Coronavirus (COVID-19)—key financial services issues

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Coronavirus (COVID-19)—key financial services issues
  • Key considerations for financial institutions
  • Business continuity, contingency plans and operational resilience
  • FCA expectations
  • LSB
  • ESMA
  • ECB Banking Supervision
  • EBA guidance on operational risk
  • BCBS consultation
  • Information security
  • More...

Coronavirus (COVID-19)—key financial services issues

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The economic shock caused by the coronavirus (COVID-19) pandemic and the exceptional measures taken by governments around the world to contain the virus are having a far-reaching impact on businesses and consumers. Most businesses are facing disruption in supply chains, temporary closures and reduced demand, while many households are confronted with unemployment and a fall in income, resulting in many cases in difficulties with the repayment of loans.

To help address these challenges, UK and EU authorities and financial institutions have implemented a broad range of relief measures, such as temporary moratoria on credit payments, deferrals on the payment of insurance premiums, and special credit lines for small and medium-sized enterprises (SMEs). At the same time, providers of financial services, including intermediaries, have sustained the services which they provide to the public.

In order to mitigate the economic impact of the pandemic, UK, EU and international regulators and bodies, including

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