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

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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 |
Freya Mareels |
Wim Dedecker |
19/05/2020 |
The Supplementary Pensions Commission has analysed the draft Royal Decree on the maintenance of the accrual of retirement pension and of insurance coverage linked to the occupational activities of salaried workers during temporary unemployment as a result of COVID-19 and the accompanying report to the King. The result of this analysis is set out in the Commission’s Opnion No. 39 (available in French or Dutch only). The text of the draft Royal Decree has now been incorporated as Chapter 3 into the Law of 7 May 2020 containing exceptional measures taken in the context of the COVID-19 pandemic with respect to pensions, supplementary pensions and other supplementary social security benefits. |
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19/05/2020 |
Change of Extraordinary RFR/EDA productions from weekly to two-weekly frequency |
EIOPA will continue carrying out extraordinary calculations on a two-weekly basis (instead of a weekly basis as previously carried out) to monitor the evolution of the relevant risk-free interest rate term structures and the symmetric adjustment to equity risk. EIOPA is publishing this information in order to support insurance and reinsurance undertakings in the monitoring of their solvency and financial position. |
18/05/2020 |
EIOPA has published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data. The results of the Risk Dashboard show that the risk exposures of the EU insurance sector increased as the outbreak of Covid-19 strongly affected the lives of all European citizens with disruptions in all financial sectors and economic activities. Macro and market risks indicators deteriorated in March 2020, moving from high to very high level. The following expectations have been set out with respect to the insurance sector:
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19/05/2020 |
The ECB has published the results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets. The survey sets out the following findings:
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