Share on LinkedInShare on LinkedIn

ARTICLE · 06 APRIL 2020

What Are The Risk And Regulatory Issues?

The COVID-19 outbreak brings into play a number of important regulatory requirements of which financial institutions need to be mindful.

CanadaCoronavirus (COVID-19)

The COVID-19 outbreak brings into play a number of important regulatory requirements of which financial institutions need to be mindful. These include the FCA's Principles for Businesses, the PRA's Fundamental Rules, the Threshold Conditions in the Financial Services and Markets Act 2000 and the FCA's rules and guidance in the Senior Management Arrangements, Systems and Controls sourcebook.

The regulatory requirements concerning operational resilience have, in particular, been brought into even sharper focus. Financial institutions are reviewing the consultations that both regulators issued before Christmas. A key component of the operational resilience piece is outsourcing and third-party risk management, particularly as financial institutions are increasingly reliant on technology provided by third parties. Again the regulators are currently consulting on updating their rules.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

About Norton Rose Fulbright Canada LLP

Norton Rose Fulbright is a global law firm. We provide the world's preeminent corporations and financial institutions with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Recognized for our industry focus, we are strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.

Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact.

For more information about Norton Rose Fulbright, see nortonrosefulbright.com/legal-notices.

Law around the world
nortonrosefulbright.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See more popular content from