On 26 March 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item stating that due to the impact of the coronavirus it will be suspending large data requests to financial undertakings until 1 June 2020. The AFM wants to give the financial sector space to fully focus on the challenges of the crisis at hand and customer needs. There are, however, exceptions when it comes to the…

On 25 March 2020, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item on postponing the reporting periods for insurers due to the COVID-19 outbreak. DNB follows the recommendations published on 20 March 2020 by the European Insurance and Occupational Pensions Authority (EIOPA) on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure. DNB welcomes and follows these recommendations, as the COVID-19 outbreak has significant impact on the Dutch economy.…

On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced a wide array of actions intended to promote economic stability in light of the COVID-19 pandemic, including several different credit facilities. The Federal Reserve announced as one of these credit facilities a renewal of the Term Asset-Backed Securities Loan Facility (“TALF”) and provided a preliminary term sheet. The TALF is designed to increase liquidity and credit availability by…

FINRA has supplemented its FAQs related to COVID-19 regulatory relief. Summaries of the new FAQs are provided below. Helpfully, FINRA has also provided a link to state “shelter-in-place” and “stay-at-home” orders. Impact of Communication Disruptions – Implications for Firms. FINRA states that member firms should consider steps they can take to mitigate risks that may arise due to a reduced ability to communicate with customers, an inability to rely on mail, and other disruptions to…

On 25 March 2020, there appeared on the www.parliament.uk website a written statement from John Glen MP (Economic Secretary to the Treasury) in which he confirms that HM Treasury will retain the regulators’ “Temporary Transitional Power” (TTP), which was introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, and shift its application such that it is available for use by the UK regulators for a period of two years from…

On 25 March 2020, there was published a letter from the Chancellor, the Governor of the Bank of England, and the CEO of the FCA to the CEOs of the UK banks on the subject of COVID-19 and bank lending. In the letter HM Treasury refers to the economic measures that the Government has introduced in light of the COVID-19 pandemic and makes the point that it is vital that Government, the regulators and industry…

On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular the accounting implications of the measures taken or proposed by national governments and EU bodies to address the adverse systemic…