FIN.

Covid Corporate Financing Facility exempt from FSMA

Treasury has made legislation to exempt the Government’s Covid Corporate Financing Facility from the need for authorisation under FSMA (except in relation to insurance business – which it is not proposed the facility provides).

The facility, announced on 17 March, is designed to help larger firms bridge coronavirus disruption to their cash flows through the purchase of short-term debt in the form of commercial paper.

Emma Radmore