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Liberated issuers will still have to follow European regulations if they want to sell in EU
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Established, well-known corporates could be among the first to use new regime
An accurate picture of liquidity could help London compete for listings
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In this round-up, countries around the world have confirmed 14,641 deaths from Covid-19 infections, the coronavirus epicentre of Wuhan is gradually loosening its lockdown, and the New Development Bank is giving China its largest loan. -
The Bank of England said on Friday morning that UK banks should not treat coronavirus-impacted exposures as impaired assets under IFRS 9 accounting standards, as it unveiled new guidance around the impact of the pandemic.
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International banks are at risk of depleting their capital reserves as they try to keep credit flowing to companies through the coronavirus crisis. Governments and regulators have already responded, but the sector is screaming out for more work to be done to ease the burden of complying with stringent accounting and supervisory rules, reports Tyler Davies.
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The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.
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Prominent short sellers have criticised European financial regulators’ clampdown on short selling as being counterproductive. Meanwhile, US hedge fund Bridgewater Associates has been unwinding its multibillion short positions in European stocks, after price falls across indices on the continent in recent days.
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European banking supervisors are looking into ways to help banks offset the impact that rising credit risks will have on their capital levels, with the industry heaping criticism on the IFRS 9 accounting standard for making the coronavirus crisis even worse than it should be.
