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COVID-19 - Impact on Financial Sector - 2 April 2020

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02/04/2020

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

 

1/04/2020

Covid 19: Beware of fraudulent investment offers and the scams on social networks

The FSMA warns investors against scammers spreading through social media, false investment offers, for instance offers of cryptocurrencies, binary options and forex trading/CFDs, 'investment wines', offers of portfolio management agreements and credit offers.

1/04/2020

Expectations regarding dividend distribution policy in the context of the management of the coronavirus (COVID-19)

This Communication sets out the expectations of the NBB regarding the dividend distribution policy of credit institutions and groups of credit institutions that are under the direct supervision of the NBB, in light of the measures recently adopted by the ECB to manage the impact of the coronavirus on the economy and to ensure that credit institutions can continue to fulfil their role in financing households and companies.

1/04/2020

Insurance - new COVID-19 reporting and extension of OneGate and eCorporate due dates

The NBB published the circular NBB_2020_08 for the attention of the insurance and reinsurance sector, containing the new COVID-19 reporting and two communications NBB_2020_09 and NBB_2020_010 concerning the OneGate and eCorporate platforms, deferring in time the date of collection of certain quantitative and qualitative reports expected from insurance and reinsurance companies as well as certain reports expected from the authorized auditors.

1/04/2020

EIOPA urges insurers and intermediaries to continue to take actions to mitigate the impact of Coronavirus/COVID-19 on consumers

With this statement, EIOPA urges insurers and intermediaries to consider a number of different actions, taking into account developments relating to the Coronavirus/COVID-19 outbreak, amongst others : 

  • Providing clear and timely information to consumers;
  • Keeping consumers informed about contingency measures that have been put in place;
  • Continuing to apply product oversight and governance requirements; and
  • Exercising flexibility in the treatment of consumers where reasonable and practical.


Copyright - Please do not quote without permission. Please note that this alert is not a legal advice.