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COVID-19 - Impact on Financial Sector - 15 May 2020

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15/05/2020

Please find below a summary of COVID-19 developments relevant to our clients; these alerts are dedicated to following up on the financial  regulators’ responses to the crisis. We have also created a COVID-19 Resource Center to offer legal and business insights as this crisis continues to evolve. We wish you and your loved ones well.

If you have any questions please feel free to contact: 

Tom Van Dyck
+32 475 90 90 91
t.vandyck@liedekerke.com

Freya Mareels 
+32 475 25 11 50
f.mareels@liedekerke.com

Wim Dedecker
+32 491 36 03 99
w.dedecker@liedekerke.com

 

15/05/2020

COVID-19: Council reaches political agreement on temporary support to mitigate unemployment risks in an emergency (SURE)

As part of its emergency support package to tackle the economic impact of the COVID-19 crisis, the EU is setting up a temporary instrument to help workers keep their jobs during the crisis.

EU ambassadors reached a political agreement on SURE, a temporary scheme which can provide up to €100 billion of loans under favourable terms to member states. The instrument will enable member states to request EU financial support to help finance the sudden and severe increases of national public expenditure, as from 1 February 2020, related to national short-time work schemes and similar measures, including for self-employed persons, or to some health-related measures, in particular at the work place in response to the crisis.

SURE is one of the three safety nets, worth €540 billion, for jobs and workers, businesses and member states, agreed by the Eurogroup on 9 April 2020. EU leaders endorsed the agreement on 23 April and called for the package to be operational by 1 June 2020.

     
15/05/2020

Newsletter: continuous training during the corona crisis

Since 1 January 2020,  intermediaries in the insurance sector have to obtain 15 additional training points. The training period goes from three year to one. The number of training points to be obtained has also been adjusted.

The FSMA is well aware that the corona crisis has a major impact on the number of available training courses and the possibility to follow them. Therefore, it now took initiatives to extend the training periods on a regulatory level. As soon as there are concrete measures, the FSMA will notify the sector.

     
14/05/2020

ESMA supports esrb actions to address covid-related systemic vulnerabilities

 

ESMA has published a statement supporting the recommendations issued by the General Board of the European Systemic Risk Board (ESRB) on 6 May 2020, in which it expresses its support to the ESRB Recommendation.  This Recommendation is part of a set of actions to address the Coronavirus emergency from a macroprudential perspective and suggests that relevant NCAs across Europe, coordinated by ESMA, undertake focused supervisory engagement with investment funds that have significant exposures to corporate debt and real estate.


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