COVID-19: Impact on BSC Changes
This page gives details of the impacts on BSC changes from the Panel’s agreed prioritisation approach in response to COVID-19. The Change timeline chart towards the bottom of the page, gives an overview of the progression timeline for each Modification.
This page was last updated on 12 October 2020 and will be updated as required and dates listed below are subject to change. We will keep this approach under review with the Panel.
The Panel has reviewed this approach at its June, August and October 2020 meetings. The Panel agreed at its October 2020 meeting that this approach will end at the end 0f 2020, subject to feedback and the evolving situation. The Panel noted that a new ‘normal’ has been found despite the situation remaining challenging and uncertain. This three month ‘notice period’ is consistent with the PAB decision on 24 September 2020, in relation to ending the COVID-19 lockdown derogations.
Changes during COVID-19
Changes to the BSC (and its subsidiary documents) will continue to be progressed, but will be prioritised based on whether the change:
- Is required to mitigate risks and issues caused by COVID-19
- Is required to be implemented by a fixed deadline, and
- Has minimal impact on market participants, unless required for the previous two points.
The Panel recognises and agreed to these steps because the COVID-19 situation is challenging and unprecedented for market participants, and that it has resulted in significant operational challenges and changes to the way that they run their business.
Consultations will be staggered to ease the burden on market participants. Further details can be found below.