IOPS Members measures taken to address the COVID-19 crisis
Supervisory authorities from around the globe are taking action, providing guidance and recommending measures to help address the collective challenge caused by the COVID-19 pandemic that is affecting all countries in 2020.
We are sharing below, as we receive them, information from IOPS members and other relevant supervisory authorities in response to the current situation, to help financial institutions and consumers from the private pension sector to face the consequences of this major crisis.
You may also read the IOPS statement on pension supervisory actions to mitigate the consequences of the Covid-19 crisis, published on 26 May 2020.
Australia:
- Announcements in response to COVID-19, APRA, www.apra.gov.au/news-and-publications?tags%5B255%5D=255
- COVID-19: APRA's approach to licensing, www.apra.gov.au/covid-19-apra%E2%80%99s-approach-to-licensing
- Temporary early access to superannuation, https://treasury.gov.au/sites/default/files/2020-05/Fact_sheet-Early_Access_to_Super.pdf
- Reporting requirements for superannuation entities, APRA, www.apra.gov.au/reporting-requirements-for-superannuation-entities
- ASIC and APRA letter to superannuation trustees on impact of COVID-19, April 2020, https://asic.gov.au/about-asic/news-centre/articles/asic-and-apra-letter-to-superannuation-trustees-on-impact-of-covid-19/
- COVID-19 – Information for superannuation trustees, ASIC, Frequently asked questions, https://asic.gov.au/regulatory-resources/superannuation-funds/covid-19-information-for-superannuation-trustees/
- ASIC grants relief to industry to provide affordable and timely financial advice during the COVID-19 pandemic, https://asic.gov.au/about-asic/news-centre/find-a-media-release/2020-releases/20-085mr-asic-grants-relief-to-industry-to-provide-affordable-and-timely-financial-advice-during-the-covid-19-pandemic/
- COVID-19 Updates, ASIC, https://asic.gov.au/about-asic/news-centre/articles/covid-19-information/
- COVID-19 making financial decisions, ASIC Moneysmart, https://moneysmart.gov.au/covid-19
Austria:
- Current information about COVID-19 measures, FMA, www.fma.gv.at/en/covid-19/
- Press release: FMA warns about a strong increase in fraudulent activities in the financial markets in conjunction with the Corona pandemic, FMA, www.fma.gv.at/en/fma-warns-about-a-strong-increase-in-fraudulent-activities-in-the-financial-markets-in-conjunction-with-the-corona-pandemic/
Belgium:
- Information on COVID 19 to supervised entities and consumers, FSMA, Belgium, www.fsma.be/en/news/covid-19
- COVID-19: information pour les institutions de retraites professionnelles, FSMA, Belgium, www.fsma.be/fr/news/covid-19-information-pour-les-institutions-de-retraite-professionnelle
- COVID-19: Beware of fraudulent investment offers and scams that are circulating on social media, FSMA, Belgium, www.fsma.be/en/warnings/covid-19-beware-fraudulent-investment-offers-and-scams-are-circulating-social-media
Botswana:
- Public Notice - Business Continuity Services During The Coronavirus (Covid-19) Extreme Social Distancing Period, NBFIRA, Botswana, www.nbfira.org.bw/public-notice-business-continuity-services-during-coronavirus-covid-19-extreme-social-distancing
Bulgaria:
- FSC annoucement in connection with COVID-19, FSC, Bulgaria, www.fsc.bg/en/news/fsc-announcement-in-connection-with-covid-19-9776.html
Canada:
- COVID-19 Measures Taken By Pension Regulators Across Canada Bulletin - Lawson Lundell LLP (Canada) 27 April 2020, (pdf)
- OSFI actions to address issues stemming from COVID-19, Office of the Superintendant of Financial Institutions, Canada, www.osfi-bsif.gc.ca/Eng/pp-rr/ppa-rra/Pages/Pen20200327_let.aspx
Chile
- Instructions to the AFPs on the procedure that they must implement so that private home workers (TCP) can qualify for withdrawing funds from compensation savings account, www.spensiones.cl/portal/institucional/594/w3-article-13900.html (Spanish version only)
- Important notice for citizens from the Superintendence of Pensions (SP), www.spensiones.cl/portal/institucional/594/w3-channel.html
- Summary of Covid-19 measures, Pension Regulator, Chile (pdf)
Colombia:
- Press releases from the Financial Superintendence of Colombia (SFC) - pdf, March 2020
- Superfinancial measures during the conjuncture by COVID-19, Financial Superintendence (SFC), Colombia, www.superfinanciera.gov.co/publicacion/10103761 (Spanish version only)
Costa Rica:
- Withdrawal of the Labor Capitalization Fund (FLC) for employees affected by COVID-19, www.jdsupra.com/legalnews/costa-rica-withdrawal-of-the-labor-86251/
Croatia:
- Hanfa will continue adopting measures and issuing recommendations to support business continuity of the financial services sector and contribute to the stability of the financial system, www.hanfa.hr/news/hanfa-will-continue-adopting-measures-and-issuing-recommendations-to-support-business-continuity-of-the-financial-services-secto
- Hanfa issues recommendations to leasing companies with respect to extraordinary situation caused by the coronavirus pandemic and the Zagreb area earthquake, 3 April 2020, www.hanfa.hr/news/hanfa-issues-recommendations-to-leasing-companies-with-respect-to-extraordinary-situation-caused-by-the-coronavirus-pandemic-and-the-zagreb-area-earthquake/
- Hanfa Board bans insurance companies from the payment of dividend and ensures the earnings are retained in Croatia, 26 March 2020, www.hanfa.hr/news/hanfa-board-bans-insurance-companies-from-the-payment-of-dividend-and-ensures-the-earnings-are-retained-in-croatia/
Czech Republic:
- Overview of all CNB measures related to the coronavirus crisis in one place, www.cnb.cz/en/about_cnb/cnb-versus-coronavirus/
Egypt:
- Press Release from the Financial Regulatory Authority: Stress testing results show robust financial position of NBFIs (pdf), 27 August 2020
France:
- ACPF communications in the context of the COVID 19 pandemics, https://acpr.banque-france.fr/communications-de-lacpr-dans-le-contexte-de-la-pandemie-covid-19 (French version)
Germany:
- Covid-19 situation: BaFin information on new developments and key points, www.bafin.de/EN/Aufsicht/CoronaVirus/CoronaVirus_node_en.html
Gibraltar:
- Information from the Gibraltar Financial Services Commission (GFSC) to support firms and consumers during the COVID-19 pandemic, www.gfsc.gi/COVID-19
Guernsey:
- The GFSC's response to COVID-19, www.gfsc.gg/news/category/covid-19
Hungary:
- Executive Circular issued by MNB to pension funds on the risk mitigation measures expected to be taken in the event of coronavirus (COVID-19) spread, Executive Circular 8, issued on 25 March 2020, www.mnb.hu/letoltes/vezetoi-korlevel-a-penztari-szektor-szamara-a-koronavirus-terjedese-altal-okozott-helyzetben-elvart-kockazatmerseklo-lepesekrol.pdf (Hungarian version only)
- Measures and information on the treatment and mitigation of the effects of the COVID-19, The Central Bank of Hungary (MNB), www.mnb.hu/koronavirus (Hungarian version only)
Iceland:
- Statements by the Financial Supervision Committee, Financial Stability Committee, and Monetary Policy Committee of the Central Bank of Iceland due to the COVID-19 pandemic, The Central Bank of Iceland, www.cb.is/publications/news/news/2020/04/08/Statements-by-the-Financial-Supervision-Committee-Financial-Stability-Committee-and-Monetary-Policy-Committee-of-the-Central-Bank-of-Iceland-due-to-the-COVID-19-pandemic/
- Statement by the Financial Supervision Committee on financial supervision priorities during the COVID-19 pandemic, www.cb.is/library/Skraarsafn---EN/News-main-page/Statement_financial_supervision_april2020.pdf
Ireland:
- Covid-19 – Updates from the Pensions Authority, www.pensionsauthority.ie/en/news_press/news_press_archive/covid-19_update_from_the_pensions_authority.html
Isle of Man:
- Financial Services Authority (IOMFSA) response to COVID-19, www.iomfsa.im/covid-19/
Israel:
- Updates regarding the conduct of the corona spread, from the Capital Market Authority, Insurance and Savings Authority, https://mof.gov.il/hon/Pages/Corona_Updates.aspx
Jamaica:
- Public notice COVID-19, FSC, Jamaica, www.fscjamaica.org/fsc-news/news-articles/news-456.html
Kazakhstan:
- Payment of minimum wage from State Social Insurance Fund in Kazakhstan: more than 2 million people received the second payment of "42 500 Tenge", www.gov.kz/memleket/entities/enbek/press/news/details/bolee-2-mln-chelovek-poluchili-vtoruyu-vyplatu-42-500-tenge?lang=en (Kazakh and Russian versions only)
Kenya:
- An exemption from compliance with section 34(4C) of the Retirement Benefits Act has been officially gazetted by the Cabinet Secretary for the National Treasury. Special Issue, Kenya Gazette Supplement n°37, 30 March 2020, www.rba.go.ke/2020/04/04/exemption-from-compliance
- Communique to the Kenya Pension sector in light of Covid-19 outbreak, www.rba.go.ke/download/communique-to-the-kenya-pension-sector-in-light-of-covid-19-outbreak
Maldives:
- Covid19 Impact Assessment Report by Securities Issuers, Capital Market Development Authority (CMDA), https://cmda.gov.mv/portal/public/view/document/CMDA/338
Mauritius:
- Communiques issued by The Financial Services Commission, Mauritius, in response to the Covid-19 crisis: www.fscmauritius.org/en
Mexico:
- Temporary and extraordinary measures to guarantee the execution of essential activities of the AFORE, CONSAR, www.gob.mx/consar/articulos/medidas-temporales-y-extraordinarias-para-garantizar-la-ejecucion-de-actividades-esenciales-en-materia-financiera-de-operaciones-y-atencion-a-trabajadores (Spanish version only)
- Partial retirement for unemployment, www.gob.mx/consar/articulos/retiro-parcial-por-desempleo (Spanish version only)
Netherlands:
- Central Bank of the Netherlands (DNB): Update on COVID-19, www.dnb.nl/nieuws/dnb-nieuwsbrieven/nieuwsbrief-pensioenen/nieuwsbrief-pensioenen-april-2020/index.jsp
North Macedonia:
- Public announcement in response to COVID-19, 29 April 2020, http://mapas.mk/en/?p=5640
- The Agency for Supervision of Fully Funded Pension Insurance – MAPAS ensures the continuity of the operation of the second and third pension pillar by taking active measures for prevention of the COVID 19 virus, http://mapas.mk/en/?p=5642
- Financial regulators have signed a new Memorandum of Understanding on Financial Stability, http://mapas.mk/?p=5926 (in Macedonian only)
Peru:
- SBS measures adopted during the COVID-19, Superintendence of Banking, Insurance and Pension Funds Administrators (SBS), www.sbs.gob.pe/covid-19 (Spanish version only)
- Statement: to Members of the private pension system, SBS, www.sbs.gob.pe/noticia/detallenoticia/idnoticia/2468 (Spanish version only)
- Withdrawal of 25% of pension funds: When temporary damage can become permanent, SBS, www.sbs.gob.pe/boletin/detalleboletin/idbulletin/ (Spanish version only)
Poland:
- Supervisory Stimulus Package for Security and Development to support the capital market, UKNF, www.knf.gov.pl/knf/pl/komponenty/img/SSP_Supervisory_Stimulus_Package_for_Security_and_Development_to_support_the_capital_market_69319.pdf
Portugal:
- Enactment of guidelines and recommendations addressed to pension funds management entities, ASF, www.asf.com.pt/NR/exeres/DA3C0127-02DF-45FA-A945-A2A45D74FD60.htm
Romania:
- "ASF has decided to reduce by 25% all contributions due by the regulated entities, during the establishment of the state of emergency generated by the spread of COVID-19", Press release, https://asfromania.ro/en/press-releases/media-releases/7068-25-percents-minus-for-market-players
- "The decisions adopted by the Board of the Financial Supervisory Authority - 01.04.2020", Press release, https://asfromania.ro/en/press-releases/media-releases/7072-the-decisions-adopted-by-the-board-of-the-financial-supervisory-authority-01-04-2020
- "The decisions taken by the Board of the Financial Supervisory Authority - 08.04.2020", Press release, https://asfromania.ro/en/press-releases/media-releases/7081-the-decisions-of-the-asf-board-08-04-2020
Serbia:
- measures and activities taken by the National Bank of Serbia in order to support people and businesses amid the coronavirus pandemic, www.nbs.rs/internet/english/15/Covid19/index.html
Slovakia:
- Guidelines for supervised entities regarding electronic communication with the NBS, www.nbs.sk/en/financial-market-supervision-practical-info/warnings/warning-list-of-non-authorized-business-activities-of-entities/nbs-information-requests-comments-and-appeals-sent-to-nbs
- Information about legislation, recommendations and other useful information on the measures taken by Slovakia to combat COVID-19, www.korona.gov.sk/en/
South Africa:
- FSCA document on financially distressed employers and employees and requirements of Section 13A requiring submission of urgent rule amendments, www.fsca.co.za/Regulatory%20Frameworks/Temp/FSCA%20COMMUNICATION%2011%20OF%202020%20(RF).pdf
Trinidid and Tobago
- COVID-19 Response from the Central Bank of Trinidad and Tobago, www.central-bank.org.tt/core-functions/supervision/covid-19-response-updates
United Kingdom:
- COVID-19 (coronavirus): what you need to consider, The Pensions Regulator, www.thepensionsregulator.gov.uk/en/covid-19-coronavirus-what-you-need-to-consider
- Avoid pension scams, The Pensions Regulator, www.thepensionsregulator.gov.uk/en/pension-scams
- Pensions and Retirement income: our guidance for firms, Financial Conduct Authority (FCA), www.fca.org.uk/firms/pensions-and-retirement-income-our-guidance-firms
- FCA 2020/21 Business plan, www.fca.org.uk/publications/corporate-documents/our-business-plan-2020-21
Zimbabwe:
- COVID-19 response from the Insurance and Pensions Commission (IPEC), https://ipec.co.zw/wp-content/uploads/2020/04/PRESS-STATEMENT-ON-COVID-19-RESPONSE.pdf
International Organisations:
EIOPA:
- Recommendation on supervisory requirements for reporting and public disclosure, www.eiopa.europa.eu/content/eiopa-issues-recommendations-supervisory-flexibility-regarding-deadlines-supervisory
- Statement on principles to mitigate the impact of Coronavirus/COVID-19 on the occupational pensions sector in Europe, www.eiopa.europa.eu/content/statement-principles-mitigate-impact-coronaviruscovid-19-occupational-pensions-sector-europe
- COVID-19 Measures, www.eiopa.europa.eu/browse/covid-19-measures_en
FSB:
- Addressing financial stability risks of COVID-19, www.fsb.org/work-of-the-fsb/addressing-financial-stability-risks-of-covid-19/
IAIS:
- Press releases COVID-19, www.iaisweb.org/page/news/press-releases
IOSCO:
- Media release: Securities regulators coordinate responses to COVID-19 through IOSCO, 25 March 2020, www.iosco.org/news/pdf/IOSCONEWS559.pdf
PensionsEurope:
- PensionsEurope Statement on the Covid-19 Crisis 2020, 9 avril 2020, www.pensionseurope.eu/system/files/PensionsEurope%20Statement%20-%20COVID%2019%20CRISIS%202020%20%20-%20FINAL%20-%202020-04-09.pdf
Please also refer to OECD contributions in tackling the coronavirus pandemic available at the OECD Digital Hub: www.oecd.org/coronavirus/en/, in particular:
- Financial consumer protection responses to COVID-19: http://oe.cd/il/2Vh
- Financial Markets Responses to COVID-19: https://oe.cd/il/2Wx
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