Statement on COVID-19 and Competition in U.S. Labor Markets
DOTTreasury Launches Web Portal and Begins Disbursement of CARES Act Funding to State, Local, and Tribal Governments
FDICRegulatory 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
FinCenPaycheck Protection Program Frequently Asked Questions
NYDFSGuidance to Department of Financial Services (“DFS”) Regulated Entities Regarding Cybersecurity Awareness During COVID-19 Pandemic


CanadaJapan

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


ChinaJapan

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


Hong KongJapan

09 AprHKMAReducing the issuance of Exchange Fund Bills
11 AprHKIAClosure of Insurance Authority office until 26 April


IndiaJapan

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


JapanJapan

09 AprBOJRegional Economic Report (Summary) (April 2020)
10 AprFSAFSA publishes Weekly Review No.387


The PhilippinesJapan

10 AprBSPBSP Announces Extraordinary Measures to Support Domestic Liquidity
13 AprSECPSEC EXPECTS STRONG RECOVERY FOR CAPITAL MARKET


South KoreaJapan

09 AprFSCFintech 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 AprFSCFinancial Regulators Issue Investor Alert on COVID-19 Related Stocks
13 AprFSCApplication Opens for Participating Businesses to 2020 Korea Fintech Week
Authorities Recommend Flexibility in Accounting Standards amid COVID-19 Crisis


SingaporeJapan

09 AprABSGo Digital, Use PayNow, Be Rewarded
MASFAQs 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 AprMASAdditional Guidance on the Conduct of General Meetings During Elevated Safe Distancing Period


AustraliaJapan

09 AprASIC20-084MR ASIC to provide additional time for unlisted entity financial reports


Note: Key Updates as of 8:00am Tuesday 14th April 2020