Offical Sector announcements:
- Bilateral margining requirements: On 4 May, the ESAs published draft RTS to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements.
- MiFID II compliance: On 6 May, ESMA issued a statement on risks for retail investors in the current market environment and reminding investment firms of key conduct of business obligations when servicing retail clients.
- UK announcements: On 7 May, the BoE and PRA issued announcements regarding flexibility on resolution requirements, the effective removal of Pillar 2A capital requirements and a general statement on prioritisation in light of COVID addressing issues including climate change and LIBOR transition.