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The EU banking package was adopted on May 20, 2019 by way of two directives (the Capital Requirements Directive V (CRD V) and the Bank Recovery and Resolution Directive II (BRRD II)) and two regulations (the Capital Requirements Regulation II (CRR II) and the Single Resolution Mechanism Regulation II (SRMR II)).
On April 8, 2020 the Financial Conduct Authority (FCA) announced a package of measures intended to assist companies to raise new share capital in response to the coronavirus crisis, whilst retaining an appropriate degree of investor protection.
HM Treasury and the Bank of England have provided further operational details and pro forma documentation in relation to the COVID-19 Corporate Financing Facility (CCFF).
The recent measures introduced across Europe to deal with the COVID-19 pandemic have led to volatility in the public equity markets which exceed even that of the global financial crisis in 2008/9
In this article, we consider the measures that PFI contractors are being asked to adopt, give our view on the practical steps PFI contractors (and their private sector counterparties) should take in response and consider the legal effect of the IPA Guidance Note and any steps taken by the parties as a consequence of it.
In a further response to the COVID-19 (coronavirus) crisis, the European Central Bank (ECB) has launched a €750 billion Pandemic Emergency Purchase Programme (PEPP).
The developing COVID-19 crisis has triggered extreme stock market falls and volatility, dislocation of normal economic and social activity and mounting concern for the health of the global economy.
In light of mounting concerns about COVID-19, aka the coronavirus, the Financial Industry Regulatory Authority (FINRA) recently published FINRA Regulatory Notice 20-08 – Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief.
Significant volume of material published by the UK regulators, the four key headlines.
Industry:
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