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COVID-19 - Impact on Financial Sector - 26 March 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

Freya Mareels 
+32 475 25 11 50

Wim Dedecker
+32 491 36 03 99



Draft Bill authorising the King to provide a State guarantee for certain credits in the fight against the effects of the coronavirus and amending the Act of 25 April 2014 on the status and supervision of credit institutions and listed companies

Following the agreement concluded with the Belgian financial sector on 22 March 2020, this draft Bill empowers the King to grant a State guarantee for certain credits granted by credit institutions under Belgian law or by branches in Belgium of credit institutions under foreign law.

In addition, the King is given the power to determine the conditions under which these State guarantees are granted to institutions. The total amount of the guaranteed credits may not exceed the total amount of EUR 50 billion.


ESMA clarifies position on SFTR backloading

ESMA has issued a revised version of its Public Statement on coordinated supervisory actions on the application of the SFTR (as published on 19 March 2020) in order to clarify that ESMA expects competent authorities not to prioritise their supervisory actions towards counterparties, entities responsible for reporting and investment firms in respect of their reporting obligations pursuant to SFTR or MIFIR, regarding the SFTs concluded between 13 April 2020 and 13 July 2020, and SFTs subject to backloading under the SFTR. Moreover, ESMA has clarified that it does not consider it necessary to register any TR ahead of 13 April 2020.

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