Coronavirus (COVID-19)

This Overview is a guide to the Financial Services content on the coronavirus (COVID-19) pandemic, with links to appropriate materials.

In response to coronavirus, UK and EU regulators (among other, the Financial Conduct Authority (FCA), the Bank of England (BoE) and the European Supervisory Authorities (ESAs)) have taken steps to support regulated firms, their customers, financial stability and the functioning and integrity of financial markets. Regulatory, supervisory and prudential measures and guidance are evolving and have focused on key areas, including:

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business contingency planning and operational risk management
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financial support for businesses and households
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financial services ‘key workers’ (whose children can remain in school)
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global fiscal and health response
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market disclosures
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financial reporting
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relaxed prudential requirements,

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Latest Financial Services News

ECB publishes opinion on proposed amendment to CSDR for shorter EU settlement cycle

The European Central Bank (ECB) has published an opinion regarding a proposal to amend the Central Securities Depositories Regulation (EU) 909/2014 (CSDR) to shorten the settlement cycle for certain transactions in transferable securities from two business days to one business day after the trade date (T+1), as requested by the Council of the EU and the European Parliament. The ECB supports this change, highlighting that fast, efficient, and reliable settlement is crucial for developing the Savings and Investments Union and improving post-trade process efficiency and resilience. The ECB's opinion emphasises that this reform would align the EU with other major global jurisdictions that have implemented similar changes.

ESMA issues update on bond CTP preparations

The European Securities and Markets Authority (ESMA) has published a statement urging market participants to prepare for the start of the activities of the Consolidated Tape Provider (CTP) for bonds. ESMA expects the European Commission to adopt its December 2024 draft technical standards without substantial changes and encourages market participants to use these standards for preparation. ESMA also provides an update on timing with regards to CTP selection which began in January 2025 and which it now expects to conclude by July 2025.

FCA publishes updated UK List of Exempted Shares under Short Selling Regulations

The Financial Conduct Authority (FCA) has updated its webpage on the notification and disclosure of net short positions. The updates include an updated UK List of Exempted Shares, which applies to all positions effective from 1 April 2025, following the second stage of its biannual review. The webpage also mentions the publication of the final Short Selling Regulations 2025 in January 2025 which set out high level requirements for the new UK short selling regime. The FCA says that certain aspects of the regulation will be implemented once the new rules are finalised and it has made any necessary technical and operational changes. The FCA aims to consult on the new short selling rules in Q3 2025.

FCA publishes submissions in Supreme Court motor finance appeal

The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282 to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.

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