ESMA supports ESRB actions to address Covid-related systemic vulnerabilities
ESMA, 14 May 2020
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has published a statement supporting the recommendations issued by the General Board of the European Systemic Risk Board (ESRB). These recommendations are part of a set of actions to address the Coronavirus emergency from a macroprudential perspective.
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ESMA sees potential decoupling of financial market performance and underlying economic activity
ESMA, 14 May 2020
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes the first complete risk dashboard for 2020, and highlights the very high risks in all areas of ESMA’s remit. The assessment remains at the same level as the separate risk update published on 2 April.
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Financial services exemptions in forthcoming Corporate Insolvency and Governance Bill
UK FCA, 14 May 2020
On 28 March 2020, Business Secretary Alok Sharma announced new insolvency and corporate governance measures to help businesses affected by the coronavirus (Covid-19) pandemic. These measures are expected to be included in the Corporate Insolvency and Governance Bill (Bill). It is necessary to have specific provisions in the Bill for the financial services sector in order to protect consumers and financial stability. These provisions will help to ensure that the UK’s existing special insolvency regimes for financial sector firms remain effective, and that financial market participants have the legal certainty so that financial markets function effectively.
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Regulators set rules for Greater Bay Area
The Standard, 14 May 2020
The People's Bank of China, along with other financial and foreign exchange regulators, published a list of guidelines yesterday aimed at connecting financial markets and services in the Greater Bay Area, supporting cross-border facilities in the region. The central bank said it would support Hong Kong in developing more risk management tools in offshore yuan and commodities markets, pilot cross-border private equity investments and explore setting up a futures exchange in Guangzhou and an international commercial bank to serve the area.
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