Coronavirus (COVID-19)

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This subtopic contains news, materials, commentary and analysis of the issues relating to the outbreak of coronavirus (COVID-19) for Banking & Finance lawyers.

Banking & Finance issues in relation to Coronavirus (COVID-19)

There are a number of areas that are particularly relevant to Banking & Finance lawyers in this context. These include:

  1. •

    contractual issues such as force majeure and material adverse change (MAC)

  2. •

    execution issues

  3. •

    potential impacts on the syndicated loan markets

  4. •

    commentary from key industry bodies such as the Loan Market Association and the International Swaps and Derivatives Association

  5. •

    specialist financings

  6. •

    regulatory issues and responses from key UK and EU regulators

  7. •

    restructuring issues, and

  8. •

    corporate governance issues

For more detail and analysis on these, and other areas, see Practice Notes: Coronavirus (COVID-19)—implications for Banking & Finance lawyers [ARCHIVED] and Coronavirus (COVID-19)—Banking & Finance frequently asked questions [ARCHIVED].

Contractual issues

The Coronavirus (COVID-19) and contractual obligations—checklist sets out some of the key issues to consider when a party is unable to comply with its contractual obligations due to the impact of COVID-19, including force majeure.

For

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Latest Banking & Finance News

FCA's Rathi tries to gauge government risk appetite for crypto

Law360, London: The Financial Conduct Authority (FCA) warned a cross-party group of MPs on 10 June 2025 it needed a steer on the government's risk appetite for crypto-assets amid the push for UK competitiveness and economic growth.

Banking and Finance weekly highlights—12 June 2025

This week's edition of Banking and Finance weekly highlights includes: (1) the Law Commission launches a consultation on reforms to private international law in the context of digital assets and electronic trade documents; (2) ISDA publishes position paper on Commission's proposed sustainability omnibus package; and (3) the European Commission launches free sanctions compliance helpdesk for SMEs.

ESMA finalises advice on prospectus streamlining and liability framework

The European Securities and Markets Authority (ESMA) has published final reports on the EU Prospectus Regulation (Regulation (EU) 2017/1129) and civil prospectus liability, offering technical advice and recommendations to reduce regulatory burdens and support capital market activity. Both reports have been submitted to the European Commission, which must decide within three months—extendable by one month—on the proposed updates to data reporting requirements. Additionally, the Commission is required to present a report by 31 December 2025 assessing whether further harmonisation of prospectus liability across the EU is warranted.

FIA urges adoption of tokenised collateral to modernise cleared derivatives markets

The Futures Industry Association (FIA) has published a white paper, ‘Accelerating the Velocity of Collateral’, advocating for the adoption of tokenisation in cleared derivatives markets to improve collateral mobility and settlement efficiency. It identifies key benefits including (1) near real-time settlement of collateral, (2) improved liquidity utilisation and reduced counterparty risk, (3) support for continuous, 24/7 trading environments, and (4) enhanced data integrity and automation through smart contracts. FIA recommends starting with tokenised versions of non-cash collateral already accepted by clearinghouses—such as government bonds and money market funds—while noting that broader benefits will depend on the future eligibility of digital money like stablecoins, tokenised deposits, and central bank digital currencies.

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