BNM announced transfer of the Small Debt Resolution Scheme (SDRS) function from BNM to the Credit Counselling and Management Agency (AKPK). Effective September 01, 2020, AKPK will start offering specialized solutions to help small and medium enterprises (including micro enterprises) to manage their debt and promote sound financial management practices. With this transfer, AKPK will serve as the one-stop platform for individuals and SMEs seeking debt restructuring services.
AKPK can now provide more efficient and holistic debt restructuring and advisory services for small and medium enterprises (SMEs) that have loans with multiple banks. With the automatic moratorium period ending on 30 September 2020, SMEs still facing difficulties to service their loan obligations are urged to seek early advice on repayment assistance from their respective banks. The SDRS under AKPK is an additional avenue for SMEs to obtain help and advice on debt restructuring and rescheduling, complementing the efforts of the banking industry to provide relief to distressed SMEs. The SDRS was established by BNM in 2003 to provide assistance to viable SMEs in all economic sectors that are facing difficulties in servicing their debt with multiple financial institutions, by facilitating the restructuring or rescheduling of loans.
Related Link: Press Release
Keywords: Asia Pacific, Malaysia, Banking, SME, Small Debt Resolution Scheme, Credit Risk, SDRS, Debt Management Program, AKPK, Loan Moratorium, BNM
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).