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Know your allies - understand and monitor the actions of public actors

Our Regulatory Hub, which helps you keep an eye on all regulatory initiatives for the financial services sector, is the ideal tool for individually assessing and strategically classifying future requirements for your company. Additional up-to-date information is available on our zeb.FutureProof section and on the BankingHub by zeb. 

From mid-March to the beginning of June 2020, we used this summary page to keep you up to date on new and important legislative proposals and sets of measures, support programs and emergency aids as well as regulatory measures and initiatives. In the meantime, the frequency of new publications has decreased significantly. Therefore, this overview will remain as it is, but will not be extended to include new information.

Governments and political authorities

Governments are fighting the spread of the pandemic by implementing shut-downs in public life, travel restrictions and shelter-in-place orders. Massive testing, contact tracing and isolation of infected and potentially infected individuals proved to be successful containment measures as well. At the same time, the effects of the virus are slowed by ensuring adequate health care (capacity, personnel, equipment) and supporting medical research (vaccination, medication). Politicians across the globe have introduced various financial stimulus packages to limit the financial impact on companies and banks. Numerous sources provide an overview of the legislation passed to date and further planned measures.

Political measures and legislative proposals

Global

Especially remarkable

DateContentSourceCountries
05/06/2020IMF Fiscal Monitor
Fiscal policies for the recovery from COVID-19
International Monetary FundGlobal
continually updatedWorld Bank Group and COVID-19
Overview of how the World Bank is responding and supporting countries to manage the COVID-19 pandemic
The World BankGlobal
continually updatedTackling the coronavirus
Statements on solutions to boost healthcare systems, secure businesses, maintain jobs and education, and stabilize financial markets and economies
OECDGlobal

 

Latest documents

DateContentSourceCountries
continually updatedCOVID-19 Government Response Tracker
Oxford University provides an analysis that aims to record unfolding government responses in a rigorous, consistent way across countries and across time
Oxford UniversityGlobal
continually updatedIMF COVID-19 hub
All the information on the IMF's response to the COVID-19 pandemic
International Monetary FundGlobal
04/20/2020A global crisis like no other needs a global response like no other
Statement by Kristalina Georgieva, Managing Director of the IMF
International Monetary FundGlobal

 

 

 

Europe

Especially remarkable

DateContentSourceCountries
continually updatedEuropean Commission's response to the coronavirus pandemic
Overview of current information and all areas of the Commission’s response
European CommissionEurope
continually updatedRecovery plan for Europe
The European Commission is proposing a major recovery plan for Europe based on harnessing the full potential of the EU budget
European CommissionEurope
continually updatedEU's response to the COVID-19 outbreak
Overview and further information regarding focus topics of the EU´s response to COVID-19
European Council/ Council of European UnionEurope

 

Latest documents

DateContentSourceCountries
continually updatedTimeline of EU action
Overview of the latest actions of the European Commission in relation to the COVID-19 outbreak
European CommissionEurope
continually updatedTravel and transportation during the coronavirus pandemic
Information on measures and regulations for travelers and companies
European CommissionEurope
04/28/2020European Commission's coronavirus response
Commission adopts banking package to facilitate lending to households and businesses in the EU
European CommissionEurope

 

Germany

Especially remarkable

DateContentSourceCountries
continually updatedCurrent coronavirus measures and restrictions
Current decisions of the federal government on the coronavirus measures and first easing
BundesregierungGermany
continually updatedNews on the coronavirus pandemic
Current information on new rules, measures, regulations and tips issued by the German government
BundesregierungGermany
continually updated“Corona-Schutzschild” (coronavirus protective shield)
The BMF informs about the adopted package of measures for the German economy
Bundesministerium der FinanzenGermany

Latest documents

DateContentSourceCountries
continually updatedLabor law information
The Ministry of Labor provides information on the effects of COVID-19 on labor law
Bundesministerium für Arbeit und SozialesGermany
continually updatedEntry restrictions
The ADAC provides information on current entry restrictions in Europe and worldwide
ADACGermany
06/04/2020Economic stimulus package
The German government has agreed on a comprehensive economic stimulus package with a volume of 130 billion euros
Bundesministerium der FinanzenGermany

 

Austria

Especially remarkable

DateContentSourceCountries
continually updatedProtective measures against COVID-19 in Austria
The Austrian Ministry of Health provides information on current measures especially in accordance with the regulation under the “COVID-19-Maßnahmengesetz” (COVID-19 Measure Act)
Sozialministerium ÖsterreichAustria
continually updatedSupport for companies
The Austrian Federal Ministry for Digital and Economic Affairs provides information about the aid package to support companies
Bundesministerium für Digitalisierung und Wirtschaftsstandort ÖsterreichAustria


Latest documents

DateContentSourceCountries
continually updatedJob and coronavirus
The Austrian Trade Union Federation and the Chamber of Labour provide information on labor law issues
Arbeiterkammer & Gewerkschaftsbund ÖsterreichAustria
continually updatedInformation on labor law, Austria
The Austrian Federal Ministry of Labour, Family and Youth provides information on its measures relating to labor law, occupational health and safety and the new regulations on short-time working.
Bundesministerium für Arbeit, Familie, JugendAustria
continually updatedTravel warnings Austria
The Austrian Foreign Ministry provides information on current travel warnings/restrictions
Außenministerium ÖsterreichAustria

 

Switzerland

Especially remarkable

DateContentSourceCountries
continually updatedFederal protective measures, Switzerland
The Swiss Federal Office of Public Health provides information on federal measures to protect the population
Bundesamt für Gesundheit SchweizSwitzerland
continually updatedCoronavirus and economic measures
Overview of the pages of the Federal Department of Economic Affairs, Education and Research and further links on the topic of coronavirus and the economy
Eidgenössisches Departement für Wirtschaft, Bildung, ForschungSwitzerland


Latest documents

DateContentSourceCountries
continually updatedTravel advice for Switzerland
The Swiss Federal Office of Public Health provides current travel advice 
Bundesamt für GesundheitSwitzerland
continually updatedCOVID-19 liquidity support
Information on liquidity support for SMEs
Eidgenössisches FinanzdepartementSwitzerland
05/04/2020Liquidity support for start-ups up and running
Federal Council agreed on a guarantee scheme to support promising start-ups encountering liquidity problems caused by the coronavirus
Eidgenössisches Departement für Wirtschaft, Bildung, ForschungSwitzerland

 

Other European countries

Especially remarkable

DateContentSourceCountries
continually updatedCoronavirus: what you need to do
Overview of measures taken and support provided by the UK Government
UK GovernmentUnited Kingdom
continually updatedFinancial schemes for business owners in the Netherlands
Information on financial schemes for businesses and self-employed people
Government of the NetherlandsNetherlands
continually updatedCovid Corporate Financing Facility (CCFF)
Information for companies and banks acting on behalf of companies that would like to participate in the HM Treasury and the Bank of England’s CCFF
UK FinanceUnited Kingdom

 

Latest documents

DateContentSourceCountries
continually updatedCoronavirus: what you need to do
Overview of measures taken and support provided by the UK Government
UK GovernmentUnited Kingdom
continually updatedTackling coronavirus in the Netherlands
All relevant information on measures to control coronavirus
Government of the NetherlandsNetherlands
03/20/2020Covid Corporate Financing Facility (CCFF)
Information for companies, and banks acting on behalf of companies, that would like to participate in the HM Treasury and the Bank of England’s CCFF
Bank of EnglandUnited Kingdom

 

Development banks and public institutions

In order to limit the massive economic damage, national and regional development banks and other public institutions are offering emergency aid and support programs. These include measures to secure liquidity for companies and help for employees, such as compensation for reduced hours. Allocation of these measures is carried out either by a company’s principal bank or, in part, directly by the public institution.

Set of measures and publications

Europe

Especially remarkable

DateContentSourceCountries
continually updatedEIB package of measures
Fact sheet and further information on the European Investment Bank's COVID-19 measures
European Investment BankEurope
04/08/2020EIB Group contributes EUR 5.2 billion to EU response to Covid-19 outside European Union
The EIB Group announced details of a comprehensive response to the coronavirus pandemic outside the EU that will provide up to EUR 5.2 billion in the coming months. This financing is part of the Team Europe response and supported by guarantees from the EU budget.
European Investment BankEurope
04/03/2020EIB Group to extend economic aid in response to COVID-19 crisis
A 25 billion euro pan-European guarantee fund to support up to EUR 200 billion for the European economy
European Investment BankEurope

 

Germany

Especially remarkable

DateContentSourceCountries
continually updatedFunding database of the BMWi (German Federal Ministry for Economic Affairs and Energy)
Searchable overview of funding programs at federal, state and EU level. Filterable by funding areas, sectors, sponsors, type and other criteria.                                             
Bundesministerium für Wirtschaft und EnergieGermany
continually updatedKfW coronavirus aid
Information on instant loans for medium-sized companies with more than ten employees, on loans for companies that have been operating in the market for more than five years, for young companies and on the KfW special program (“KfW-Sonderprogramm”). In addition, references and links to additional federal and state support programs for enterprises.
Kreditanstalt für WiederaufbauGermany
03/25/2020Overview of special programs of guarantee banks
Information about assistance possibilities of guarantee banks
Verband Deutscher BürgschaftsbankenGermany


Latest documents

DateContentSourceCountries
continually updatedCoronavirus aid from NRW.BANK
NRW.BANK has implemented various program changes and is working on further program-related aid measures. All updates on individual measures can be found here.
NRW.BankGermany
continually updatedCoronavirus aid from the Investment Bank of the State of Brandenburg
Overview on the existing programes for enterprises
Investitionsbank des Landes BrandenburgGermany
04/15/2020KfW instant loans for small and medium-sized enterprises has started
Following the decision of the program on April 6 and the approval of the European Commission on April 11, the necessary preparatory steps for implementing the KfW instant loan were made in the shortest possible time. The KfW instant loan is another important component of the federal government's comprehensive aid program for small and medium-sized enterprises.
Kreditanstalt für WiederaufbauGermany

 

Other European countries

Especially remarkable

DateContentSourceCountries
continually updatedWhat banks and the SBVg are doing as a result of the coronavirus
The SBVg provides information and answers on the banks’ internal implementation of liquidity support for SMEs. The Bankers Association assumes the information and coordination function.
Schweizerische BankiervereinigungSwitzerland
continually updatedCoronavirus in Austria
Selection of information on COVID-19 crisis management for companies in Austria
Unternehmensservice Portal ÖsterreichAustria
continually updatedThe Coronavirus Business Interruption Loan Scheme (CBILS) is available through participating lenders
The scheme is a part of a wider package of government support for UK businesses and employees
British Business BankUnited Kingdom


Latest documents

DateContentSourceCountries
continually updatedFinnvera's approach towards reorganisation needs of financing caused by the coronavirus
The financing company owned by the State of Finland has the capability to increase the SME corporate financing
FinnveraFinland
continually updatedCoronavirus—information for entrepreneurs
FAQs about measures of the Dutch Government to help businesses that are affected by the crisis
Netherlands Chamber of CommerceNetherlands
continually updatedCOVID-19
SNCI puts in place a special anti-crisis financial instrument for a maximum total amount of 400 million euros corresponding to a total leverage effect of nearly 700 million euros, including bank financing
Société Nationale de Crédit et d’InvestissementLuxembourg

 

Central banks and supervisory authorities

In addition to political institutions, central banks and regulatory authorities are also actively responding to the crisis. This includes monetary policy measures, such as interest rate cuts and new bond purchases, as well as initiatives to potentially relax existing regulatory requirements.
We have compiled the most important measures and initiatives below. For a comprehensive overview and detailed insight into the current initiatives of the banking regulatory authorities, please see zeb.regulatory-hub.

Measures and initiatives

Global

Basel Committee on Banking Supervision (BCBS)

DateContentSourceCountries
04/03/2020Additional measures to alleviate the impact of COVID-19
The Basel Committee on Banking Supervision sets out additional measures to alleviate the impact of COVID-19 on the global banking system. These measures concern, among others, the expected credit loss accounting, margin requirements for non-centrally cleared derivatives and the global systemically important banks annual assessment.
Basel Committee on Banking SupervisionGlobal
03/27/2020Deferral of Basel III implementation
The Basel Committee's oversight body (Group of Central Bank Governors and Heads of Supervisions) endorsed a change in the implementation timeline of outstanding Basel III standards. This concerns the leverage ratio framework, G-SIB buffer, standardized and IRB approach for credit risk, the operational and market risk framework, the CVA and revised Pillar 3 disclosure framework as well as the output floor.
Basel Committee on Banking SupervisionGlobal
03/20/2020Basel Committee suspends consultations
The Basel Committee on Banking Supervision is suspending consultation on all policy initiatives and postponing all outstanding jurisdictional assessments planned in 2020 under its Regulatory Consistency Assessment Programme. 
Basel Committee on Banking SupervisionGlobal

Financial Stability Board (FSB)

DateContentSourceCountries
05/26/2020Financial policymakers discuss responses to COVID-19 with the private sector
The meeting explored the effectiveness of prudential and other financial policy measures taken to date, including experiences with their implementation. Participants also discussed policy issues going forward, notably how financial institutions can better cope with the challenges resulting from rising solvency risks, and exchanged views on potential areas that may warrant further policy coordination.
Financial Stability BoardGlobal
04/15/2020FSB publishes report on international cooperation to address the financial stability implications of COVID-19
The report sets out five principles that underpin the official community’s rapid and coordinated response to support the real economy, to maintain financial stability and to minimize the risk of market fragmentation.
Financial Stability BoardGlobal
04/14/2020FSB Chair updates Finance Ministers and Central Bank Governors on COVID-19 response
The letter highlights the twin challenge that the global financial system must respond to in the face of COVID-19: first, a dramatically increased need for credit throughout the global economy to bridge this period of highly restricted activity. Second, marked uncertainty about the value of a wide range of assets, which greatly complicates the operation of markets and the intermediation of this heightened credit need.
Financial Stability BoardGlobal
04/02/2020FSB regards some on-site functions as systemically essential
These functions include: providing consumer access to cash, electronic payments and other banking and lending services; as appropriate keeping branches and call centers open; processing claims under government support programs; insurance services; risk management; supporting financial operations, such as staffing data and security operations centers; and supporting third-party providers who deliver core services.
Financial Stability BoardGlobal

International Monetary Fund (IMF)

DateContentSourceCountries
05/21/2020COVID-19: the regulatory and supervisory implications for the banking sector
This note provides a set of high-level recommendations that can guide national regulatory and supervisory responses to the COVID-19 pandemic and offers an overview of measures taken across jurisdictions to date.
International Monetary FundGlobal

International Association of Insurance Supervisors (IAIS)

DateContentSourceCountries
05/07/2020IAIS facilitates global coordination of financial stability and policyholder protection during COVID-19 crisis
IAIS cautions against initiatives seeking to require insurers to retroactively cover Covid-19 related losses, such as business interruption, that are specifically excluded in existing insurance contracts. Requiring insurers to cover such claims could create material solvency risks and significantly undermine the ability of insurers to pay other types of claims.
International Association of Insurance SupervisorsGlobal
03/27/2020IAIS extends deadline for data collection on Insurance Capital Standard (ICS)
The IAIS will review the 2020 timelines for the implementation of the Holistic Framework for the mitigation of systemic risk in the global insurance sector and will review and adjust the timelines for the data collection for the ICS confidential reporting in 2020, as well as the Aggregation Method data collection.
International Association of Insurance SupervisorsGlobal

International Accounting Standards Board (IASB)

DateContentSourceCountries
05/28/2020IASB issues amendment to IFRS Standard on leases to help lessees accounting for COVID-19-related rent concessions
IASB issued an amendment to IFRS 16 Leases to make it easier for lessees to account for COVID-19-related rent concessions such as rent holidays and temporary rent reductions.
International Accounting Standards BoardGlobal
05/15/2020IASB discusses COVID-19-related rent concessions at supplementary Board meeting
The International Accounting Standards Board (Board) held a supplementary meeting on May 15, 2020 to: a) consider feedback in response to the April 2020 Exposure Draft COVID-19-Related Rent Concessions, which proposed an amendment to IFRS 16 Leases; and b) redeliberate the project proposal in the light of that feedback.
International Accounting Standards BoardGlobal
05/04/2020IASB proposes deferring IAS 1 amendments’ effective date due to COVID-19
The Board has proposed to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements. In response to the COVID-19 pandemic, the Board is proposing to provide companies with more time to implement any classification changes resulting from the amendments by deferring the effective date by one year to annual reporting periods beginning on or after January 1, 2023.
International Accounting Standards BoardGlobal
04/24/2020IASB consults on amendment to leases Standard (IFRS 16)
Exposure draft COVID-19-related rent concessions, which proposes an amendment to IFRS 16, is open for public comment until May 8, 2020.
International Accounting Standards BoardGlobal
04/17/2020IASB amends work plan and proposes amendment to IFRS 16
The IASB decided to propose an amendment to the leases Standard, IFRS 16, to help companies account for COVID-19-related rent concessions, such as rent holidays. The proposed amendment will complement the educational materials published on April 10, 2020, to support companies applying the Standard.
International Accounting Standards BoardGlobal
04/10/2020IFRS 16 and COVID-19: accounting for COVID-19-related rent concessions applying IFRS 16 leases
The IASB published a statement regarding the application of IFRS 16 leases to rent concessions granted as a result of the coronavirus COVID-19 pandemic. IFRS 16 sets out specific requirements for how to account for some changes in lease payments—for example, those arising from changes in an index or rate used to determine lease payments.
International Accounting Standards BoardGlobal
03/27/2020IFRS 9 and COVID-19
Accounting for expected credit losses applying IFRS 9 Financial Instruments in the light of current uncertainty resulting from the COVID-19 pandemic
International Accounting Standards BoardGlobal


International Organization of Securities Commissions (IOSCO)

DateContentSourceCountries
05/29/2020IOSCO encourages issuers’ fair disclosure about COVID-19-related impacts
IOSCO issued a public statement highlighting the importance to investors and other stakeholders of having timely and high-quality information about the impact of COVID-19 on issuers ́ operating performance, financial position and prospects.
International Organization of Securities CommissionsGlobal
04/08/2020IOSCO reprioritizes its work program to address impact of COVID-19
This decision means that the work priorities outlined in IOSCO ́s 2020 annual work program were reconsidered.
International Organization of Securities CommissionsGlobal
04/03/2020IOSCO statement on application of accounting standards during the COVID-19 outbreak
IOSCO announced that it supported a coordinated approach to the uniform application of IFRS 9 in the COVID-19-crisis.
International Organization of Securities CommissionsGlobal

 

Europe

European Central Bank (ECB)

DateContentSourceCountries
continually updatedFAQ on ECB supervisory measures
Depending on developments ECB answers frequently asked questions regarding its measures in reaction to COVID-19.
European Central BankEurope
05/20/2020Opinion of the ECB on amendments to the Union prudential framework in response to the COVID-19 pandemic
The ECB fully supports the Commission’s initiative to increase the capacity of credit institutions to lend and to absorb losses related to the COVID-19 pandemic, while still ensuring their continued resilience. The targeted adjustments to Regulation (EU) No 575/2013 of the European Parliament and of the Council (CRR) are welcomed, as they further increase the capacity of the banking system to mitigate the economic impact of the pandemic and support recovery, while preserving the key elements of the prudential framework.
European Central BankEurope
04/30/2020ECB announces new pandemic emergency longer-term refinancing operations (PELTROs)
The PELTROs will be conducted as fixed rate tender procedures with full allotment. The operations will be offered at highly accommodative terms. The interest rate will be 25 basis points below the average rate applied in the Eurosystem’s main refinancing operations (currently 0%) over the life of the respective PELTRO.
European Central BankEurope
04/30/2020ECB recalibrates targeted lending operations (TLTRO III) to further support real economy
Interest rate on all TLTRO III reduced by 25 basis points to -0.5% from June 2020 to June 2021. For banks meeting the lending threshold of 0% introduced on 12 March 2020, the interest rate can be as low as -1%.
European Central BankEurope
04/22/2020ECB takes steps to mitigate impact of possible rating downgrades on collateral availability
The Governing Council of the ECB today adopted temporary measures to mitigate the effect on collateral availability of possible rating downgrades resulting from the economic fallout from the coronavirus (COVID-19) pandemic. The decision complements the broader collateral easing package that was announced on April 7, 2020.
European Central BankEurope
04/17/2020Regulation of the ECB concerning the extension of the deadlines for reporting of statistical information
COVID-19 may make it necessary to extend deadlines for reporting certain statistical information for a certain period of time. This regulation provides the basis for the decision to do so.
European Central BankEurope
04/16/2020ECB Banking Supervision provides temporary relief for capital requirements for market risk
ECB announced a temporary reduction in capital requirements for market risk, by allowing banks to adjust the supervisory component of these requirements.
European Central BankEurope
04/15/2020ECB communication to reporting agents on the collection of statistical information in the context of COVID-19
ECB is determined to continue collecting data of a quality on a timely basis that is fit for purpose, in order to have at its disposal the necessary statistical information to adjust all of its measures,  as appropriate, should this be needed to safeguard liquidity conditions in the banking system and to ensure the smooth transmission of its monetary policy in all jurisdictions.
European Central BankEurope
04/14/2020ECB supports macroprudential policy measures taken in response to coronavirus outbreak
ECB published an overview of the macroprudential measures taken by euro area authorities (including central banks and banking supervisors) in response to the coronavirus outbreak and their impact on banks’ regulatory capital.
European Central BankEurope
04/07/2020ECB announces package of temporary collateral easing measures
The Governing Council of the ECB adopted a 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).
European Central BankEurope
03/27/2020ECB asks banks not to pay dividends until at least October 2020
The ECB asks banks not to pay dividends or buy back shares during the COVID-19 pandemic. The recommendation concerns dividends for 2019 and 2020. Instead, the ECB expects banks to keep funding households, small businesses and corporations.
European Central BankEurope
03/25/2020ECB Pandemic Emergency Purchase Programme
The ECB published a new announcement regarding its PEPP stating that there is no upper limit for asset purchases
European Central BankEurope
03/18/2020Pandemic Emergency Purchase Programme (PEPP)
The ECB announces a new temporary asset purchase programme of private and public sector securities amounting to EUR 750 bn. Purchases will be conducted until the end of 2020 including all asset purchase programme (APP) eligible asset categories.
European Central BankEurope
03/12/2020Temporary capital and operational relief
The ECB will allow banks to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR). ECB also considers enhancement via the appropriate relaxation of the countercyclical capital buffer (CCyB) by national macroprudential authorities. Banks will also be allowed to partially use capital instruments that do not qualify as Common Equity Tier 1 (CET1) capital to meet the Pillar 2 Requirements (P2R).
European Central BankEurope
03/12/2020Easing of conditions for targeted longer-term refinancing operations (TLTRO III)
The ECB decided on more favourable operations to support bank lending, in particular to small and medium-sized enterprises. Among other measures, TLTRO III interest rates are reduced by 25 basis points during the period from June 2020 to June 2021.
European Central BankEurope

European Banking Authority (EBA)

DateContentSourceCountries
06/02/2020EBA issues Guidelines to address gaps in reporting data and public information in the context of COVID-19
EBA published its Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The Guidelines have been developed to address data gaps associated with such measures to ensure an appropriate understanding of institutions’ risk profile and the asset quality on their balance sheets both for supervisors and the wider public.
European Banking AuthorityEurope
05/29/2020EBA seeks to future proof loan origination standards taking into consideration significant transition periods to facilitate implementation
EBA published its Guidelines on loan origination and monitoring that expect institutions to develop robust and prudent standards to ensure newly originated loans are assessed properly. The Guidelines also aim to ensure that the institutions’ practices are aligned with consumer protection rules and respect fair treatment of consumers.
European Banking AuthorityEurope
05/27/2020EBA issues Opinion on measures to address macroprudential risk following notification by French High Council for Financial Stability (HCSF)
EBA published an Opinion following the notification by the French macroprudential authority, the HCSF, of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR) to safeguard institutions from excessive risk-taking and to prevent the build-up of future vulnerabilities.
European Banking AuthorityEurope
05/25/2020COVID-19 is placing unprecedented challenges on EU banks
EBA published a preliminary assessment of the impact of COVID-19 on the EU banking sector.
European Banking AuthorityEurope
05/04/2020EBA launches additional EU-wide transparency exercise
The EBA launched an additional EU-wide transparency exercise to provide market participants with updated information on the financial conditions of EU banks as of December 31, 2019, prior to the start of the COVID-19 pandemic. The EBA expects to publish the results of this exercise at the beginning of June.
European Banking AuthorityEurope
05/04/2020Joint RTS on amendments to the bilateral margin requirements under EMIR
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs), in response to the COVID-19 outbreak have published joint draft Regulatory Technical Standards (RTS) to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared OTC derivatives (bilateral margining), under the European Markets Infrastructure Regulation (EMIR), to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements.
European Banking AuthorityEurope
04/22/2020EBA provides further guidance on the use of flexibility in relation to COVID-19 and calls for heightened attention to risks
Following up on its strategic communications of 12th, 25th, 31st March and 2nd April, the EBA provides further clarity on how additional flexibility will guide supervisory approaches in relation to market risk, the Supervisory Review and Evaluation Process (SREP), recovery planning, digital operational resilience and ICT risk and securitisation.
European Banking AuthorityEurope
04/02/2020EBA publishes guidelines on treatment of public and private moratoria
Following the publication of its statement on the application of the prudential framework regarding default, forbearance and IFRS9 in light of COVID-19 measures, the EBA published more detailed guidance on the criteria to be fulfilled by legislative and non-legislative moratoria applied before June 30, 2020.
European Banking AuthorityEurope
03/31/2020EBA provides additional clarity on measures to mitigate the impact of COVID-19 on the EU banking sector
The EBA urges for one-month flexibility for reports with remittance dates between March and the end of May 2020. The EBA also called for flexibility in assessing deadlines of institutions' Pillar 3 disclosures. Furthermore, the EBA decided, in coordination with the Basel Committee on Banking Supervision, to cancel the Quantitative Impact Study based on June 2020 data.
European Banking AuthorityEurope
03/25/2020EBA provides clarity regarding COVID-19 measures
The EBA explains aspects on the functioning of the prudential framework in relation to the classification of loans in default, the identification of forborne exposures, and their accounting treatment. The EBA also reminds financial institutions of their consumer protection obligations, temporarily lifts some reporting obligations and calls on payment service providers to raise their contactless payment thresholds to the legal limit.
European Banking AuthorityEurope
03/12/2020EU-wide stress test postponed
The EBA has decided to postpone the EU-wide stress test exercise to 2021. For 2020, the EBA will carry out an additional EU-wide transparency exercise in order to provide updated information on banks’ exposures and asset quality to market participants.
European Banking AuthorityEurope


European Commission (EC)

DateContentSourceCountries
04/28/2020Commission adopts banking package to facilitate lending to households and businesses in the EU
The Commission proposes exceptional temporary measures to alleviate the immediate impact of coronavirus-related developments, by adapting the timeline of the application of international accounting standards on banks' capital, by treating more favorably public guarantees granted during this crisis, by postponing the date of application of the leverage ratio buffer and by modifying the way of excluding certain exposures from the calculation of the leverage ratio.
European CommissionEurope

European Securities and Markets Authority (ESMA)

DateContentSourceCountries
05/20/2020ESMA calls for transparency on COVID-19 effects in half-yearly financial reports
ESMA published a public statement addressing the implications of the COVID-19 pandemic on the half-yearly financial reports of listed issuers.
European Securities and Markets AuthorityEurope
05/18/2020Non-renewal and termination of short selling bans by national competent authorities (NCAs)
ESMA noted the non-renewal of the emergency restrictions on short selling and similar transactions by the following NCAs: Finanzmarktaufsicht (FMA) of Austria; Financial Securities and Markets Authority (FSMA) of Belgium; Autorité des Marchés Financiers (AMF) of France; Hellenic Capital Market Commission (HCMC) of Greece; and Comisión Nacional del Mercado de Valores (CNMV) of Spain.
European Securities and Markets AuthorityEurope
05/14/2020ESMA supports ESRB actions to address COVID-related systemic vulnerabilities
ESMA published a statement supporting the recommendations issued by the General Board of the European Systemic Risk Board (ESRB). These recommendations are part of a set of actions to address the Coronavirus emergency from a macroprudential perspective.
European Securities and Markets AuthorityEurope
05/14/2020ESMA highlights challenges for rating collateralized loan obligations (CLOs)
ESMA published a thematic report on CLO credit ratings in the EU. The report provides an overview of CLO rating practices and identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating agencies’ internal organization, their interactions with CLO issuers, operational risks, commercial influence on the rating process and the need for proper analysis of CLOs.
European Securities and Markets AuthorityEurope
05/06/2020ESMA reminds firms of conduct of business obligations under MiFID II
ESMA is issuing a public statement on the risks for retail investors when trading under the highly uncertain market circumstances due to the COVID-19 pandemic. ESMA also reminds investment firms of the key conduct of business obligations under MiFID when providing services to retail investors.
European Securities and Markets AuthorityEurope
04/17/2020Application of the APM Guidelines in the context of COVID-19
In its Questions and Answers on Alternative Performance Measures (APMs) guidelines, ESMA has now also commented on how issuers should take into account the impact of the coronavirus pandemic.
European Securities and Markets AuthorityEurope
04/15/2020ESMA issues positive opinions on short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC and Spanish CNMV
All five national competent authorities (NCAs) had imposed restrictions in March 2020 which were due to expire in April, and all five decided to renew those restrictions. Following coordination by ESMA, the renewal process has been aligned and the renewal decisions will all be in place until May 18 with the possibility of a further renewal.
European Securities and Markets AuthorityEurope
04/09/2020ESMA promotes coordinated action regarding benchmarks external audit requirements
ESMA issued a public statement to promote 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
European Securities and Markets AuthorityEurope
04/09/2020ESMA extends MiFID II/MiFIR transparency review report consultation to June 14, 2020
ESMA has decided to further extend the response date for the consultation on the MiFID II/MiFIR review report on the transparency regime for non-equity instruments and the trading obligation for derivatives to June 14, 2020
European Securities and Markets AuthorityEurope
04/09/2020ESMA postpones publication dates for annual non-equity transparency calculations and quarterly SI data
ESMA issued a public statement postponing the application of the annual non-equity transparency calculations and the calculations for the systematic internalizer test for derivatives, ETCs, ETNs, emission allowances and structured finance products (SFPs) under MiFID II
European Securities and Markets AuthorityEurope
04/09/2020Deadlines for the publication of periodic reports by fund managers
ESMA issued a public statement to promote coordinated action by National Competent Authorities (NCAs) in the context of the COVID-19 pandemic. It concerns the obligations of fund managers to publish annual and half yearly reports in respect of funds they manage, in relation to reporting periods ending from December 31, 2019 up to and including April 30, 2020.
European Securities and Markets AuthorityEurope
04/02/2020ESMA updates its risk assessment in light of the COVID-19 pandemic
ESMA sees a prolonged period of risk to institutional and retail investors due to market corrections and very high risks across the whole of ESMA’s remit.
European Securities and Markets AuthorityEurope
04/02/2020ESMA provides clarifications for best execution reports under MiFID II
ESMA issued a public statement to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic.
European Securities and Markets AuthorityEurope
03/30/2020ESMA extends deadline for stakeholder group applications
The ESMA is currently seeking applicants for its Securities and Markets Stakeholder Group and is extending the deadline for applications to April 9.
European Securities and Markets AuthorityEurope
03/27/2020ESMA issues guidance on financial reporting deadlines
The ESMA issued a public statement that national competent authorities should temporarily apply forbearance powers towards issuers who need to delay publication of financial reports beyond the statutory deadline.
European Securities and Markets AuthorityEurope
03/27/2020ESMA confirms application date of equity transparency calculations
The ESMA has decided to keep the date of application of the transparency calculations for equity instruments of April 1, 2020 unchanged.
European Securities and Markets AuthorityEurope
03/26/2020ESMA clarifies position on SFTR backloading
The ESMA issued a revised public statement regarding the postponement of the reporting obligations related to securities financing transactions under the Securities Financing Transactions Regulation (SFTR) and under the Markets in Financial Instruments Regulation (MiFIR).
European Securities and Markets AuthorityEurope
03/25/2020ESMA issues guidance on accounting implications of COVID-19
The ESMA has issued a public statement on some accounting implications (e.g. calculation of expected credit losses in accordance with IFRS 9) of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak. 
European Securities and Markets AuthorityEurope
03/20/2020ESMA consultations postponed by four weeks
EU’s securities markets regulator has decided to extend the response date for all ongoing consultations with a closing date on or after March 16 by four weeks.
European Securities and Markets AuthorityEurope
03/20/2020ESMA sets out approach on MIFIR tick-size regime for systematic internalizers
The ESMA issued a public statement to ensure coordinated supervisory actions by national competent authorities on the application of the new tick-size regime under the Markets in Financial Instruments Regulation (MiFIR) and the Investment Firms Regulation (IFR).
European Securities and Markets AuthorityEurope


European Insurance and Occupational Pensions Authority (EIOPA)

DateContentSourceCountries
05/19/2020Change of Extraordinary RFR/EDA productions from weekly frequency to every two weeks
EIOPA has changed the frequency of current extraordinary processes for risk-free interest rate term structures (RFR) and symmetric adjustment to equity risk (EDA) from a weekly basis to every two weeks.
European Insurance and Occupational Pensions AuthorityEurope
05/18/2020EIOPA published its updated risk dashboard based on the fourth quarter 2019 Solvency II data
European insurers face increased risk exposures due to COVID-19, but market perceptions and imbalances remained at medium level.
European Insurance and Occupational Pensions AuthorityEurope
04/30/2020EIOPA revises its timetable for advice on Solvency II Review until end December 2020
EIOPA, in close coordination with the European Commission, has decided to deliver its advice to the European Commission at end December 2020, to take into account the importance of assessing the impact of the current Covid-19 situation on the Solvency II Review.
European Insurance and Occupational Pensions AuthorityEurope
04/17/2020Statement on principles to mitigate the impact of COVID-19 on the occupational pensions sector
EIOPA gave its opinion on the situation of institutions for occupational retirement provision (IORPs) and emphasized the stabilizing role that IORPs can play as an investor with a long-term perspective in the currently unstable markets.
European Insurance and Occupational Pensions AuthorityEurope
04/07/2020EIOPA extends deadline for stakeholder group applications
EIOPA is currently seeking applications for its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group and the Occupational Pensions Stakeholder Group. EIOPA has decided to extend the deadline for interested stakeholders to submit their application.
European Insurance and Occupational Pensions AuthorityEurope
04/02/2020EIOPA urges (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs
This suspension should be reviewed as the financial and economic impact of COVID-19 starts to become clearer. This prudent approach should also be applicable to the variable remuneration policies.
European Insurance and Occupational Pensions AuthorityEurope
04/02/2020EIOPA publishes an update on other measures impacted by COVID-19 pandemic
EIOPA summarizes its actions regarding currently open consultations and requests, public consultations in the process of BoS approval and data requests to financial institutions to start in Q1-Q2.
European Insurance and Occupational Pensions AuthorityEurope
04/01/2020Call to action for insurers and intermediaries to mitigate the impact of COVID-19 on consumers
Among other things, EIOPA asks insurers and intermediaries to provide clear and timely information to consumers on contractual rights, treat consumers fairly, inform consumers about contingency measures and to continue applying product oversight and governance requirements.
European Insurance and Occupational Pensions AuthorityEurope
03/27/2020EIOPA publishes extraordinary information for Solvency II
The EIOPA will carry out extraordinary calculations on a weekly basis to monitor the evolution of the relevant risk-free interest rate term structures (RFR) and the symmetric adjustment to equity risk (EDA).
European Insurance and Occupational Pensions AuthorityEurope
03/20/2020EIOPA extends reporting deadlines
The EIOPA has published recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure by insurance and reinsurance undertakings
European Insurance and Occupational Pensions AuthorityEurope

European Systemic Risk Board (ESRB)

DateContentSourceCountries
continually updatedPolicy measures in response to the COVID-19 pandemic
ESRB offers a regularly updated Excel spreadsheet with information on the policy measures taken by member states, EU institutions and national authorities in response to the coronavirus (COVID-19) pandemic.
European Systemic Risk BoardEurope
05/14/2020The General Board of the European Systemic Risk Board (ESRB) takes first set of actions to address the coronavirus emergency
At its extraordinary meeting on May 6, 2020, the General Board of the ESRB discussed a first set of actions in five priority areas identified to address the impact of the coronavirus (COVID-19) emergency on the financial system from a macroprudential perspective.
European Systemic Risk BoardEurope
04/09/2020The General Board of the ESRB held its 37th regular meeting
The Board decided to focus its attention on five priority areas, specifically: implications for the financial system of guarantee schemes and other fiscal measures to protect the real economy; market illiquidity and implications for asset managers and insurers; impact of procyclical downgrades of bonds on markets and entities across the financial system; system-wide restraints on dividend payments, share buybacks and other payouts; liquidity risks arising from margin calls.
European Systemic Risk BoardEurope

 

Germany

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

DateContentSourceCountries
continually updatedCurrent information from BaFin
BaFin continuously publishes new information on COVID-19 measures taken by the relevant European institutions and BaFin itself. In addition, frequent questions arising in connection with COVID-19 are answered.
Bundesanstalt für FinanzdienstleistungsaufsichtGermany
04/15/2020LKA NRW asks banking industry to check suspicious payments
In connection with cases of fraud involving fake websites for applying for instant coronavirus emergency aid, the State Crime Authority of North Rhine-Westphalia (LKA NRW) has informed the banking industry of the federal state.
Bundesanstalt für FinanzdienstleistungsaufsichtGermany
04/03/2020Market Abuse Regulation: Taking account of the current situation in reporting obligations
BaFin assumes that institutions with reporting obligations pursuant to Article 16 (1) and (2) of the Market Abuse Regulation have suitable systems and processes for monitoring market abuse in order to identify and transmit suspicious orders and transactions to BaFin even under the changed working and general conditions.
Bundesanstalt für FinanzdienstleistungsaufsichtGermany
04/02/2020BaFin and Bundesbank postpone the LSI stress test planned for 2021 until 2022
The provisional timetable, including the trial run planned for autumn 2020, will be put back one year.
Bundesanstalt für FinanzdienstleistungsaufsichtGermany
03/31/2020Countercyclical capital buffer: general ruling to reduce the buffer ratio to 0 percent
BaFin has issued a general ruling on the quota for the domestic countercyclical capital buffer. It has reduced the ratio from 0.25 percent to 0 percent as of April 1, 2020.
Bundesanstalt für FinanzdienstleistungsaufsichtGermany
03/12/2020Operational relief also for LSIs
ECB agrees relief measures for banks with BaFin and other national supervisory authorities—BaFin will also apply the ECB’s agreed relief measures to the supervision of less significant institutions (LSIs).
Bundesanstalt für FinanzdienstleistungsaufsichtGermany

 

Institut der Wirtschaftsprüfer (IDW)

DateContentSourceCountries
continually updatedTechnical notes on effects on accounting and auditing
The IDW has published technical notes dealing with the consequences of the coronavirus on accounting (HGB/IFRS). In particular, the technical note part 2 is of importance, as it addresses in detail the proper presentation of the recoverability of financial instruments with regard to COVID-19-related default risks.
Institut der WirtschaftsprüferGermany
Austria

Österreichische Finanzmarktaufsicht (FMA)

DateContentSourceCountries
continually updatedCurrent information from the FMA
The FMA continuously publishes new information on COVID-19 measures taken by the relevant European institutions and by the FMA itself
Österreichische FinanzmarktaufsichtAustria
04/30/2020Credit assessment for federally guaranteed loans within the framework of the COVID-19 aid package
On April 30, 2020, the FMA sent a letter to the Austrian banking industry concerning the credit assessment of credit institutions in connection with federal guarantees due to the COVID-19 pandemic.
Österreichische FinanzmarktaufsichtAustria
04/29/2020Letter to the WKÖ about recent EBA publications
Opinion on the application of the supervisory framework on targeted aspects in the area of market risk and the opinion on additional supervisory measures due to COVID-19
Österreichische FinanzmarktaufsichtAustria
04/15/2020FMA extends ban on short sales in certain financial instruments
The FMA extends the temporary ban on short sales of certain financial instruments listed on the Vienna Stock Exchange, which was issued by decree on March 18, 2020, in a modified form until May 18, 2020. While short sales were previously prohibited with regard to each individual transaction, the amended decree now consistently focuses on net short positions.
Österreichische FinanzmarktaufsichtAustria
04/15/2020Answering legal enquiries regarding due diligence requirements according to the FM-GwG in granting state development loans
The FMA takes a position on the due diligence requirements for the commitment of state development loans in connection with the spread of the SARS-CoV-2 pathogen.
Österreichische FinanzmarktaufsichtAustria
04/09/2020EBA guidelines on payment moratoria and the Austrian moratorium pursuant to Section 2 of the 2nd COVID-19 JuBG
The FMA clarifies the key points of the EBA guidelines and emphasizes that the Austrian moratorium meets the requirements of the EBA guidelines.
Österreichische FinanzmarktaufsichtAustria
04/09/2020Catalog of proposals for changes in the supervisory practice of the FMA/OeNB
Answers to questions posed by the Austrian Federal Economic Chamber on the supervisory practices of the FMA/OeNB in connection with COVID-19 agreed upon between the FMA and OeNB
Österreichische FinanzmarktaufsichtAustria
04/09/2020Separation of front-office and back-office functions in the event of specific crisis-related staff shortages
The FMA takes a stand on the separation of front-office and back-office functions in the lending process for credit institutions in the supervisory scope of the FMA (LSIs)
Österreichische FinanzmarktaufsichtAustria
04/08/2020Inquiry on COVID-19-3-5 legislation and accounting in the current environment
The FMA takes a stand on key issues concerning the application of IFRS 9 in the current environment
Österreichische FinanzmarktaufsichtAustria
04/08/2020Interruption and suspension of deadlines during COVID-19 measures
Information on the legally prescribed interruption and suspension of deadlines in FMA procedures during COVID 19 measures
Österreichische FinanzmarktaufsichtAustria
04/07/2020Covid-19 measures: LSI recovery plans according to BaSAG
In addition to the other COVID-19 measures, the FMA and OeNB have facilitated the updating of the LSI 2020 recovery plans
Österreichische FinanzmarktaufsichtAustria
04/03/2020Classification of COFAG as a public body
Due to the Austrian federal government’s legally standardized funding obligation and pursuant to Article 116 para 4 CRR, the FMA suggests weighing exposures to COFAG like exposures to the central government, i.e. with a risk weight of 0%.
Österreichische FinanzmarktaufsichtAustria
04/03/2020Austrian insurance companies: dividends and share buybacks
EIOPA and FMA urgently recommend that insurance companies refrain from dividend payments and share buybacks.
Österreichische FinanzmarktaufsichtAustria
03/30/2020Information on deadlines in FMA proceedings during COVID-19 measures
Since March 22, 2020, the following applies to deadlines in pending administrative proceedings to which the AVG, the VStG and the VVG are applicable: The deadlines are interrupted until the end of April 30, 2020. This provision shall apply mutatis mutandis to proceedings before the BVwG.
Österreichische FinanzmarktaufsichtAustria
03/27/2020FMA recommendation on dividend payments and share buybacks during the COVID-19 pandemic
The FMA takes up the recommendation made by the ECB/SSM on March 27, 2020 (ECB/2020/19) regarding dividend payments and share buybacks during the COVID-19 pandemic and applies it in its supervision of less significant institutions (LSIs).
Österreichische FinanzmarktaufsichtAustria
03/19/2020Extension of deadlines for reporting obligations and resolution planning
The FMA is doubling the current response periods for the SREP questionnaires from six to twelve weeks, extending the deadline for replying to the repayment vehicle survey to June 30, 2020, and the procedures (including information gathering) for MREL determination, scheduled for mid-March 2020, will not be initiated until further notice
Österreichische FinanzmarktaufsichtAustria
03/18/2020Ban on short selling
The FMA has issued a decree prohibiting short sales of certain financial instruments listed on the Vienna Stock Exchange
Österreichische FinanzmarktaufsichtAustria

 

 

 

Switzerland

Schweizerische Nationalbank (SNB)

DateContentSourceCountries
05/11/2020Extension of the SNB-COVID-19 refinancing facility to include cantonal guarantees and start-up solidarity guarantees
Now, claims secured by cantonal guarantees or credit default guarantees are also permitted as collateral, provided these have been issued to cushion the economic consequences of the COVID-19 pandemic. Receivables that are secured by the federal government's start-up solidarity guarantees in cooperation with the cantons are also accepted as collateral.
Schweizerische NationalbankSwitzerland
03/25/2020SNB creates SNB-COVID 19 refinancing facility (CRF)
The CRF is unlimited in terms of contributions, and withdrawals can be made at any time. In addition, the SNB submits an application to deactivate the countercyclical capital buffer.
Schweizerische NationalbankSwitzerland

 

Eidgenössische Finanzmarktaufsicht (FINMA)

DateContentSourceCountries
05/19/2020Extension or discontinuation of exemptions due to the COVID-19 crisis
The Swiss Financial Market Supervisory Authority FINMA has published another supervisory guidance in the context of the COVID-19 crisis. In it, it adjusts the periods of various exemptions already granted and specifies how the net stable funding ratio (NSFR) is calculated.
Eidgenössische FinanzmarktaufsichtSwitzerland
04/14/2020Facilitation for supervised institutions as a result of the COVID-19 crisis
FINMA publishes another supervisory notice in the context of the COVID 19 crisis. The simplifications and clarifications of supervisory practice set out in this communication relate to institutions with a license to use the market risk model approach and an extension of the deadline for supervised institutions when introducing new rules in the derivatives area.
Eidgenössische FinanzmarktaufsichtSwitzerland
04/07/2020FINMA publishes further supervisory notification in the context of the COVID-19 crisis
In its supervisory notice 03/2020, FINMA announces further relief in the context of the COVID-19 crisis
Eidgenössische FinanzmarktaufsichtSwitzerland
03/31/2020Temporary exemptions for banks
The FINMA provides the banks with clarifications for dealing with the COVID-19 loans with federal guarantees within the framework of the capital and liquidity requirements, on temporary exemptions relating to the leverage ratio and on risk diversification requirements. FINMA also provides information about the expected credit loss approach under IFRS 9 and its application in the context of the COVID-19 crisis.
Eidgenössische FinanzmarktaufsichtSwitzerland
03/25/2020FINMA grants exemption for leverage ratio calculation
FINMA temporarily allows banks to calculate the leverage ratio without central bank reserves. The measure will initially apply until 07/01/2020.
Eidgenössische FinanzmarktaufsichtSwitzerland

 

United Kingdom

Bank of England (BoE)

DateContentSourceCountries
continually updatedCurrent information from BoE
The BoE summarizes its responses to COVID-19
Bank of EnglandUnited Kingdom
06/04/2020IFRS 9 and capital requirements—further guidance on initial and further payment deferrals
Letter to chief executive officers of UK deposit takers, in response to updated FCA guidance on retail mortgage payment deferrals
Bank of EnglandUnited Kingdom
05/29/2020Q&A on Capital Requirements Regulation (CRR) requirements for property valuations
The PRA published a set of Q&As answering some commonly asked questions regarding residential and commercial property valuations for CRR purposes during the period of disruption caused by COVID-19.
Bank of EnglandUnited Kingdom
05/22/2020Update on the Contingent Term Repo Facility (CTRF)
BoE announced that, in light of more stable funding market conditions and recent usage patterns, it will discontinue 3-month CTRF operations at the end of May 2020. The final operation is scheduled to take place on May 28.
Bank of EnglandUnited Kingdom
05/22/2020Statement by the PRA on regulatory capital and IFRS 9 requirements for payment holidays
This PRA statement provides further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges of COVID-19.
Bank of EnglandUnited Kingdom
05/19/2020Update to the COVID Corporate Financing Facility (CCFF)
HM Treasury has published details of an update to the terms of the CCFF.
Bank of EnglandUnited Kingdom
05/19/2020Joint HM Treasury and Bank of England Covid Corporate Financing Facility (CCFF)
This consolidated market notice describes the operation of HM Treasury and the Bank’s CCFF. It updates the currently effective provisions of previous market notices in relation to the CCFF and so replaces all previous market notices relevant to the facility.
Bank of EnglandUnited Kingdom
05/15/2020Asset Purchase Facility: Gilt Purchases
This Market Notice sets out the arrangements that apply to the purchases of gilts financed by central bank reserves as authorized by the Monetary Policy Committee (MPC). It consolidates the currently effective provisions of previous Market Notices in relation to the Bank’s gilt purchases in the Asset Purchase Facility and so replaces all previous Market Notices relevant to these operations.
Bank of EnglandUnited Kingdom
05/14/2020Credit risk: Probability of Default and Loss Given Default estimation
This Prudential Regulation Authority (PRA) policy statement provides feedback to responses to consultation paper 21/19 “Credit risk: Probability of Default and Loss Given Default estimation” (page 2 of 2), which consulted on proposals to implement the European Banking Authority’s regulatory products that relate to probability of default estimation and loss given default estimation. It also contains the PRA’s final policy in an updated supervisory statement 11/13 “Internal Ratings Based (IRB) approaches” (see Appendix).
Bank of EnglandUnited Kingdom
05/07/2020Statement by the BoE and PRA on resolution measures and COVID-19
The BoE and the PRA have announced changes to resolution measures aimed at alleviating operational burdens on PRA-regulated firms in response to the COVID-19 outbreak. The Bank has also provided an update for firms on the Minimum Requirement for Own Funds and Eligible Liabilities (MREL).
Bank of EnglandUnited Kingdom
05/07/2020Conversion of Pillar 2A capital requirements from RWA percentage to a nominal amount
In response to the economic shock from COVID-19, we are alleviating unwarranted pressure on firms by setting all Pillar 2A requirements as a nominal amount, instead of a percentage of total Risk Weighted Assets (RWAs).
Bank of EnglandUnited Kingdom
05/07/2020Statement by the PRA on prioritization in light of COVID-19
This statement sets out further details of the PRA's plans to help firms maintain their safety and soundness and deliver the critical functions they provide to the economy. Re-prioritizations have been agreed upon regarding the following areas of work: climate change, LIBOR transition, insurance stress test 2019 and stressed VAR.
Bank of EnglandUnited Kingdom
05/04/2020Statement on credit risk mitigation eligibility and leverage ratio treatment of loans under the Bounce Back Loan scheme (BBLS)
This statement sets out the PRA's observations on the risk-weighted treatment of exposures under the UK Government’s BBLS and a related change to the UK leverage ratio framework.
Bank of EnglandUnited Kingdom
05/02/2020Updating the TFSME to reflect HMT’s new Bounce Back Loans Scheme
The BoE announced a change to the Term Funding Scheme with additional incentives for SMEs (TFSME) to support HM Treasury’s Bounce Back Loans Scheme (BBLS).
Bank of EnglandUnited Kingdom
04/27/2020Statement on the regulatory treatment of the UK CBILS and the UK CLBILS
HM Treasury has announced changes to UK Covid-19 business interruption loan schemes.
Bank of EnglandUnited Kingdom
04/24/2020Extension of the Contingent Term Repo Facility (CTRF)
The Bank of England announced that it will continue to offer 3-month and 1-month term Contingent Term Repo Facility (CTRF) operations on a weekly basis through May 2020, with the final operation scheduled on May 29.
Bank of EnglandUnited Kingdom
04/20/2020Q&A on the usability of liquidity and capital buffers
The PRA published a set of Q&A on the usability of liquidity and capital buffers and their operation as set out in the PRA rules and guidelines and in response to the COVID-19 outbreak.
Bank of EnglandUnited Kingdom
04/09/2020PRA decision on Systemic Risk Buffer rates
In response to the economic shock from COVID-19, the PRA, with the support of the FPC, announced its decision to maintain firms’ Systemic Risk Buffer (SRB) rates at the rate set in December 2019 and will next reassess them in December 2021.
Bank of EnglandUnited Kingdom
04/09/2020HM Treasury and BoE announce temporary extension to Ways and Means facility
HM Treasury and BoE have agreed to temporarily extend the use of the government’s long-established Ways and Means (W&M) facility
Bank of EnglandUnited Kingdom
04/08/2020Letter from Credit Union Supervision Team to PRA-regulated credit unions
This letter sets out details of a PRA rule modification available to all credit unions from today’s date until January, 1 2021. It explains the PRA’s supervisory focus and priorities for credit unions in this period of stress and reiterates messages on regulatory reporting.
Bank of EnglandUnited Kingdom
04/06/2020TFSME will open for drawings on April 15, 2020
The Bank of England’s Term Funding Scheme with additional incentives for SMEs will open to drawings on April 15, 2020, sooner than previously anticipated.
Bank of EnglandUnited Kingdom
03/24/2020BoE launches Contingent Term Repo Facility
In response to financial market conditions the BoE is activating the CTRF—a temporary enhancement to its sterling liquidity insurance facilities.
Bank of EnglandUnited Kingdom
03/23/2020COVID-19 regulatory reporting amendments for UK insurers
The BoE outlines the PRA's approach to regulatory reporting for UK insurers in response to COVID-19 and EIOPA's recommendations
Bank of EnglandUnited Kingdom
03/20/2020BoE announces supervisory and prudential policy measures
Among others, the Bank's 2020 annual stress test is canceled, the biennial exploratory scenario timetable is amended and the joint Bank / Financial Conduct Authority survey into open-ended funds is postponed.
Bank of EnglandUnited Kingdom
03/11/2020BoE: Term Funding Scheme with additional incentives for SMEs (TFSME)
The TFSME is designed to provide participants with a cost-effective source of funding to support additional lending to the real economy and to ensure that businesses and households benefit from reductions in the Bank Rate
Bank of EnglandUnited Kingdom

 


Financial Conduct Authority (FCA)

DateContentSourceCountries
continually updatedFCA information for firms on coronavirus (Covid-19) response
Our rules give firms the ability to consider their arrangements and customers’ circumstances. We welcome firms reviewing their current arrangements to address the evolving situation while managing the risks to their employees, customers and the impact on the market.
Financial Conduct AuthorityUnited Kingdom
04/03/2020Joint FCA and PRA statement on the Senior Managers and Certification Regime
We recognize that firms directly affected by coronavirus will need to keep their governance arrangements under review. Where we can, we intend to provide flexibility to FCA and PRA dual-regulated firms.
Financial Conduct AuthorityUnited Kingdom

The sources mentioned here were selected and compiled by zeb. They do not represent a complete record of the Corona pandemic and its consequences. The sources were checked by zeb, but no liability can be assumed for their accuracy. The information on this page is regularly updated and added to. Please feel free to contact zeb below.

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Dr. Ekkehardt Bauer

Senior Manager