
NEWS
COVID-19 - Impact on Financial Sector - 29 july 2020

Related Lawyer(s)
Please find below a summary of COVID-19 developments of last week (20/7 until 24/7 included); 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 |
24/07/2020 |
Coronavirus response: How the Capital Markets Union can support Europe's recovery |
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In response to the coronavirus crisis, the EC has proposed the following amendments under the Capital Markets Recovery Package:
(2) Amendments to MiFID II
(3) Amendments to the securitisation rules (4) Amendments to Benchmarks Regulation |
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22/07/2020 |
The FSMA asks various insurers to update the information on their sites concerning trip cancellation insurance |
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The FSMA has requested several insurance companies to adapt information published on their website relating to the exclusions from coverage of claims linked to an epidemic, pandemic or quarantine. Several insurers had recently adapted the terms and conditions of their insurance policies or inserted mentions on their website stating the exclusion of coverage of epidemic, pandemic and quarantine claims. Such references could discourage some clients from calling on their insurance, and may also constitute misleading or inaccurate information. The concerned insurance companies have corrected the information stated on their websites following the FSMA’s request.. |
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21/07/2020 |
EBA publishes overview of public guarantee schemes issued in response to the Covid-19 pandemic |
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EBA has published a list of the 47 public guarantee schemes which have been issued in response to the COVID-19 pandemic. The list clarifies whether the scheme is targeted to new lending or to existing exposures, the type of obligors or exposures covered by the scheme, as well as the level of coverage of exposures by the guarantee. |
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21/07/2020 | ||
In its Supervisory Statement, EIOPA has pointed out the significant differences in the way that national schemes in the area of credit insurance are implemented through the European Commission Temporary Framework for state aid measures to support the economy in the current COVID-19 outbreak. To ensure a level playing field and consistent treatment of schemes with the same economic consequences as reinsurance, EIOPA outlines in its Statement a number of supervisory recommendations for national competent authorities. | ||
17/07/2020 |
Ultra-low yields and COVID-19 crisis significantly affecting the European insurance sector |
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EIOPA has published a report on the impact of ultra-low yields on the insurance sector, including the first effects of the COVID-19 crisis. Insurers are significantly challenged in terms of asset allocations, profitability, solvency and business model adaption. The following impacts and evolutions have been identified in the report:
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