JFSA proposed draft amendments to the regulatory notice on the "designated International Financial Reporting Standards" stipulated in the "Regulation for Terminology, Forms, and Preparation of Consolidated Financial Statements." The proposal mainly intends to define the international accounting standards that have been published through May 31, 2021, by IASB as "designated international accounting standards" set forth under Article 93 of the Regulation on Consolidated Financial Statements. These standards include IAS 39 and IFRS 9 (old and new standards on financial instruments), IFRS 7 on financial instrument disclosures, IFRS 4 on insurance contracts, and IFRS 16 on leases. The comment period on the draft amendments is open till May 29, 2021.
Comment Due Date: May 29, 2021
Keywords: Asia Pacific, Japan, Banking, Insurance, IFRD 9, Financial Instruments, IFRS 7, Disclosures, IFRS 4, Insurance Contracts, JFSA
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.