On 17 March 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published a statement on actions to mitigate the impact of COVID-19 on the EU insurance sector. EIOPA has been monitoring the evolving COVID-19 position in close cooperation with other European supervisory authorities and the European Systemic Risk Board.
Insurance & Reinsurance
The Cabinet Office has published a Procurement Policy Note for contracting authorities responding to the COVID-19 outbreak. This note highlights how contracting authorities can utilise existing provisions of the Public Contract Regulations 2015 (PCR 2015) in ensuring they have the necessary goods and services at this time.
COVID-19 Belfast
The Central Bank announced on 18 March 2020 that it is effectively releasing the counter cyclical capital buffer that banks which are prudentially regulated by the Central Bank are required to hold.
COVID-19
Recent news reports have detailed the difficulties many companies are experiencing in response to the COVID-19 outbreak. Whilst the NI Finance Minister and the Chancellor have promised a raft of measures to assist companies – the logistics of which are still unclear.
COVID-19 Belfast
COVID-19 is presenting unique and unprecedented challenges for employers who have to grapple with often complex HR and data protection related issues in a rapidly escalating crisis. Employers are anxious to ensure continuity of their business, the health and safety of their employees and compliance with data protection obligations where these arise. Our Employment and Data Protection teams have be
COVID-19ESMA issued a decision temporarily requiring the holders of net short positions in shares traded on an EU regulated market to report positions of 0.1% and above. Net short positions holders must notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision.
Asset Management & Investment Funds
Some businesses in Ireland, the UK and various European Union member states may require State Aid and State support to deal with the current crisis.
COVID-19
On 13 March 2020, the European Commission found as being compatible with EU state law a €12m/DKK 91m scheme operated by Denmark to compensate organisers of events for loss or damage caused by cancellations of large public events due to the COVID-19/Coronavirus outbreak.
COVID-19
As countries continue to respond to the coronavirus (Covid-19) pandemic, employers are understandably under pressure to ensure they protect their employees, react appropriately and ensure steps taken are in line with national guidance. The UK has announced that it has moved from phase 1 "containment" to phase 2, seeking to "delay" the peak of the outbreak.
COVID-19 Belfast
On 4 March 2020 the Central Bank (CBI) issued a statement on COVID-19 indicating that it is monitoring developments closely to assess the impact on the economy and financial system. The short statement also sets out the Central Bank's expectation that regulated firms should have appropriate contingency plans in place to deal with major operational events, should they occur.
Asset Management & Investment Funds
In this, our third bulletin on employment matters related to coronavirus (COVID-19), we focus on the news just announced that the rules on illness benefit will be amended, which will include enabling employees to benefit from state illness benefit earlier than would be the case in normal circumstances.
COVID-19
On 25 February 2020 the Central Bank published a 'Notice of Intention' which proposed the addition of a number of new roles to the list of pre-approval controlled functions (PCFs) under the Central Bank's Fitness and Probity Regime.
Asset Management & Investment Funds
