Search
Web
Site
Search
Close
Login
JOIN AFME
Login/Register
About Us
About Capital Markets
AFME Annual Review
Board
Careers
Women in finance charter
Introducing AFME
Our People
Privacy Policy
Subscribe to mailing lists
Sign up now
Divisions and committees
Accounting
Capital and Risk Management
Systemic Risk and Macro-Prudential Regulation
Sustainable Risk Management
Economic Capital Management and Supervision
Prudential Regulation
Recovery and Resolution
Commodities
Compliance
Covered Bonds
Credit
Equities Trading
Equity Capital Markets
Foreign Exchange
Frankfurt Office
Frankfurt Office (German)
High Yield
Post Trade
AFME Due Diligence Questionaire 2025
Primary Dealers
Public Policy and Advocacy
Research
Securitisation
Sustainable Finance
Tax/VAT
French FTT protocol
Italian FTT Equities Indemnity Protocol
Italian Derivative FTT
Spanish FTT – Indemnity Protocol
Technology & Operations
Key issues
Basel 3.1 (UK)
Brexit
CMU
CSDR
CSDR Model Contractual Provisions
CRR3
Digital Finance
Financial Crime
Financial Transaction Tax
Fixed Income
IBOR Transition
Insolvency Reform
MIFID
Consolidated Tape
Equity Market Structure
NPLs
Securitisation
Sustainable Finance
T+1
Publications
Briefing Notes
Capital Markets Union Key Performance Indicators
Consultation Responses
Data Research
Reports
Subscribe to mailing lists
Sign up now
Resources
Glossary
Industry Guidelines
Standard Forms and Documents
Videos
Subscribe to mailing lists
Sign up now
News
AFME Press policy
Press Releases
Views from AFME
GFMA Weekly Updates
Letters
Speeches
Subscribe to mailing lists
Sign up now
Events
AFME Events Calendar
Past Events
Contact us
Supported Events
Subscribe to mailing lists
Diversity
Webinar Recordings
Membership
Join AFME
FAQS
Foreign Exchange Membership
Members Directory
Register for AFME Members newsletter
Policy webinars and members-only webinars
Back
Home
COVID-19
Share this page
Close
COVID-19
A summary of AFME coronavirus-related capital markets, compliance and prudential advocacy as well as official-sector pronouncements.
COVID-19 has had significant implications for our members globally with many having to focus resources on managing business continuity issues. AFME is working together with our members and regulators to ensure that markets remain well-functioning and liquid in light of the market impact of COVID-19. We are continuing to monitor developments and below is an overview of the most recent regulatory decisions and AFME responses where relevant. If your questions cannot be answered here, please do not hesitate to contact our press team.
Content Highlights
Collapse
Expand
AFME COVID-19: Risk Assessment
To listen to our
Markets, Compliance and Prudential audio updates, visit our Podcast page.
AFME published a research note on the
Impact of COVID-19 on European Capital Markets: Market Update
(14 July).
This follows a report on the
“Initial impact of COVID-19 on Europe’s capital markets”
(21 April).
Markets
Collapse
Expand
Offical Sector announcements:
Bilateral margining requirements:
On 4 May, the ESAs
published
draft RTS to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements.
MiFID II compliance
: On 6 May, ESMA issued a
statement
on risks for retail investors in the current market environment and reminding investment firms of key conduct of business obligations when servicing retail clients.
UK announcements
: On 7 May, the BoE and PRA issued
announcements
regarding flexibility on resolution requirements, the effective removal of Pillar 2A capital requirements and a general statement on prioritisation in light of COVID addressing issues including climate change and LIBOR transition.
Compliance
Collapse
Expand
Tracker document
providing an overview of selected announcements from markets authorities at European and national level
-
updated April 21
Overview of statements
from authorities on financial crime risks in the pandemic
-
updated April 24
Letters
Joint letter to EC on DAC6 deferral
20 April 2020
Joint industry letter on withholding tax challenges
20 April 2020
Prudential regulation & supervision; recovery & resolution
Collapse
Expand
AFME is working with official sector authorities to ensure that its members can continue to support their clients during these challenging times.
The EBA, ECB, FSB, the SRB and BoE/PRA have already issued a number of helpful clarifications and guidance which can be found here:
Tracker Document -
Statements and actions currently undertaken by the official sector with respect to prudential requirements.
(Updated - 28 August)
Blog:
Is Europe doing too little too late again?
European authorities have made changes to help give banks enough capacity to support their customers in light of COVID-19, but have these changes gone far enough? Michael Lever, Head of Prudential regulation at AFME, is author of a piece that discusses this topic.