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  • Evolution Of A New Model For Financial Regulation In The UK, Speech By Christopher Woolard, FCA Interim Chief Executive, At The 10th Annual International Financial Services Forum

    Date 21/09/2020

    Highlights

    • Coronavirus (Covid-19) is bringing the future forward and with a potential impact on firms’ business models.
    • The economic impact of the pandemic has underscored the need for change within the regulator.
    • To do so effectively, the FCA must learn lessons from the past, but it needs to look to the future. 

    Watching speeches is an unusual experience when we’re limited to communicating virtually. It is strange to give them in this way, too. Especially as in this case it is my last opportunity before I step down as interim chief executive of the FCA. 

    But the next few minutes do allow me to take stock and also offer some brief thoughts on the future of regulation.

    • First of all, what lessons can we take from Covid-19 so far? In terms of society, technology and the manner in which we regulate?
    • Second, how the FCA itself might change to meet some of these challenges, and what constants may remain?
    • And third, given the backdrop of the UK’s exit from the EU, what’s the kind of regulation we need?

  • ESMA Chair Steven Maijoor Delivers Keynote Speech At City Week 2020

    Date 21/09/2020

    Today, ESMA Chair Steven Maijoor addresses the international financial services community, at the City Week 2020 conference online. The event brings together industry leaders and policy makers from around the globe to discuss the most pressing matters affecting the international financial services industry and the future of global financial markets. 

  • ESAs Launch Survey On Environmental And/Or Social Financial Product Templates

    Date 21/09/2020

    The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a survey seeking public feedback on presentational aspects of product templates, pursuant to Article 8(3), Article 9(5) and Article 11(4) of Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services (SFDR). The survey is open for comments until 16 October 2020.


  • Federal Reserve Board Issues Advance Notice Of Proposed Rulemaking On An Approach To Modernize Regulations That Implement The Community Reinvestment Act

    Date 21/09/2020

    The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR seeks feedback on ways to evaluate how banks meet the needs of low- and moderate-income (LMI) communities and address inequities in credit access.


  • EBA Phases Out Its Guidelines On Legislative And Non-Legislative Loan Repayments Moratoria

    Date 21/09/2020

    The European Banking Authority (EBA) has been closely monitoring the developments of the COVID-19 pandemic and, considering the progress made so far, will phase out its Guidelines on legislative and non-legislative payment moratoria in accordance with its end of September deadline.  These Guidelines, which were published in the early phases of the COVID-19 pandemic, have provided the necessary flexibility as well as certainty on the regulatory framework, in light of significant number of actions taken by banks to support their customers as exceptional lock-down measures were put in place. The continued ability for banks to provide lending is of key importance and the EBA will keep monitoring the situation as needed.

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