Global Financial Regulatory Blog

Category Archives: Capital and Liquidity

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EU Short-selling Bans Lifted

While regulators in the EU have lifted the temporary COVID-19-related short-selling bans, they will monitor the markets and impose further restrictions if required. By Carl Fernandes and Sherryn Buehlmann Regulators in Austria, Belgium, France, Greece, Italy, and Spain announced that the temporary short-selling bans imposed in those jurisdictions expired on 18 May 2020 at 11.59pm. … Continue Reading

Navigating Debt Repurchases in Europe: What You Need to Know

Key issues that typically arise in connection with debt repurchase programs. By Rob Moulton and Anna Lewis-Martinez Market shifts often lead companies and their affiliates to actively consider debt repurchases. Important legal considerations include: contractual restrictions; potential disclosure obligations; listing implications; the impact of tender offer rules; consequences of debt purchase transactions; how debt purchase … Continue Reading

Federal Reserve Provides Additional Resources for Financial Markets Participants

Further economic measures provide support for small and mid-sized businesses, as well as state and local economies facing pandemic hardships. By Alan W. Avery, Pia Naib, and Deric Behar The Federal Reserve, in its continuing efforts to safeguard financial markets, provide stability to the financial system, and support the flow of credit in the economy, … Continue Reading

FCA Announces Additional Primary Market Measures to Support Listed Companies

The package combines temporary policy interventions and existing options to help companies raise new share capital during the COVID-19 crisis. By Chris Horton, James Inness, Rob Moulton, and Anna Lewis-Martinez On 8 April 2020, the FCA published a Statement of Policy and related technical supplements aimed at helping companies to raise new share capital during … Continue Reading

US Federal Banking Agencies Introduce Further Measures to Address Continuing COVID-19-Related Risks

The three US federal banking agencies continue to take additional steps to promote the functioning of the financial system in the face of the pandemic. By Alan W. Avery, Pia Naib, and Deric Behar The three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit … Continue Reading

COVID-19: PRA Welcomes Suspension of Dividends, Share Buybacks, and Cash Bonuses

Seven of the largest systemically important UK deposit-takers to suspend dividends and share buybacks and to cancel payments of any outstanding 2019 dividends. By Rob Moulton and Anna Lewis-Martinez On 31 March 2020, the PRA published a statement on deposit takers’ approach to dividend payments, share buybacks, and cash bonuses in response to COVID-19. The PRA … Continue Reading

Impact of COVID-19 on French M&A Transactions, French Listed Companies and High Yield Issuers, and French Law Governed Contracts

In three recent Client Alerts, Latham & Watkins lawyers examine how government measures to fight COVID-19 may affect French M&A transactions, key questions for French listed companies and high yield issuers, and how companies can respond to the impact on their current French law contracts. By Latham’s Mergers & Acquisitions, Capital Markets, and Litigation & … Continue Reading

FCA Indicates LIBOR Transition Deadline Will Not Be Extended Due to COVID-19

The FCA, the Bank of England, and members of the Working Group on Sterling Risk-Free Reference Rates have stated that firms should still plan for the transition away from LIBOR at the end of 2021. By Becky Critchley, Jonathan Ritson-Candler, and Anna Lewis-Martinez On 25 March 2020, the Financial Conduct Authority (FCA), after discussions with … Continue Reading

US Federal Banking Agencies Introduce Additional Measures to Address COVID-19-Related Risks

The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. By Alan W. Avery and Pia Naib The three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office … Continue Reading

Bank of England Announces Measures to Address Challenges of COVID-19

The regulator is taking immediate supervisory and policy measures to help support banks, insurers, and financial market infrastructures. By Rob Moulton and Charlotte Collins The Bank of England and the Prudential Regulation Authority (PRA) have announced a number of measures aimed at alleviating operational burdens on PRA-regulated firms, and Bank-regulated financial market infrastructures (FMIs), in … Continue Reading

US Federal Banking Agencies Introduce Measures to Protect US Financial System Against COVID-19-Related Risks and Assist Consumers Affected by COVID-19

The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic. By Alan W. Avery and Pia Naib During the course of this week, the three US federal banking agencies — the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance … Continue Reading
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