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COVID-19 - Impact on Financial Sector - 5 May 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



Arrêté ministériel pris en exécution de l'article 8, § 2, de l'arrêté royal du 14 avril 2020 portant octroi d'une garantie d'état pour certains crédits dans la lutte contre les conséquences du coronavirus visant à établir la procédure de demande de dérogation du montant visé à l'article 8, § 1er, 1°  / Ministerieel besluit ter uitvoering van artikel 8, § 2, van het koninklijk besluit van 14 april 2020 tot toekenning van een staatswaarborg voor bepaalde kredieten in de strijd tegen de gevolgen van het coronavirus, met het oog op de vaststelling van de procedure voor het aanvragen van een afwijking van het bedrag bedoeld in artikel 8, § 1, 1°

The Ministerial Decree sets out the procedure allowing lenders who hold credits of more than 50 million euros to benefit from the state guarantee in compliance with Article 8, § 2 of the Royal Decree of 14 April 2020.


ESAs joint RTS on amendments to the bilateral margin requirements under emir in response to the COVID-19 outbreak

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a joint draft Regulatory Technical Standards to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared OTC derivatives (bilateral margining), under the European Markets Infrastructure Regulation, to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements.


EBA publishes final draft technical standards on specific reporting requirements for market risk

EBA published today its final draft Implementing Technical Standards (ITS) on specific reporting requirements for market risk.

The specific reporting requirements for market risk include a thresholds template, providing insights into the size of institutions’ trading books and the volume of their business subject to market risk, and a summary template, reflecting the own funds requirements under the alternative standardised approach for market risk (MKR-ASA). At a later stage, and in line with the mandate of Article 430b of the amended Capital Requirements Regulation, these reporting requirements will be complemented with details on the own funds requirements under the MKR-ASA and the alternative internal model approach.

The ITS are expected to apply from September 2021.

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