Regulatory Alerts2020-04-29
Joint Communication 3 of 2020: Proposed Implementation Dates for Regulatory Frameworks Amid COVID-19
The Prudential Authority and Financial Sector Conduct Authority have published revised implementation dates for key regulatory frameworks to mitigate the operational and financial strain of the COVID-19 pandemic on local financial institutions. The authorities propose delaying the Margin Requirements to the first quarter of 2021 and moving the Significant Owners standard to November 2020, while maintaining original publication schedules for the CCP Application Form and Recovery Plans. These adjusted timelines provide industry certainty and allow financial institutions adequate time to allocate resources for compliance with the upcoming joint regulatory standards.
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