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COVID-19 - Impact on Financial Sector - 6 Ocrober 2020


Please find below a summary of  COVID-19 developments of last week (28/9 until 2/10 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
+32 475 90 90 91 

Freya Mareels 
+32 475 25 11 50

Wim Dedecker
+32 491 36 03 99



 Financial Market Infrastructures and Payment Services Report 2020


The NBB’s Financial Market Infrastructures and Payment Services Report aims to provide a comprehensive overview of the NBB’s oversight and supervision of the financial market infrastructures, custodians, payment service providers, critical service providers and card payment processors headquartered in, or relevant for, Belgium. This Report also gives an initial picture of FMIs’, payment service providers’ and critical service providers’ resilience during the COVID-19 crisis. The NBB concluded that most of them were well prepared to deal with extreme scenarios and could smoothly switch to BCP arrangements such as wide-scale home working for staff. In section 5 of the Report, the NBB gives an initial overview of emerging practices for pandemic resilience.




 The recovery in operating turnover stalled in September


Belgian companies currently estimate their turnover to be 14% lower than normal, which is about the same figure as in the survey at the end of August. This means that the slow and incomplete recovery in turnover in recent months has now come to a complete standstill. Companies also expect almost no further improvement in 2021. 




 EIOPA sets up its key priorities in the light of the pandemic  

In this Single Programming Document, EIOPA has set out the actions it intends to undertake for the period 2021-2023 in order to deliver on its four strategic objectives: (i) Driving forward conduct of business regulation and supervision to the benefit of consumers, (ii) Leading supervisory convergence to ensure high-quality prudential supervision across Europe, (iii) Strengthening financial stability of the insurance and occupational pension sectors and (iv) Continuing to deliver our mandate effectively and efficiently while remaining adaptable to new priorities. Particular focus points shall be COVID-19 crisis management, risk mitigation, active support to the recovery of the European economy and consumer protection. 



 Financial sector reaches out to the government to work together to restore the economy  

Febelfin and Assuralia have issued a new political memorandum in which they reach out to the government and stipulate their wish to become a partner in the sustainable recovery of the economy after the COVID-19 crisis. The sector wants to commit itself in a permanent way to a constructive cooperation with the government. The banks and insurance companies want to contribute to the sustainable recovery of the economy and society. The financial sector therefore cherishes the hope that the government will give it room to carry out this constructive task.