In addition to the human tragedy, COVID-19 challenges the financial sector’s operating and business models and engages a wide range of law and regulation. As organizations strive to maintain business continuity and protect their workforce, they will face competing legal and regulatory pressures, particularly those operating on a cross-border basis, with regulated sector entities facing the further challenge of specific regulatory expectations.
Heavily-stress tested business continuity and resilience programs will enable management to evaluate and plan to mitigate identified risks and, in particular, to take steps to ensure their financial market operations continue to function. In this respect, the experience of the bird flu, 2014, swine flu, 2009, and SARS, 2002 to 2003, pandemics over the last 20 years will relevant as will the experience of business continuity issues during the global financial crisis.
The current pandemic, however, raises uniquely far-reaching issues in terms of breadth of markets and business practices that may be impacted and the potential extent of economic disruption. This high-level checklist provides an overview of key legal and regulatory issues that may require attention in the short-, mid- and long-term.
