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Prudential Regulation Review
Prudential Regulatory Review is a monthly newsletter dedicated to summarising all major risk and regulatory updates.
Prudential Regulation Review - latest edition
With the COVID-19 pandemic moving beyond the initial “respond” phase, policy-makers have begun to take stock of their initial response and identify areas where further intervention or support is necessary. The EBA, for example, issued its first COVID-19 implementation report providing clarifications on the application of the prudential framework; whilst the ECB, following its first assessment of the potential vulnerabilities of the euro area banking sector in the wake of the virus, decided to extend the period during which it recommends that banks should not pay dividends.
Though COVID-19 understandably dominated the regulatory agenda throughout July, there was continued focus on other major regulatory initiatives, notably Brexit and IBOR reform.
With less than six months remaining until the end of the transition period, the European Commission, EBA and EMSA issued a series of statements calling on banks, investment firms and other financial sector firms to consider how the end of the transition period will affect their businesses and take all the necessary steps to prepare.
For a full list of COVID-19 related regulatory, monetary and fiscal policy initiatives, please see our report available here.