On 10 August 2020, the European Banking Authority (EBA) published a final report concerning amendments to its existing guidelines (EBA/GL/2018/01) on uniform disclosures under Article 473a of the Capital Requirements Regulation (CRR) on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic. The purpose of these amending guidelines is to cover the disclosures required in…

On 10 August 2020, the Bank of England updated its webpage on ISO 20022 by adding text below the heading ‘Our timelines and approach’. The inserted text states: “In July 2020, we communicated a change in our migration approach for CHAPS messages to Direct Participants. We will go-live with ISO 20022 in April 2022 as currently planned, but on a ‘like-for-like’ basis, to help Direct Participants manage the issues of truncation ahead of SWIFT’s adoption…

On 10 August 2020, the Single Resolution Board (SRB) published the following documents designed to give banks within its remit operational guidance on the implementation of the bail-in tool: Q&A for publication of bail-in guidance. The Q&A explains that the bail-in playbook is an internal document of banks, establishing a minimum set of objectives, processes and governance structures to support the implementation of write down and conversion powers by Eurozone national resolution authorities. Bail-in data…

In what appears to be a coordinated effort, the Securities Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) both issued orders relating to Plutus Financial—doing business as Abra—and its Philippines-centered partner, Plutus Technologies Philippine Corporation (Plutus Tech). The July 13, 2020 orders found Abra and Plutus Tech had violated sections of the Securities Act of 1933 (Securities Act) , the Securities Exchange Act of 1934 (Exchange Act), and the Commodities Exchange Act. Both the…

On 7 August 2020, the FCA updated its latest policy development update web page. In terms of upcoming FCA publications, the policy development update notes that: A consultation paper on financial crime reporting is expected in Q3 2020. A consultation paper on exit fees in investment platforms and comparable firms is expected in 2021. A policy statement on open-ended investment companies – proposals to facilitate standard listing is expected in Q4 2020.…

On 7 August 2020, the European Banking Authority (EBA) published frequently asked questions relating to the implementation of its Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The technical clarifications provided by the EBA will assist supervisors and credit institutions in the implementation of the guidelines. The implementation questions and technical clarifications have been included in a newly added section 4 to the EBA Report on…

On 7 August 2020, the European Commission published its written response to a question raised in the European Parliament that whilst persons legally resident in the EU are allowed to open a basic bank account within its territory banks sometimes avail themselves of an exception to this rule where granting access to a basic bank account would effectively be in breach of the anti-money laundering Directive. The Commission’s written response provides that: The Commission fully…