Banking & Financial Services updates

Austria

Contributed by Schima Mayer Starlinger
COVID-19 pandemic and banking in Austria – lessons learned?
  • Austria
  • 14 July 2020

A significant part of Austria's COVID-19 subsidy programme was structured as government guarantees for bridging loans to be granted by banks to provide the economy with liquidity. Now, less than three months after the start of the programme, small and medium-sized enterprises regard this approach as disastrous, with many complaining that the granting of loans has been slow and cumbersome, despite the state guarantee, if a loan has been granted at all.


Cayman Islands

Bank regulatory update
  • Cayman Islands
  • 14 July 2020

The COVID-19 pandemic has triggered a number of operational and administrative challenges across the global legal and economic landscape. This article summarises some of the latest developments and the key issues relevant to financial institutions with legal and regulatory links to the Cayman Islands, including the validity and enforceability of electronic signatures and the Cayman Islands advisory on anti-money laundering and countering the financing of terrorism compliance.


Croatia

Contributed by Macesic & Partners
Additional banking measures introduced to tackle COVID-19 crisis
  • Croatia
  • 14 July 2020

During and following the peak of the COVID-19 crisis in Croatia, the government launched three packages of measures to mitigate the lockdown's effects on the economy. Since a large number of businesses remain far from recovery and their liquidity in the upcoming period is questionable, new types of financing option and support from the Croatian Bank for Reconstruction and Development are being introduced.


Switzerland

Contributed by Meyerlustenberger Lachenal
FINMA brings more clarity to transition regimes for financial service providers
  • Switzerland
  • 14 July 2020

The new Financial Services Act and Financial Institutions Act came into force on 1 January 2020 together with their implementing ordinances. These laws oblige the Swiss Financial Market Supervisory Authority to license several new bodies, such as supervisory organisations responsible for supervising portfolio managers and trustees, as well as registration bodies responsible for maintaining client advisory registers.


USA

Contributed by Shearman & Sterling LLP
ARRC announces best practices for completing LIBOR transition
  • USA
  • 14 July 2020

The Alternative Reference Rates Committee (ARRC) recently published best practices for completing the financial industry's transition away from the US dollar London Interbank Offered Rate (USD LIBOR). With 19 months remaining before the anticipated cessation of USD LIBOR at the end of 2021, the ARRC's recommendations should provide market participants with further guidance as they continue to prepare for the transition.