Coronavirus - Legal Implications: Compliance with Regulators and Supervisors

[This article is part of a guide by Morais Leitão dedicated to the legal implications of the - at the time - new coronavirus.]

The capital markets’ supervisory authorities have been closely monitoring the spread of COVID-19 and have recently made a statement on a number of relevant topics.

On one han, ESMA issued recommendations on the financial market, in particular on business continuity plans, market disclosure, financial reporting and fund management.

On 20-03-2020, and following ESMA decisions and recommendations, CMVM issued a statement detailing specific decisions and recommendations on COVID-19, of which we also highlight the operationalisation and adjustment of continuity plans, the fulfilment of all legal and regulatory duties and the intensification of contacts with the CMVM by the entities under its supervision.

On other hand, EIOPA, in Europe, and the ASF, in Portugal, have already issued recommendations with a view to guiding the actions of insurance market operators (more specifically, insurers) within the context of the COVID-19 outbreak. The European Central Bank and the Bank of Portugal also announced further measures to ensure that its directly supervised banks can continue to fund the real economy amid the contingency framework caused by the outbreak of COVID-19.

Topic covered:

• Legal and regulatory reports to supervisory authorities
• Obtaining information related to the 2020 financial year and enhanced reporting
• CMVM and ESMA decisions and recommendations
• Obligations and acts before regulators/supervisors in the insurance sector
• Obligations and acts before regulators/supervisors in the banking sector

For more information, please download the document below.