DNB issued the banking and insurance newsletters for August 2019. One of the topics in focus is the report on InnovationHub and Regulatory Sandbox. DNB and Dutch Authority for the Financial Markets (AFM) had set up InnovationHub and Regulatory Sandbox to support market operators with innovative financial products, services, and business models. The report features nine lessons learned over the past three years. For example, rather than requiring new regulations and policy, most operators are looking for accessible information about how to apply existing regulations and policy to their specific situation. It was found that the sheer volume of existing rules and regulations sometimes acts as a barrier to market operator, and that, in some cases, the market requires clear answers sooner than the regulators are able to provide.
Building on the lessons learned, DNB and AFM intend to continue the dialog with the market in the coming years on how the InnovationHub and the Sandbox can be further improved. To this end, a number of follow-up steps have been proposed in the report, aimed at providing information, expanding customization, launching an Innovation Forum (iForum), and strengthening internal dialogue on innovation. The following are the additional key highlights of the newsletters:
- Central Banks and Supervisors Network for Greening the Financial System (NGFS), on July 23, 2019, published an overview of the academic work that has been conducted to model the impact of climate change on the economy and the financial system.
- DNB calls on parties to respond to a discussion document about artificial intelligence.
- The Decree on the valuation of insurance claims in bankruptcy has entered into force. The Recovery and Resolution of Insurers Act and the Decree, which contains further rules on preparatory crisis and resolution plans, have been in force since January 01, 2019. The Decree on the valuation of insurance claims in bankruptcy forms the final part of the new framework for recovery and settlement of insurers.
- After public consultation, DNB has published the final question and answer (Q&A) on whether a subscription qualifies as non-life insurance.
- The banking newsletter contains updated calendar for banks.
- Banking Newsletter
- Insurance Newsletter (in Dutch)
- Banking Calendar (PDF)
- Insights from InnovationHub Report
Keywords: Europe, Netherlands, Banking, Insurance, Newsletter, QIS Calender, Innovative Club, Regulatory Sandbox, NGFS, Recovery and Resolution, AFM, Regtech, Fintech, Climate Change Risk, DNB
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.