IAIS Consults on Activities-Based Approach to Systemic Risk for Insurers

EBA Single Rulebook Q&A: Second Update for April 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A). The answer addressed a question on the credit claims in liquidity stress test buffer.

ACPR Updates Taxonomic Controls Related to Taxonomy RAN 1.1.0

ACPR published a new version of the file "Taxonomic controls" related to the Taxonomy RAN Version 1.1.0 for Solvency II reporting.

ECB Publishes Version 1.1 of AnaCredit Validation Checks

ECB published Version 1.1 of the AnaCredit validation checks. This document supplements the AnaCredit reporting manual by explaining the main set of validation checks that will be performed to ensure that the quality of data is satisfactory.

ESAs Issue Report on Risks and Vulnerabilities in EU Financial System

ESAs published a joint committee report on risks and vulnerabilities in the EU financial system.

FED Updates the Reporting Instructions for FR Y-15 and FR Y-14A/Q

Among the FED information collections that have been under review, FED updated the reporting instructions for form FR Y-15, which is the banking organization systemic risk report.

FED and OCC Propose to Further Tailor eSLR Requirements for G-SIBs

FED and OCC proposed a rule that would further tailor leverage ratio requirements to the business activities and risk profiles of the largest domestic firms.

ESMA Publishes Responses to its Consultations on Securitization

ESMA published the responses received to its three consultations on securitization. These consultations are on disclosure and operational standards; simple, transparent, and standardized (STS) notification; and third-party firms providing STS verification services.

ECB Publishes A Paper Examining the European Deposit Insurance Scheme

ECB published an occasional paper that investigates the potential impact and appropriateness of several features of the European Deposit Insurance Scheme (EDIS) in the steady state.

ECB Consults on Cyber Resilience Oversight Expectations for FMIs

ECB launched a public consultation on the draft expectations for cyber resilience oversight for financial market infrastructures.

Danièle Nouy of ECB on Improving Risk Appetite Frameworks of Banks

Danièle Nouy of ECB spoke at the International Conference on Banks’ Risk Appetite Frameworks in Ljubljana. She defined the risk appetite framework and explained how to judge the quality of risk appetite frameworks.

CPMI-IOSCO Publish Framework for Supervisory Stress Testing of CCPs

CPMI and IOSCO published the framework for supervisory stress testing of central counterparties (CCPs).

EBA Report on Benchmarking of Remuneration Practices in EU Banks

EBA published its report on benchmarking of remuneration practices in EU banks for 2015 and 2016 (financial years) and high earners data for 2016.

EBA Updates List of Correlated Currencies

EBA updated the list of closely correlated currencies that was originally published in December 2013 and updated in October 2016.

IMF Publishes Global Financial Stability Report in April 2018

The Global Financial Stability Report (GFSR) provides an assessment of the global financial system and markets and addresses the emerging market financing in a global context.

FED Proposes Simplification to Capital Rules for Large Banks

FED seeks comment on proposal to simplify its capital rules for large banks, while preserving strong capital levels that would maintain the ability to lend under stressful conditions.

FSI Paper on Identification and Measurement of Non-Performing Assets

FSI of BIS published a paper on the identification and measurement of non-performing assets (NPAs).

ESMA Invites EC to Clarify Ancillary Activity Test Under MiFID II

ESMA wrote a letter inviting EC to provide further guidance on how the ancillary activity criteria set out in Article 2(4) of the Markets in Financial Instruments Directive, and further specified in RTS 20, are to be interpreted and implemented—and more specifically at which level the ancillary tests should be performed.

FFIEC on Cyber Insurance and its Potential Role in Risk Management

FFIEC members (FED, CFPB, FDIC, NCUA, OCC, and State Liaison Committee) issued a joint statement to describe the matters that financial institutions should consider when determining whether to use cyber insurance as a component of their risk management programs.

EC Held Digital Day 2018 to Build a Strong Digital Single Market

EC held Digital Day 2018 and brought together ministers, representatives of EU countries, industry, academia, and civil society representatives to encourage cooperation in artificial intelligence, blockchain, eHealth, and innovation.

PRA Publishes Business Plan for 2018–19

PRA published its business plan for 2018–19. The business plan sets out the strategic goals, the workplan to deliver the strategic goals, and the PRA budget for the coming year.

MAS Consults on Capital Treatment of TLAC Holdings Under Notice 637

MAS issued a consultation paper on proposed regulatory capital treatment of banks’ holdings of TLAC liabilities under MAS Notice 637.

FCA Publishes Its Business Plan for 2018-19

FCA published its business plan for 2018-19, setting out the key priorities for the coming year. Along with the business plan, FCA published a consultation paper on annual fees, its sector views, and a discussion paper on its evaluation framework.

ESRB Updates Its Overview of National Macro-Prudential Measures in EU

ESRB updated its overview of the national measures of macro-prudential interest in the EU and the European Economic Area. The overview covers capital buffers, reciprocation measures, and various other measures.

ESMA Publishes Calculations for the March Double Volume Cap

Within five working days of the end of the month, ESMA must publish the trading volumes and calculations regarding the double volume cap (DVC) under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

CPMI-IOSCO Guidance on Harmonization of OTC Derivatives Data Elements

CPMI and IOSCO issued technical guidance to authorities on harmonized definitions, formats, and usage of a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories, excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

ECB Publishes Its Annual Report for 2017

ECB published its annual report for 2017. The report covers the economic and financial developments, in addition to supervisory activities of ECB in 2017.

China Banking Insurance Regulatory Commission Replaces CBRC and CIRC

The China Banking Insurance Regulatory Commission (CBIRC) has been formally listed and its website was launched on April 08, 2018.

EC Issues Council Decision on Conclusion of EU-US Bilateral Agreement

EC published Council Decision (EU) 2018/539 on conclusion of the bilateral agreement between EU and the United States on prudential measures regarding insurance and reinsurance.

ESMA Agrees on Position Limits Under MiFID II

ESMA published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II and MIFIR).

FCA on Authorization for Firms Offering Cryptocurrency Derivatives

FCA issued a statement on the authorization requirement for firms offering cryptocurrency derivatives.

EBA Single Rulebook Q&A: First Update for April 2018

This week, the Question and Answer (Q&A) updates on Single Rulebook include 13 items related to supervisory reporting and recovery and resolution.

IOSCO Issues Report on Improving Information on Corporate Bond Markets

IOSCO published the report offering recommendations to improve regulatory reporting and public transparency in the secondary corporate bond markets.

FED Updates the Reporting Form and Instructions for FR Y-9C

Among the FED information collections that have been under review, FED updated the reporting form and instructions for FR Y-9C, which is the report on consolidated financial statements for holding companies.

EBA Issues Updated Risk Dashboard for Fourth Quarter of 2017

EBA published the updated version of its Risk Dashboard, summarizing the main risks and vulnerabilities in the EU banking sector for the fourth quarter of 2017.

FCA Issues PS18/8 and CP18/9 on Remedies for Asset Management Market

FCA published the policy statement PS18/8 that sets out remedies for the concerns identified through its asset management market study.

APRA Finds Room for Improvement in Executive Remuneration Practices

APRA released the results of a review of remuneration practices at large financial institutions. The findings reveal considerable room for improvement in the design and implementation of executive remuneration structures.

ECB Issues Opinion on Draft of a Securitization Framework in Cyprus

ECB issued an opinion on the draft law on securitization framework in Cyprus.

ESMA Publishes Annual Report of Enforcement Activities for 2017

ESMA publishes its 2017 annual report that provides an overview of the enforcement and regulatory activities of ESMA and the accounting enforcers in the EU, when examining compliance of financial information provided by issuers, under IFRS, in 2017.

IMF Issues Reports on the 2018 Article IV Consultation with Luxembourg

IMF published staff report and selected issues report in the context of the 2018 Article IV consultation with Luxembourg.

ESMA Publishes Technical Advice Under the Prospectus Regulation

ESMA is publishing the first Part of its technical advice under the Prospectus Regulation.

Lael Brainard of FED Offers Update on the Financial Stability Agenda

The FED Governor Lael Brainard provided an update on the financial stability agenda of FED in New York.

Dubai FSA Updates Rulebook and Sourcebook for Financial Institutions

Dubai FSA updated several modules of its Rulebook and Sourcebook for financial institutions.

IMF Issues Technical Note on Insurance Sector Regulation in India

IMF issued a technical note that provides an assessment of the recent development of regulation and supervision of the insurance sector in India.

IMF Issues Report on Financial Sector Stability Review of Costa Rica

IMF published the technical assistance report on the financial sector stability review (FSSR) of Costa Rica.

FDIC Proposes Revisions to the Stress Testing Regulation

FDIC is proposing several revisions to the stress testing regulation, which are consistent with the changes made by FED and OCC to their respective stress testing regulations.

OCC Proposes to Renew Information Collection on Stress Testing

OCC is soliciting comments on the renewal of its information collection titled, “Guidance on Stress Testing for Banking Organizations with more than USD 10 Billion in Total Consolidated Assets.”

US Agencies Exempt Certain CRE Deals from Appraisal Requirements

US Agencies (FDIC, FED, and OCC) issued a final rule that increases the threshold for commercial real estate (CRE) transactions requiring an appraisal from USD 250,000 to USD 500,000.

CFPB Issues Semi-Annual Report Recommending Changes to Dodd-Frank Act

CFPB released its semi-annual report highlighting the work of CFPB from April 01, 2017 to September 30, 2017, the period before the President appointed Mick Mulvaney as Acting Director.

US Agencies Finalize Revisions to Call Reports FFIEC 051, 041, and 031

US Agencies (OCC, FED, and FDIC) finalized additional burden-reducing revisions to FFIEC 051, FFIEC 041, and FFIEC 031—the three Consolidated Reports of Condition and Income (Call Reports).

ACPR Updates Taxonomic Controls Concerning Taxonomy RAN 1.1.0

ACPR published a new version of the file "Taxonomic controls" related to the Taxonomy RAN Version 1.1.0 for Solvency II reporting.

Bundesbank Updates Credit Statistics Policy for AnaCredit Reporting

Deutsche Bundesbank published Version 2.0 of the Credit Statistics Policy for AnaCredit reporting.

Bundesbank Updates List of Disabled Validation Rules for Reporting

Deutsche Bundesbank updated the list of reporting validation rules that have additionally been identified as defective from the national point of view. EBA also provides a current list of incorrect validation rules on its website.

FINMA Revises Charts of Accounts for Collection of Supervisory Data

FINMA revised the chart of accounts on which the collection of supervisory data from insurance companies is based.

BCBS Publishes Report on Frameworks for Early Supervisory Intervention

BCBS published a report presenting the findings of a range-of-practice study on how supervisors worldwide have adopted frameworks, processes, and tools to support early supervisory intervention.

PRA Publishes PS6/18 Containing Updated Statements SS13/13 and SS36/15

PRA published a policy statement PS6/18 that provides feedback to the responses to chapters 2 to 6, 9, and 10 of the PRA and FCA consultation paper CP18/17.

OSFI Publishes Guideline on LICAT Public Disclosure Requirements

OSFI issued the final version of the guideline on Life Insurance Capital Adequacy Test (LICAT) public disclosure requirements.

IMF Publishes Reports on the 2018 Article IV Consultation with Iran

IMF published staff report and selected issues reports in the context of the 2018 Article IV consultation with the Islamic Republic of Iran.

ESRB Publishes Paper on Indicators for Monitoring of CCPs in EU

ESRB, as part of its occasional paper series, published a paper examining the indicators for monitoring central counterparties (CCPs) in EU.

ESMA Updates Q&As on Prospectus Regulation and MiFID II/MiFIR

ESMA updated the question and answer (Q&A) document on issues related to the Prospectus Regulation. ESMA also updated Q&A on transparency and market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

IMF Publishes Reports on the 2017 Article IV Consultation with Myanmar

IMF published staff report and selected issues report in the context of the 2017 Article IV consultation with Myanmar.

PRA Issues Approach to Branch Authorization and Supervision for Banks

PRA published a Policy Statement PS3/18 that provides feedback to the responses to CP29/17 on the approach to branch authorization and supervision for international banks.

ESMA Publishes Official Translations for Three Sets of CSDR Guidelines

ESMA published the official EU language versions of the three sets of guidelines under the Central Securities Depository Regulation (CSDR): guidelines on relevant currencies; guidelines on substantial importance of a Central Securities Depository (CSD); and guidelines on cooperation between authorities.

ESMA Issues Guidelines on Internalized Settlement Reporting Under CSDR

ESMA published its final guidelines on how to report internalized settlement under the Central Securities Depositories Regulation (CSDR).

EIOPA Consults on Changes to Standards on Reporting and Disclosure

EIOPA published a consultation on corrections and amendments to the implementing technical standards on reporting and disclosure. EIOPA invites the interested stakeholders to provide inputs by May 11, 2018.

BoE Issues Update on Regulatory Approach to Preparations for Brexit

BoE issued an update on the regulatory approach to preparations for the withdrawal of the UK from the EU (Brexit).

Bank of Finland Updates Validation Checks for AnaCredit Reporting

Bank of Finland updated documents related to AnaCredit reporting, including updated schema files (version 1.5) and validation checks for credit data collection (version 1.3).

ECB Consults on the First Part of Guide to Internal Models for Banks

ECB is consulting on the first chapter of the guide to internal models for the banks it directly supervises.

DNB Publishes Banking and Insurance Newsletters for March 2018

DNB issued the banking and insurance newsletters for March 2018.

PRA Approach to Branch Authorization and Supervision for Insurers

PRA published a Policy Statement PS4/18 that provides feedback to the responses to CP30/17 on the approach to branch authorization and supervision for international insurers.

OFR Issues Paper on the Financial System Vulnerabilities Monitor

OFR published a paper describing the purpose, construction, interpretation, and use of its Financial System Vulnerabilities Monitor.

EIOPA Chairman Speaks on Review of Solvency II Regulation in 2018

The EIOPA Chairman Gabriel Bernardino spoke at the Public Hearing on the 2018 Review of the Solvency II Delegated Regulation in Brussels.

EC Vice President Speaks About Solvency II and Capital Markets Union

The EC Vice President Valdis Dombrovskis spoke at the public hearing on the Solvency II delegated act.

ECB Publishes Results of Study on Use of DLT in Securities Settlement

ECB published a report on the second phase of Project Stella, which is a joint research project of ECB and BOJ.

BoE Undertakes Proof of Concept to Understand Renewed RTGS Service

BoE is undertaking a Proof of Concept to understand how a renewed Real Time Gross Settlement (RTGS) service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on Distributed Ledger Technology (DLT).

ESMA Updates Q&A on MiFID II Commodity Derivatives Topics

ESMA updated the questions and answers (Q&As) on the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) regarding commodity derivatives topics.

HKMA and SFC Consult on Enhancing OTC Derivatives Regulatory Regime

HKMA and SFC issued a joint consultation paper on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong.

ESMA Issues Guidelines on Position Calculation by Trade Repositories

ESMA published the final guidelines setting out a consistent approach for calculation of derivative positions by trade repositories, under the European Market Infrastructure Regulation (EMIR).

ESMA Consults on Supplementary Guidance Under the Endorsement Regime

ESMA proposed supplementary guidance on the application of the endorsement regime.

HKMA Implementation Guidance on Securitization Framework for Banks

HKMA published a set of questions and answers (Q&A) on the revised securitization framework under the Banking (Capital) Rules (BCR).

BCRA Updates on Minimum Capital Requirements and Information Regime

BCRA published updated rules on the minimum capital requirements for financial entities, along with certain aspects of the information transparency regime.

BCBS Issues Basel III Monitoring Updates for March 2018

BCBS released the Basel III monitoring workbook (version 3.7.4), along with an updated list of frequently asked questions for the collection of December 2017 data.

Danièle Nouy of ECB Presents Annual Report on Supervisory Activities

Danièle Nouy, Chair of the ECB Supervisory Board, presented the ECB annual report on supervisory activities for 2017.

BCL Issues Instructions and Validation Rules for AnaCredit Reporting

BCL updated reporting instructions, list of reporting agents, and validation rules for reporting under the AnaCredit Regulation.

ECB Updates CCBM Procedures for Eurosystem Counterparties

ECB updated the correspondent central banking model (CCBM) procedures for Eurosystem counterparties, along with a table summarizing legal instruments used in the euro area.

EC Amends IFRS 9 on Prepayment Features with Negative Compensation

EC published Regulation (EU) 2018/498, which amends Regulation (EC) No 1126/2008, adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 as regards International Financial Reporting Standard (IFRS) 9.

EBA Single Rulebook Q&A: Third Update for March 2018

One question related to market risk benchmarking was published as part of the Single Rulebook Question and Answer (Q&A) this week.

BCBS Publishes an Outline of Discussion at its Meeting in Basel

BCBS published a summary of the discussions at its meeting during March 15-16, 2018 in Basel.

ECB Guides to Assess License Applications for Banks and Fintech Firms

ECB published the guides to assessments of license applications for banks and fintech credit institutions. The publication of these two guides follows the completion of a public consultation.

EC Vice President Speaks on the Future of Fintech in Baltics and EU

The EC Vice President Valdis Dombrovskis spoke about the future of fintech in Europe during a conference in Latvia.

ESMA Updates Q&As on the Implementation of MiFID, CSDR, and MAR

ESMA updated question and answer (Q&A) documents on the implementation of investor protection topics under Market in Financial Instruments Directive and Regulation (MiFID II/MiFIR), implementation of Central Securities Depository Regulation (CSDR), and implementation of Market Abuse Regulation (MAR).

ESMA Proposes Application Requirements for Securitization Repositories

ESMA published two consultation papers on draft technical standards implementing the Securitization Regulation.

IASB Issued Work Plan and Meeting Updates for March 2018

IASB published an updated work plan, along with the update of its meeting in March 2018.

IAIS Publishes Newsletter for March 2018

This issue highlights that IAIS is in the process of a comprehensive revision of its Insurance Core Principles (ICPs) and the development of ComFrame.

BCBS Consults on Amendment to Pillar 3 Disclosures for ECL Provisions

BCBS proposed a technical amendment on Pillar 3 disclosure requirements for regulatory treatment of accounting provisions.

BCBS Consults on Revisions to Capital Requirements for Market Risk

BCBS launched a consultation on revisions to the minimum capital requirements for market risk.

BCBS Updates FAQs on the Basel III Standard on SA-CCR

BCBS published answers to the second set of frequently asked questions (FAQ) on the Basel III standard for standardized approach for measuring counterparty credit risk exposures (SA-CCR).

Danièle Nouy of ECB Speaks on Good Governance for Good Decisions

Danièle Nouy of ECB spoke at the Second Banking Supervision Conference in Frankfurt, highlighting the progress made by banks in the area of sound governance.

EBA Updates Public Entity List for Calculation of Capital Requirements

EBA published an updated list of regional governments and local authorities that may be treated as central governments for the calculation of capital requirements, in accordance with the EU Capital Requirements Regulation (CRR).

EC Conference on Strategy to Support Sustainable Development in EU

EC hosted a high-level conference on its strategy to reform the financial system in support of the climate and sustainable development agenda of EU.

ESMA Updates Q&A on Implementation of the Benchmarks Regulation

ESMA updated its questions and answers (Q&A) document on the implementation of the Benchmarks Regulation.

GAO Report Assesses Regulatory Oversight of Fintech Activities in US

The U.S. GAO published a report that assesses the regulatory oversight in the fintech landscape in the United States and offers recommendations for improvement.

HKMA Updates Guide on Enhanced Competency Framework for AML/CFT

HKMA updated the guide to the enhanced competency framework on anti-money laundering and counter-financing of terrorism (AML/CFT), which provides details of the application of this framework.

BNM Finalizes Paper on Value-Based Intermediation in Islamic Banking

BNM published the finalized strategy paper and feedback statement on value-based intermediation (VBI).

EBA Guidelines on Assessment of Suitability of Members of Management

EBA published guidelines on the assessment of the suitability of members of the management body and key function holders.

EC Consults on Fitness Check of the EU Framework for Public Reporting

EC launched a consultation on the fitness check on the EU framework for public reporting by companies.

EIOPA Issues Paper on Solvency II Tools with Macro-Prudential Impact

EIOPA published a paper on Solvency II tools with macro-prudential impact.

ESMA Issues Opinion on Trading Obligation for Derivatives Under MiFIR

ESMA issued an opinion providing further guidance on the treatment of packages under the trading obligation for derivatives, which the Markets in Financial Instruments Regulation (MiFIR) introduced on January 03, 2018.

ESMA Issues Translations for Guidelines on Stress Test Scenarios

ESMA published the official translations of its guidelines on stress test scenarios under Article 28 of the Money Market Funds (MMF) Regulation.

FED Publishes Federal Register Notice on Reporting Form FR Y-9

FED published the Federal Register notice extending for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies.

ESMA Chair Steven Maijoor Speaks About Brexit and Review of ESAs

The ESMA Chair Steven Maijoor delivered the opening remarks at the BVI 2018 Annual Reception in Brussels.

MFSA Updates Reporting Templates on Own Funds Requirements Under COREP

MFSA updated templates on own funds and own funds requirements, including leverage and immovable property losses, for reporting on individual and consolidated basis.

OSFI Consults on Draft Guideline for TLAC Disclosure Requirements

OSFI is consulting on the draft Total Loss-Absorbing Capacity (TLAC) Disclosure Requirements guideline, along with the consequential amendments to the Capital Disclosure Requirements guideline.

Dr. Dombret of Bundesbank on Post-Brexit Realities in Financial Sector

Andreas Dombret of Deutsche Bundesbank spoke at the AIMA Global Policy and Regulatory Forum in Dublin. He looked at the estimated extent of fragmentation in regulation of financial services after Brexit and how to address this issue.

Elke König of SRB Speaks on Proportionality and MREL Implementation

The SRB Chair Elke König, at the European Parliament Hearing, shared her views on the application of proportionality principle and the amendments to Capital Requirements Regulation, Capital Requirements Directive, Bank Recovery and Resolution Directive, and Single Resolution Mechanism Regulation.

G20 Publishes Communiqué on the First Meeting of 2018 in Buenos Aires

G20 published an official statement on the year's first meeting of finance ministers and central bank governors in Buenos Aires.

IMF Releases Working Paper Offering Policy Proposals on CCP Resolution

IMF published a working paper that proposes alternative policy suggestions for central counterparty (CCP) resolution.

APRA Updates the List of D2A Validation and Derivation Rules

APRA published list of the latest Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, superannuation, general insurance, life insurance, private health insurance, registered financial corporations, and unauthorized foreign insurers.

Bank of Italy Begins Test Phase for AnaCredit Reporting

Bank of Italy updated the schema files for AnaCredit reporting and published details on a voluntary test phase with reporting intermediaries, with the test environment being available from March 26, 2018.

APRA Allows ING Bank to Use Internal Models for Regulatory Capital

APRA granted approval to ING Bank (Australia) Limited to begin using the internal models. The ING Bank will use internal models to determine its regulatory capital requirements for credit and market risk, commencing from the quarter ended June 30, 2018.

APRA Revises Prudential Standard on Public Disclosures

APRA revised and published the final standard APS 330, which is the Prudential Standard on Public Disclosures. APS 330 will be effective from July 01, 2018. APRA also published its response to the submissions received to the proposal for revised APS 330.

EBA Report Assesses the Current Credit Risk Mitigation Framework in EU

EBA published a report reviewing the Credit Risk Mitigation (CRM) framework in EU.

APRA Revises Its Reporting Standard on Capital Adequacy

APRA published a letter to authorized deposit-taking institutions regarding changes to reporting requirements in the Reporting Standard ARS 110.0 Capital Adequacy (ARS 110.0).

FSB Letter Sets Out Priorities for the Argentine G20 Presidency

FSB published a letter that its Chair Mark Carney sent to the G20 Finance Ministers and Central Bank Governors, ahead of their meeting in Buenos Aires on March 19-20.

BoE Publishes Key Elements of 2018 Stress Test of Banking System in UK

BoE published the scenario against which it will be stress-testing banks in 2018, in addition to setting out the key elements of the 2018 stress test, guidance on the 2018 stress test, the variable paths for the 2018 stress test, and the traded risk scenario for the 2018 stress test.

EBA Report Assesses Progress in Work of Supervisory Colleges in 2017

EBA published its report examining the functioning of supervisory colleges in 2017.

EC Consults on Recent Amendments to the BCBS Basel III Framework

EC launched a consultation to seek input from stakeholders on the impact of recent amendments to the Basel III framework.

FSB Publishes Reports on Correspondent Banking and Remittances

FSB published two reports as part of its work to assess and address the decline in correspondent banking relationships: one is a progress report on the FSB action plan to assess and address the decline in correspondent banking and the second report is a stocktake on remittance service providers’ access to banking services.

IFRS Foundation Publishes IFRS Taxonomy 2018

IFRS Foundation published the IFRS Taxonomy for 2018, which includes updates to the IFRS Taxonomy for 2017.

Poul Thomsen of IMF on Ensuring Stability Via Macro-Prudential Policy

Poul Thomsen, Director of the IMF European Department spoke, at the “ECB and Its Watchers” Conference in Frankfurt, about the role of macro-prudential policies in maintaining financial stability.

EBA Publishes Roadmap for Fintech and Announces FinTech Knowledge Hub

EBA published its fintech roadmap, which contains the priorities and indicative milestones for 2018-2019 in the area of fintech.

ESAs Publish Report Analyzing Impact of Big Data in Financial Sector

The Joint Committee of ESAs published the final report analyzing the impact of Big Data on consumers and financial firms.

FSB Survey on Impact of Regulatory Reforms on Infrastructure Financing

FSB launched a voluntary survey on the trends, drivers, and potential effects of regulatory reforms on infrastructure financing.

Ravi Menon of MAS on the Evolving Regulatory Approach on Crypto Assets

Ravi Menon of MAS spoke at the Money20/20 Conference in Singapore about the current state of thinking on crypto assets (or crypto tokens), along with the evolving regulatory approach of Singapore.

EBA Advises EC on Use of Backstops to Prevent Building Up of New NPLs

EBA published its advice on the EC proposal for statutory prudential backstops on banks' provisioning practices for new loans that turn non-performing.

Benoît Cœuré of ECB on Interaction Between Fintech and Regulation

Benoît Cœuré of ECB spoke about the two-way interaction between financial regulation and financial technology (fintech) during his introductory remarks at a roundtable organized by FinLeap in Berlin.

ECB Finalizes Addendum to Guidance on Non-Performing Loans

ECB published the final addendum to the ECB Guidance to banks on non-performing loans (NPLs), which reflects comments received during public consultation.

EBA Issues Opinion on Measures to Address Macro-Prudential Risk

EBA issued an Opinion on the measures to address macro-prudential risk.

ESRB Secretariat Responds to EC Consultation on Supervisory Reporting

The ESRB Secretariat issued a response to the EC consultation on fitness check on supervisory reporting.

EC Proposes A Package of Measures to Tackle NPLs in Europe

EC proposed a comprehensive package of measures to tackle nonperforming loans (NPLs) in Europe.

SEC Proposes to Amend Liquidity Risk Management Disclosures for Funds

SEC proposed amendments to the forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies.

Vítor Constâncio of ECB on Tackling Financial Stability Risks in EU

At the ECB and Its Watchers XIX Conference in Frankfurt, the ECB Vice President Vítor Constâncio spoke about using macro-prudential policy to address financial stability risks in the euro area.

Bundesbank Publishes AnaCredit Reporting Scheme Version 1.2

Deutsche Bundesbank published Version 1.2 of the technical reporting scheme under the AnaCredit Regulation.

BIS Committees Issue Report Analyzing Central Bank Digital Currencies

CPMI and the Markets Committee of BIS issued a joint report that provides an initial analysis of the central bank digital currencies (CBDCs).

BCBS Issues Reports on Basel III Implementation Assessments Under RCAP

BCBS published summaries of post-assessment follow-up actions taken or planned by the member jurisdictions as of the end of 2017. These actions are intended to address deviations from the Basel standards, which were identified as part of the Regulatory Consistency Assessment Program (RCAP).

EC Published Proposals on Covered Bonds and Cross Border Transactions

EC presented a new package of proposals, toward the development of Capital Markets Union.

EIOPA Chair Speaks on Building a Sustainable Pensions Market in Europe

The EIOPA Chairman Gabriel Bernardino, during the keynote address at a Conference in Berlin, discussed challenges and developments toward building a sustainable pensions market in Europe.

IMF Issues Report on Assessment of Observance of ICPs for Indonesia

IMF published a report on the detailed assessment of observance (DAO) of Insurance Core Principles (ICPs) in Indonesia, as part of the Joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission.

IMF Issues Reports on the 2017 Article IV Consultation with Morocco

IMF issued staff report and selected issues report in the context of the 2017 Article IV consultation with Morocco.

IOSCO Suggests Sound Practices to Protect Senior Investors from Fraud

The IOSCO Board published report that examines the growing vulnerability of aging investors to financial fraud and other risks.

APRA Revises the Prudential Standard LPS 230 on Reinsurance Management

APRA published the final revised Prudential Standard LPS 230 on Reinsurance Management and the standard will come into effect from April 01, 2018.

EBA Revises List of ITS Validation Rules in March 2017

EBA issued a revised list of validation rules in its implementing technical standards (ITS) on supervisory reporting.

EBA Single Rulebook Q&A: Second Update for March 2018

The updates for this week include four items covering questions and answers (Q&A) related to supervisory reporting and recovery and resolution.

ECB Representatives Speak About Work Toward Building Cyber Resilience

Sabine Lautenschläger and Benoît Cœuré of ECB spoke about cyber resilience at the first meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures in Frankfurt.

EC Issues Regulatory Technical Standards Supplementing BRRD

EC published the Commission Delegated Regulations (EU) 2018/344 and (EU) 2018/345 that supplement Bank Recovery and Resolution Directive, or BRRD (Directive 2014/59/EU).

Andreas Dombret of Bundesbank Examines Future of US-EU Relations

Dr. Andreas Dombret of Bundesbank spoke at the Institute of International Bankers, Annual Washington Conference, Washington DC on March 05, 2018.

Bank of Italy Updates the Handbook on AnaCredit Reporting

Bank of Italy published Version 1.0 of the handbook on AnaCredit reporting and Version 1.5 of the document on "changes to messages and communication" on AnaCredit.

APRA Issues RRS 710 and RPG 702 on EFS Data Quality Framework

APRA published the revised “Reporting Practice Guide RPG 702.0 ABS/RBA Data Quality for the EFS Collection” and “Reporting Standard RRS 710.0 ABS/RBA Registered Financial Corporations audit for the EFS Collection.”

EBA Consults on Guidelines for Managing Non-Performing Exposures

EBA launched a consultation on the guidelines for credit institutions on effectively managing non-performing exposures (NPEs) and forborne exposures (FBEs).

EC Action Plan for Fintech and Proposal for Crowdfunding Regulation

EC launched an Action Plan on harnessing the opportunities presented by technology-enabled innovation in financial services (fintech). EC is also putting forward new rules that will help crowdfunding platforms to grow across the single market in the EU.

EC Publishes Action Plan on Sustainable Finance

EC published the action plan on sustainable finance, which is part of the Capital Markets Union's efforts to connect finance with specific needs of the European economy.

IMF Reports on 2018 Article IV Consultation and FSSA with Belgium

IMF published staff report, selected issues report, and the Financial System Stability Assessment (FSSA) report on Belgium.

APRA Consults on First Prudential Standard for Tackling Cyber Attacks

APRA has responded to the growing threat of cyber attacks by proposing its first prudential standard on information security, known as CPS 234.

BoE Publishes Draft Banking XBRL Taxonomy Version 3.0.0

BoE published a public working draft of the BoE Banking eXtensible Business Reporting Language (XBRL) Taxonomy Version 3.0.0 and related technical artefacts.

CBB Proposes Amendments to the Capital Adequacy Module for Banks

CBB proposed amendments to the capital adequacy module (Module CA)—specifically part 3, chapters CA-8 to CA-10, for conventional banks (Volume 1) and Islamic banks (Volume 2).

EIOPA Q&A on Regulations: First Update for March 2018

EIOPA published new sets of questions and answers (Q&A) on guidelines on reporting and public disclosures, along with the implementing and delegating regulations applicable to insurers in Europe.

IMF Issues Reports on the 2018 Article IV Consultation with Malaysia

IMF published its staff report and selected issues report in the context of the 2018 Article IV consultation with Malaysia.

EU Council Issues Compromise Proposals on CRR2, CRDV, BRRD2, and SRMR2

European Council published the presidency compromise proposals amending multiple regulations and directives, including Capital Requirements Regulation (CRR), Capital Requirements Directives (CRD IV), Bank Recovery and Resolution Directive (BRRD), and Single Resolution Mechanism Regulation (SRMR).

BCBS Issues Basel III Monitoring Report for Data as of June 2017

BCBS published a report that presents results of the latest Basel III monitoring exercise based on data as of June 30, 2017.

EBA on CRDIV-CRR/Basel III Monitoring Exercise on EU Banking System

EBA published the thirteenth report on the Capital Requirements Directive IV-Capital Requirements Regulation (CRD IV-CRR)/Basel III monitoring exercise on the European banking system using data as of June 30, 2017.

FSB Publishes Updated Data on Correspondent Banking Relationships

FSB published updated data on correspondent banking relationships, using the data provided by SWIFT. The data is published as part of the action plan of FSB to assess and address the decline in correspondent banking relationships.

NBB on Implementing EBA Guidelines on Uniform Disclosures Under CRR

NBB released a circular on the implementation of EBA guidelines on uniform disclosures of IFRS 9 transitional arrangements, under Article 473a of Capital Requirements Regulation or CRR (EU Regulation No 575/2013).

EC Regulation and Guideline on Statistics on Holdings of Securities

EC published the Regulation (EU) 2018/318 and Guideline (EU) 2018/323 of ECB on the statistics on holdings of securities.

FDIC Adopts Final Rule on Alternatives to References to Credit Ratings

FDIC is adopting the final rule to amend its international banking regulations consistent with section 939A of the Dodd-Frank Act and its authority under section 5(c) of the Federal Deposit Insurance Act.

FSB Issues Reporting Guidelines for Securities Financing Transactions

FSB issued detailed reporting guidelines for implementing the November 2015 FSB Global Securities Financing Data Standards.

FSB Issues Report on Shadow Banking Monitoring Exercise in Americas

FSB published a report that presents results from the fourth shadow banking monitoring exercise in Americas.

FSB Publishes Responses to Consultation on Key Attributes for Insurers

FSB published ten responses to the consultation on the Methodology for Assessing the Implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) in the insurance sector.

FSB Publishes the Global Shadow Banking Monitoring Report for 2017

The report presents results of the seventh annual monitoring exercise of FSB to assess global trends and risks from shadow banking activities.

Randal Quarles of FED on Regulatory Regime for Foreign Banks in US

Randal K. Quarles, the Vice Chairman for Supervision at FED, spoke at the Institute of International Bankers Annual Washington Conference in Washington, D.C.

ESMA Updates the Document on Status of Its Various Guidelines

ESMA updated the table listing status of various guidelines.

Andreas Dombret of Bundesbank on Proportionality in Banking Regulation

Andreas Dombret of Bundesbank spoke—at the second Regional Banking Conference of the State of Hesse in Brussels—about the prospects for, and obstacles to, greater proportionality in banking regulation.

BoE Governor Speaks on the Need to Regulate Crypto Assets

The BoE Governor Mark Carney spoke at the Scottish Economics Conference about the impact of developments in money and payments technologies, how BoE is helping to manage the related potential risks, and how well crypto currencies fulfil the roles of money.

BoE Working Paper on Capital Regulation and Product Market Outcomes

BoE published a working paper that examines the impact of the introduction of a risk-based capital regulation regime in 2002 on product market outcomes for the insurance industry in the United Kingdom.

EBA Single Rulebook Q&A: First Update for March 2018

The Single Rulebook Q&A updates for this week include 15 items.

ECB Consults on Guides for Capital and Liquidity Management of Banks

ECB launched a public consultation on the draft principles underlying its expectations for internal capital adequacy assessment processes (ICAAPs) and internal liquidity adequacy assessment processes (ILAAPs) of banks.

EC Issues Regulation on MREL Requirements Under BRRD

EC published the Commission Implementing Regulation (EU) 2018/308 on formats, templates, and definitions for identification and transmission of information by resolution authorities for informing EBA about the minimum requirement for own funds and eligible liabilities (MREL).

HKMA Revises Returns on Capital Adequacy and Leverage Ratios

HKMA published a circular on the revised Return on Capital Adequacy Ratio (Form MA(BS)3) (CAR Return) and the new Return of Leverage Ratio (Form MA(BS)27) (LR Return), along with the Completion Instructions.

IAIS Publishes Responses to Comments on Revisions to ICPs and ComFrame

IAIS published responses to the comments received on consultations between March 03 and June 01, 2017.

FCA Publishes CP18/6 on Proposed Amendments to the FCA Handbook

FCA published the quarterly consultation paper CP18/6 on miscellaneous amendments proposed to the FCA Handbook.

Danièle Nouy of ECB on Addressing the NPL Issue in European Banks

Danièle Nouy of ECB spoke at the Delphi Economic Forum on the opportunities and challenges for European banks.

EBA Launches New DPM Data Dictionary Tools

EBA launched a new web page that includes the tools to access its data point model (DPM).

ESMA Updates Validation Rules Under Article 9 of EMIR

ESMA updated the validation rules for reports submitted under the revised technical standards on reporting under Article 9 of European Markets Infrastructure Regulation (EMIR).

FED Announces Conclusion of Efforts of Payments Security Task Force

FED announced that the Secure Payments Task Force will conclude its efforts in March with a final publication consisting of a collection of educational materials outlining the lifecycles and security profiles of the primary payment methods.

CIRC Issues Rules on Management of Assets and Liabilities for Insurers

CIRC released as set of regulatory rules on the management of insurance assets and liabilities, to prevent the mismatch risk of assets and liabilities in the insurance industry and enhance the asset and liability management ability of the insurance companies. The regulatory rules are subject to a trial period.

FSB Completes Peer Review of Hong Kong

The Hong Kong peer review examined two topics relevant for financial stability: over-the-counter (OTC) derivative market reforms and the framework for resolution of financial institutions.

IAIS Holds Session on Consultation on Use of Technology in Insurance

IAIS is holding a public background session on consultation on the draft application paper on the use of digital technology in inclusive insurance on March 02, 2018.

Ignazio Angeloni of ECB on Proportionality in Banking Supervision

Ignazio Angeloni, Member of the ECB Supervisory Board, suggested taking another look at proportionality in banking supervision, at the Thirteenth Asia-Pacific High Level Meeting on Banking Supervision in Singapore.

DNB Issues Banking Newsletter for February 2018

DNB issued the banking newsletter for February 2018.

DNB Issues Insurance Newsletter for February 2018

DNB issued insurance newsletter for February 2018.

EIOPA Submits Second and Final Advice for Review of SCR Calculation

EIOPA submitted its second and final set of Advice to EC on the standard formula for the Solvency Capital Requirement (SCR) under Solvency II.

IAIS Publishes Newsletter for February 2018

IAIS published the February issue of its newsletter.

BCBS Consults on Updated Framework for Pillar 3 Disclosures

BCBS is consulting on the updated framework for Pillar 3 disclosure requirements.

HKMA Issues Instructions for Forms MA(BS)1F(a) and MA(BS)1F(b))

HKMA issued the revised completion instructions for Form MA(BS)1F(a) and Form MA(BS)1F(b)) for Certificate of Compliance with the Banking Ordinance.

ESRB Issues Opinion on Enhancing Framework for Structural Buffers

ESRB published its final report on the use of structural macro-prudential instruments in the EU.

FSB Issues Public Responses to Proposals on Resolution Planning

FSB issued public responses to the consultations on two proposals for guidance on the implementation of particular aspects of its Key Attributes of Effective Resolution Regimes for global systemically important banks (G-SIBs).

OSFI Issues Sound Practices for Derivative Activities of Pension Plans

OSFI published guideline outlining the factors that it expects administrators of federally regulated private pension plans to consider when developing policies and procedures for the sound risk management of derivative activities.

Representatives of EC, ECB, and ESMA Speak About Fintech Developments

Valdis Dombrovskis of EC, Yves Mersch of ECB, and Steven Maijoor of ESMA spoke at the Second Annual Conference on “Fintech and Digital Innovation: Regulation at the European level and beyond” in Brussels.

BNM Issues Policy Document for Digital Currencies

BNM issued the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Policy for digital currencies (Sector 6).

GAO Report Reviews Policies and Analyses in Regulatory Flexibility Act

The U.S. GAO published a report reviewing policies and analyses under the Regulatory Flexibility Act. The report concludes that policies and analyses under the Regulatory Flexibility Act and Retrospective Reviews could be improved.

IAIS Issues Global Insurance Market Report for 2017

The report discusses the global (re)insurance sector from a supervisory perspective, focusing on the sector performance and key risks.

PRA Issues Response to Inquiry of Treasury Committee into Solvency II

PRA published a report on its response to the inquiry of the Treasury Committee into Solvency II.

FSB Completes Peer Review of Singapore

The peer review examined the macro-prudential policy framework and the resolution framework for financial institutions—two topics that are relevant for financial stability in Singapore.

Andreas Dombret of Bundesbank Speaks About the Future of Europe

Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, spoke at the European School for Management and Technology about the future of Europe and of the euro area in particular.

Valdis Dombrovskis of EC Speaks at a Roundtable on Cryptocurrencies

The EC Vice President Valdis Dombrovskis spoke about cryptocurrencies and the related money laundering risks during a roundtable discussion in Brussels.

BoE Publishes Paper Suggesting Policies for Financial Stability

BoE published a working paper that focuses on rethinking policies for financial stability.

EBA Opinion on Measures to Address Macro-Prudential Risk in Belgium

EBA published an Opinion after the NBB notified EBA about its intention to modify capital requirements to address an increase in macro-prudential risk.

RBNZ on Responses to Proposed Changes to Disclosure Rules for Banks

RBNZ published a summary of the submissions received on the November 2017 consultation on changes to the disclosure requirements for registered banks.

HKMA Issues Revised Guidelines on AML/CFT for Banks and SVF Licensees

HKMA issued circulars on amendments to the guidelines on anti-money laundering and counter-terrorist financing (aml/cft) for authorized institutions and for stored value facility (SVF) licensees.

IASB Issued Work Plan and Meeting Updates for February 2018

IASB published its updated work plan, along with the updates for the meeting in February 2018. The IASB update highlights preliminary decisions of the Board.

OCC Publishes Final Rule Revising the Stress Testing Regulation

OCC published the final rule revising its stress testing regulation, following a consultation. The effective date for the final rule is March 26, 2018.

PRA Publishes Policy Statement PS2/18 on Pillar 2 Liquidity

PRA published the policy statement PS2/18 that provides feedback to CP21/16 and CP13/17 on Pillar 2 liquidity.

US Agencies Submit Reporting Form FFIEC 016 to OMB for Review

The US Agencies (FDIC, FED, and OCC) are submitting the form FFIEC 016, as originally proposed, to OMB for review.

BCL Updates Technical Specifications on AnaCredit Reporting

BCL updated the document on "facets" related to AnaCredit reporting. This document has been provided as an annex to the technical specifications document for the collection of the AnaCredit reporting.

APRA Publishes List of Direct to APRA Validation Rules for Banks

APRA updated the list of Direct to APRA (D2A) validation rules for authorized deposit-taking institutions.

BCB Consults on Provision for Expected Losses Related to Credit Risk

BCB, the central Bank of Brazil, published a public consultation (60/2018) on norms that promote the convergence to the international best practices in the accounting regulation that is applicable to the National Financial System, in particular with the IFRS 9.

IOSCO Proposes Guidance on Conflicts of Interest in Capital Raising

IOSCO is consulting on a proposal on conflicts of interest and associated conduct risks during the equity capital raising process.

MAS Consults on Rules for Mandatory Trading of Derivatives Contracts

MAS proposed regulations to require the trading of over-the-counter (OTC) derivatives on organized markets, to help improve market transparency.

US Treasury Report Recommends Reforms to Orderly Liquidation Authority

The report responds to the Presidential Memorandum directing Treasury to propose recommendations to align OLA with the Core Principles for Financial Regulation and determine whether the Bankruptcy Code should be reformed to better enable resolution of financial companies.

BaFin Circular and Financial Conglomerate Solvency Disclosure Form

BaFin published the final circular and reporting form for demonstrating the capital adequacy of a financial conglomerate.

Bundesbank Updates Handbook on AnaCredit Validation Rules

Bundesbank published Version 3.0 of the handbook on AnaCredit Validation Rules.

FCA Seeks Views on Technology to Achieve Better Regulatory Reporting

FCA announced that it is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide.

IMF Issues Reports on the 2017 Article IV Consultation with Australia

IMF issued staff report and selected issues report in the context of the 2017 Article IV consultation with Australia.

Opening Remarks of FSB Secretary General on Effects of G20 Reforms

At an FSB workshop in London, Dietrich Domanski, the FSB Secretary General, outlined the planned sessions on evaluating the effects of the financial regulatory reforms on financing for infrastructure investment.

BCBS Paper on Implications of Fintech for Banks and Bank Supervisors

BCBS published a paper on sound practices in the context of fintech developments for banks and bank supervisors.

ESMA Publishes Presentation on Proposals for Securitization Regulation

ESMA published the public hearing presentation of its consultation papers on draft regulatory standards under the securitization regulation.

FCA Issues Letter to CEOs on Quality of Prudential Regulatory Returns

FCA published a letter requesting the CEOs of IFPRU investment firms and BIPRU firms to review their regulatory reporting practices.

CPMI Issues Report on Cross-Border Retail Payments

CPMI published a report recommending improvements to the infrastructure for cross-border payments made by individuals and businesses.

EC Publishes Paper on Development of Private Placement of Debt in EU

EC published report on a study on identifying market and regulatory obstacles to the development of private placement of debt in the EU.

FDIC Chairman Speaks About Progress Toward Resolving G-SIBs in US

The FDIC Chairman Martin J. Gruenberg spoke about the progress toward resolving systemically important financial institutions or SIFIs, at The Wharton School, University of Pennsylvania.

FINMA Publishes Guidelines on Initial Coin Offerings

FINMA published guidelines for inquiries about the regulatory framework for initial coin offerings (ICOs).

PRA Consults on Eligibility of Guarantee as Unfunded Credit Protection

PRA published the consultation paper CP6/18, which sets out the proposed changes to the supervisory statement SS17/13 on credit risk mitigation.

BCBS Issues Basel III Monitoring Updates for February 2018

BCBS released the Basel III monitoring workbook (version 3.7.0) and its accompanying instructions, along with an updated list of frequently asked questions for the collection of December 2017 data.

FDIC Adopts Final Rule Amending the International Banking Regulations

FDIC adopted the final rule amending the international banking regulations on the permissible investment activities and the pledging of assets.

IAIS Consults on the Use of Digital Technology in Inclusive Insurance

IAIS is consulting on the draft application paper on the use of digital technology in inclusive insurance. Comments on this consultative document are due by March 16, 2018.

Sabine Lautenschläger of ECB Speaks on Stability of Financial System

Sabine Lautenschläger of ECB spoke about stable financial system at the Dutch Banking Day in Amsterdam.

APRA Proposes Revisions to Risk-based Capital Framework for Banks

APRA published a consultation revising the capital framework for authorized deposit-taking institutions. APRA also published a consultation on the implementation of leverage ratio requirements for authorized deposit-taking institutions.

Bank of Italy Updates the Application Interface Manual on AnaCredit

Bank of Italy published Version 1.4 of the application interface manual and Version 1.4 of the document on "changes to messages and communication" on AnaCredit.

EBA Issues Corrections to XBRL Taxonomy for Benchmarking Exercise

EBA published a corrective update within the XBRL taxonomy Version 2.6.0.1, which competent authorities shall use for remittance of data under the implementing technical standards on benchmarking of internal approaches, for the 2018 benchmarking exercise.

ESMA Launches Interactive Single Rulebook in European Union

ESMA launched its Interactive Single Rulebook, which is a new service for market participants and other interested stakeholders across EU.

European Council on New Rules Under Insurance Distribution Directive

On behalf of the European Council, the EU ambassadors confirmed an agreement to delay the transposition deadline and application of the new rules on insurance distribution.

FED Updates Technical Instructions for Reporting Form FR Y-14A

FED updated the technical instructions for annual capital assessments and stress testing (FR Y-14A). FR Y-14A is among the data collections under review by FED.

IMF Issues Reports on 2017 Article IV Consultation with United Kingdom

IMF issued staff report and selected issues report in the context of the 2017 Article IV consultation with the United Kingdom.

IMF Issues Reports on the 2017 Article IV Consultation with Korea

IMF issued staff report and selected issues report in the context of the 2017 Article IV consultation with Korea.

IOSCO Consults on Policy Measures for OTC Leveraged Products

IOSCO issued a consultation report that proposes policy measures to consider when addressing the risks arising from the offer and sale of OTC leveraged products to retail clients.

Valdis Dombrovskis of EC Speaks on Action Plan for Sustainable Finance

The EC Vice President Valdis Dombrovskis discussed the action plan for sustainable finance.

EIOPA Q&A on Regulations: First Update for February 2018

EIOPA published new sets of questions and answers (Q&A) on implementing and delegating regulations, mostly relevant to Solvency II.

IMF Paper Analyzes Structure and Dynamics of Shadow Banking in China

BIS published a working paper analyzing the structure and dynamics of the shadow banking sector in China.

RBI Issues Revised Framework on Resolution of Stressed Assets in India

RBI issued the revised framework on resolution of stressed assets and the framework is applicable to all scheduled commercial banks, excluding regional rural banks, and certain all-India financial institutions.

Andreas Dombret of Bundesbank Speaks on Global Economic Integration

Andreas Dombret of Deutsche Bundesbank spoke at the London School of Economics and Political Science in London. He discussed the global economic integration and the future of international cooperation.

BIS Hosts Eighth Conference on Bank Resolution and Deposit Insurance

The Financial Stability Institute and the International Association of Deposit Insurers (IADI) of BIS organized the eighth joint conference on bank resolution, crisis management, and deposit insurance in Basel, Switzerland.

Central Bank of Brazil Proposes Resolution on Exposure Limits

The Central Bank of Brazil issued a consultation (Notice 59/2018) on a resolution that improves the rules applicable to maximum exposure limits per customer and the maximum limit of concentrated exposures within the scope of the National Financial System.

ESMA Publishes the Supervisory Convergence Work Program for 2018

The work program details the planned activities and tasks of ESMA to promote sound, efficient, and consistent supervision across EU.

IMF Publishes Staff Discussion Note on Trade-offs in Bank Resolution

IMF published staff discussion note on trade-offs in bank resolution. The note examines the economic forces that determine the relative costs and benefits of bail-ins and bail-outs.

Andreas Dombret of Bundesbank Speaks on Financial Services Post Brexit

Andreas Dombret of Deutsche Bundesbank discussed the formal aspects of the relationship between Germany and the UK in finance after Brexit. He emphasized that pragmatic ways need to be discovered to establish a new, respectful, and friendly partnership.

EBA Updates Guide on Risk Indicators and Detailed Risk Analysis Tools

EBA published an updated methodological guide on how to compile risk indicators and detailed risk analysis tools (DRATs).

EC Issues Notices to Prepare Financial Service Stakeholders for Brexit

EC issued notices to prepare stakeholders for the exit of the UK from the EU.

ESMA Publishes Annual Report for 2017 and Work Program for 2018

The annual report details supervisory activities and achievements of ESMA in 2017. The work program sets out key supervisory activities for credit rating agencies (CRAs), trade repositories, and third-country central counterparties (CCPs) in the EU.

APRA Consults on Prudential Standards for Private Health Insurers

APRA is consulting on a package on the governance, fit and proper, audit, and disclosure requirements for private health insurers.

BoE Updates User Guide for BEEDS Under Solvency II

BoE published the updated Bank of England Electronic Data Submission (BEEDS) user guide to incorporate changes that have been made as part of ongoing system maintenance, in addition to certain important information regarding account practices.

ECB Publishes Statements from Annual Banking Supervision Conference

ECB published introductory statements by Danièle Nouy and Sabine Lautenschläger of the ECB Supervisory Board at the annual press conference on ECB Banking Supervision in Frankfurt. ECB also published a transcript of the question and answer (Q&A) session with both the members of the ECB supervisory board.

ESMA Issues Responses to Consultation on MiFID II Regulatory Standards

ESMA published the responses received to its consultation on certain proposed amendments to the MiFID II regulatory technical standards (RTS) 1.

ESMA Updates Q&A on Transparency Issues Under MiFID II/MiFIR

The Q&A document provides responses to questions by the general public and market participants in relation to the practical application of transparency requirements.

IASB Holds First Meeting of the Transition Resource Group for IFRS 17

IASB has created the Transition Resource Group (TRG) on Insurance Contracts, which held its first meeting and technical discussion in London.

PRA Issues Policy Statement on Optimizations to the SIMR

PRA published the policy statement PS1/18, which provides feedback to responses to Chapters 2 and 3 of the consultation paper CP8/17 titled "strengthening individual accountability in banking and insurance: optimizations to the Senior Insurance Managers Regime (SIMR) and changes to forms."

ESMA Updates Q&As on Implementation of EMIR, SSR, BMR, and CSDR

ESMA updated questions and answers (Q&A) documents on the implementation of European Markets Infrastructure Regulation (EMIR), Short Selling Regulation (SSR), Benchmarks Regulation (BMR), and Central Securities Depository Regulation (CSDR).

FDIC Releases Economic Scenarios for the 2018 Stress Testing Exercise

FDIC released the economic scenarios to be used by the financial entities that will undergo the 2018 stress testing.

HKMA Consults on Guideline for Authorization of Virtual Banks

HKMA is consulting on the revised guideline on the authorization of virtual banks. The consultation ends on March 15, 2018. HKMA intends to consider comments received during the consultation and issue a revised guideline in May 2018.

EC Issues Regulation on Materiality Threshold for Credit Obligations

EC published the final Commission Delegated Regulation (EU) 2018/171 on regulatory technical standards for the materiality threshold for credit obligations past due; this regulation supplements the Capital Requirements Regulation or CRR (EU Regulation No 575/2013).

EIOPA Paper on Systemic Risk and Macro-Prudential Policy in Insurance

EIOPA published the first paper in a series on systemic risk and macro-prudential policy in the insurance sector.

ESMA Issues Responses to Consultation on Position Calculation on EMIR

ESMA published the responses received to its consultation on position calculation under the European Market Infrastructure Regulation (EMIR). The consultation ran from November 17, 2017 to January 15, 2018.

IMF Issues Reports on the 2017 Article IV Consultation with Indonesia

IMF issued staff report and selected issues report in the context of the 2017 Article IV consultation with Indonesia.

OSFI Revises Implementation Timeline for Net Stable Funding Ratio

OSFI revised the implementation timeline for net stable funding ratio (NSFR) for deposit-taking institutions in Canada to January 2020.

ESMA Issues Translations of Guidelines on MiFID II Product Governance

ESMA published the official translations of its guidelines on MiFID II product governance requirements.

US Agencies Propose Amendments to the Swap Margin Rule

US Agencies (OCC, FED, FDIC, FHFA, and Farm Credit Administration) proposed amendments to the swap margin requirements.

BCL Updates Reporting Instructions and Validation Rules for AnaCredit

BCL updated the reporting instructions, validation rules, list of reporting agents, and list of legal proceedings under the AnaCredit regulation.

ECB Updates Q&A and Annexes to the AnaCredit Reporting Manual

ECB updated the questions and answers (Q&A) on AnaCredit Reporting Manual, along with the Annexes containing lists of legal forms, national identifiers, and international organizations.

EIOPA Q&A on Regulations: First Update for January 2018

EIOPA published new sets of questions and answers (Q&A) on guidelines on systemic governance, along with the implementing and delegating regulations applicable to insurers in Europe.

ESMA Publishes Response of EC on Money Market Fund Regulation in EU

ESMA published a letter by EC on the money market fund (MMF) regulation.

ESMA Publishes Results of the Second EU-Wide CCP Stress Test

ESMA published a report on the results of the second stress test exercise on central counterparties (CCPs) established in the EU, in addition to a Question and Answer (Q&A) document on the CCP stress test.

HKMA Finalizes Banking Amendment Ordinance 2018

HKMA notified that the Banking (Amendment) Ordinance 2018 (BAO 2018) has been published in the Gazette and was passed by the Legislative Council on January 24, 2018.

OCC Proposes Revisions to the Form DFAST-14A on Stress Testing

OCC is consulting on revision to a regulatory reporting requirement for national banks and federal savings associations.

EC Launches the EU Blockchain Observatory and Forum

EC launched the EU Blockchain Observatory and Forum with the support of European Parliament. The Observatory and Forum will highlight key developments of the blockchain technology, promote European actors, and reinforce European engagement with multiple stakeholders involved in blockchain activities.

EIOPA Consults on Standards Adapting Base Euro Amounts Under IDD

EIOPA published a consultation paper on draft regulatory technical standards adapting the base euro amounts for professional indemnity insurance (PII) and for financial capacity of intermediaries under the Insurance Distribution Directive (IDD).

ESMA Announces Date for Issuing Results of CCP Stress Tests in EU

ESMA announced that it plans to publish, on February 02, 2018, the results of its second EU-wide stress test exercise for central counterparties (CCPs) established in the EU.

FED Releases Scenarios and Instructions for the 2018 CCAR and DFAST

FED released the scenarios that banks and supervisors will use for the 2018 Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress test exercises.

IOSCO Issues Reports on Liquidity Risk Management for Investment Funds

IOSCO issued a report on recommendations and good practices to improve liquidity risk management of open-ended collective investment schemes.

FIN-FSA Amends Regulations Due to National Transposition of MiFID II

FIN-FSA amended certain regulations and guidelines due to the national transposition of the Markets in Financial Instruments Directive II (MiFID II: Directive 2014/65/EU).

APRA Outlines its Policy Priorities for 2018

APRA released an information paper that outlines its policy priorities for 2018 in the areas of banking, insurance, and cross-industry initiatives.

SNB Revises Reporting Forms for Liquidity Monitoring Tools

SNB revised the liquidity monitoring tool forms for group or single entity reporting. The revised forms are for FINMA supervisory categories 3 to 5 (valid from March 31, 2018).

DNB Issues Banking Newsletter for January 2018

The recent issue covers updates related to the thematic research on management of risks in the field of terrorist financing, the regulation on controlled remuneration policy 2017, the new DNB statistics website, and the survey/QIS calendar for banks.

DNB Issues Insurance Newsletter for January 2018

This issue highlights that a limited group of smaller and less complex insurers can request an exemption for their quarterly reports from DNB.

EBA Launches the 2018 EU-Wide Stress Test Exercise

EBA launched the 2018 EU-wide stress test and released the macroeconomic scenarios.

ECB to Stress Test 37 Banks Under the 2018 EU-Wide EBA Stress Test

The 2018 EU-wide stress test is being launched and ECB announced that it will examine 37 euro area banks as part of this exercise. EBA will coordinate the EU-wide exercise in cooperation with the ECB and national authorities.

EC Issues Report on Recommendations for Sustainable Financing in EU

EC published a report that sets out strategic recommendations for a European financial system that supports sustainable investments. EC welcomes this report by its High-Level Expert Group on Sustainable Finance.

IMF Publishes Reports on the 2017 Article IV Consultation with Uruguay

IMF published its staff report and selected issues report in the context of the 2017 Article IV consultation with Uruguay.

PRA Updates Instructions on PRA102 and PRA103 Capital+ Forecast

PRA updated the instructions on filling in data points in the reporting forms PRA102 Capital+ forecast and PRA103 Capital+ forecast.

Bank of Finland Publishes AnaCredit Updates in January 2018

Bank of Finland published the updated Version 1.4 of the description of electronic reporting for credit data collection under the AnaCredit regulation.

BDE Issues Circular on Guarantee Fund of Deposits in Spain

BDE issued Circular 1/2018, which modifies Circulars 5/2016 and 8/2015 and enters into force on the day following its publication in the Official State Gazette.

CBRC Publishes Comments on Intermediate Parent Undertakings Proposal

CBRC published a joint comment letter on the proposals from EC to further strengthen the resilience of EU banks; this relates particularly to Article 21b of the Capital Requirement Directive (CRD) that requires non-EU groups above certain threshold to establish intermediate EU parent undertakings (IPU) in the EU.

GAO Report on the Need to Enhance Procedures for Reviews Under RFA

The U.S. GAO published an annual report examining the extent to which, and how, financial regulators performed the required Regulatory Flexibility Act (RFA) analyses and established policies and procedures for complying with the RFA requirements, among other objectives.

EIOPA Publishes the Updated Work Program for 2018

EIOPA published the updated work program for 2018. The work program highlights and specifies the planned activities and tasks of EIOPA for the coming year, within the framework of a multiannual work program for 2017-2019.

BCBS Chairman Speaks on Implementation and Effectiveness of Basel III

The BCBS Chairman Stefan Ingves spoke about implementation of Basel III during his keynote address at the Institute for Law and Finance conference in Frankfurt. He highlighted that "finalizing Basel III was an important milestone."

IAIS Issues Insurance Newsletter for January 2018

IAIS published the January issue of its newsletter. The Secretary General explains that 2018 will be an important year for IAIS. It is slated to make key decisions on the design of ICS Version 2.0 and on the development of a holistic approach to the mitigation of systemic risk in the global insurance sector.

IMF Reports on the 2017 Article IV Consultation with Malta

IMF published its staff report and selected issues report in context of the 2017 Article IV consultation with Malta.

OCC Proposes to Renew Information Collection on Credit Risk Retention

The OCC is soliciting comments on the renewal of its information collection on Credit Risk Retention.

OSFI Issues Information Guide on Solvency Information Return

OSFI published an information guide to assist administrators of pension plans, which are registered or have filed an application for registration under the Pension Benefits Standards Act 1985 (PBSA) in completing the Solvency Information Return (SIR) that is required to be filed with the OSFI.

OSFI Published Reporting Requirements for OSFI-525 and OSFI-590

To streamline the filing process, OSFI will be requesting that federally regulated financial institutions (FRFIs) begin filing the OSFI 525 and OSFI 590 as unstructured returns via the Regulatory Reporting System effective February 2018 (returns due March 15, 2018).

Sabine Lautenschläger of ECB Speaks on the Finalization of Basel III

Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, spoke on the finalization of Basel III.

US Agencies Complete Assessment of Resolution Plans of Foreign Banks

US Agencies (FDIC and FED) communicated their expectations about the next resolution plans to 19 foreign-based banking organizations.

CBE Circular on Regulation Related to the Implementation of IFRS 9

CBE published circular on regulation related to the implementation of IFRS 9.

EBA Single Rulebook Q&A: Second Update for January 2018

One question related to recovery and resolution was published as part of the Single Rulebook Q&A this week.

IAIS Publishes FAQ on the Implementation of ICS Version 2.0

IAIS published responses to the frequently asked questions (FAQ) on the implementation of ICS Version 2.0.

IASB Provides Material on Implementing IFRS 17 for Insurance Contracts

IASB published an article outlining the information and support available to national standard-setters and regulators planning for implementation of IFRS 17 Insurance Contracts.

IMF Publishes Reports on the 2017 Article IV Consultation with Kuwait

IMF published its staff report and selected issues report in context of the 2017 Article IV consultation with Kuwait.

SBIF Extends Consultation Period for Provisions of Credit Risk

SBIF is extending the consultation period on the regulation on the standard method for estimating the provisions for credit risk of the commercial portfolio of group analysis until March 16, 2018.

EBA to Launch the 2018 EU-Wide Stress Test on January 31, 2018

EBA announced that it will formally launch the 2018 EU-wide stress test on January 31, 2018, at 5pm UK time. EBA will also publish the common macroeconomic scenarios for this exercise.

Andreas Dombret of Bundesbank on Addressing Proportionality in Europe

Dr Andreas Dombret of Deutsche Bundesbank spoke in Cape Town about the the importance of proportionality in regulation at the European as well as the international level. He emphasized that "The success of Basel III depends crucially on whether or not we get the implementation right."

EC Consults on Amendments to Liquidity Coverage Requirements for Banks

EC published a draft version of the commission delegated regulation amending Delegated Regulation (EU) 2015/61 of October 10, 2014 to supplement Capital Requirements Regulation (CRR or EU Regulation No 575/2013) with regard to liquidity coverage requirement for credit institutions.

EP Issues Impact Assessment on Authorization and Recognition of CCPs

EP issued a briefing on the initial appraisal of an EC impact assessment on authorization of central counterparties (CCPs) and recognition of third-country CCPs under European Market Infrastructure Regulation (EMIR or Regulation (EU) No 648/2012).

FCA Consults on Handbook Changes Related to European MMF Regulation

FCA published the consultation paper CP18/4 on changes to FCA Handbook to ensure that it is consistent with the requirements of the EU Money Market Funds (MMF) Regulation.

FED Issues Federal Register Notices on FR Y-9C and Regulation QQ

FED published the final Federal Register notice adopting a proposal to extend for three years, with revision, the FR Y-9C reporting form, among others. FED also posted initial Federal Register notice inviting comments on a proposal to extend, with revision, the mandatory reporting requirements associated with Regulation QQ.

IMF Paper on Tool for Measuring Systemic Risk and Interconnectedness

IMF published a working paper that presents the Systemic Risk and Interconnectedness (SyRIN) tool. The framework is designed to be a tool to identify vulnerabilities from a top-down perspective that can lead to deeper analysis in specific sectors for policy formulation.

IMF Publishes Reports on the 2017 Article IV Consultation with Egypt

IMF released its staff report and selected issues report for the Arab Republic of Egypt.

EP Publishes a Working Document on Proposed Amendments to ESFS

European Parliament (EP) published a working document on proposals to amend the European System of Financial Supervision (ESFS).

IMF Releases Reports on 2017 Article IV Consultation with Hong Kong

IMF published staff report and selected issues report in context of the 2017 Article IV consultation with People’s Republic of China—Hong Kong Special Administrative Region (SAR).

SEC Chairman on Completing Mandates of Dodd Frank Rulemaking

During the opening remarks at the Securities Regulation Institute in Washington DC, the SEC Chairman Jay Clayton discussed the expectations for market professionals when dealing with new products or new forms of old products, specifically in the Initial Coin Offering (ICO) space.

Bundesbank Publishes List of Deactivated Validation Rules

Deutsche Bundesbank published a list of validation rules from Annex XV of the EBA Implementing Technical Standards on supervisory reporting, which have been deactivated from a national point of view.

MAS Amends Notice 610 on Submission of Statistics and Returns

MAS amended Notice 610 regarding Submission of Statistics and Returns.

EBA Lists Credit Institutions Subject to LCR Inflow Cap Derogation

EBA published an updated list of credit institutions exempted from, or subject to, a higher cap on inflows in the calculation of the Liquidity Coverage Ratio (LCR); this is in accordance with the provisions laid down in the LCR Delegated Act.

ESMA Updates Transparency Calculations for MiFID II/MiFIR

ESMA published an extended version of the MiFID II/MiFIR transitional transparency calculations (TTCs) for equity and bond instruments, adding further instruments.

Randal K. Quarles of FED Speaks on Improving Post-Crisis Regulations

Randal K. Quarles, the FED Vice Chairman for Supervision, talked about evaluating and improving the post-crisis regulatory regime and outlined the emerging focus areas.

SRB Issues Final Documents for the 2018 Liability Data Reporting

SRB published the finalized documents for the 2018 Liability Data Reporting (LDR) process, along with a minor correction in the validation tool.

IMF Report on Detailed Assessment of Observance of BCPs in India

IMF published report on the Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision (BCPs), as part of the Financial Sector Assessment Program (FSAP) on India.

FCA Publishes PS18/1 on Feedback to CP17/33 on Implementation of IDD

FCA published the policy statement PS18/1, which sets out response to the feedback received to third consultation paper, CP17/33, on the Insurance Distribution Directive (IDD).

EC Issues First Progress Report on Reduction of NPLs in EU Banks

EC published the first progress report on tackling nonperforming loans (NPLs) in the EU.

IOSCO Issues Statement on Concerns Related to Initial Coin Offerings

IOSCO issued a communication on concerns related to the Initial Coin Offerings (ICOs).

ESMA Consults on Contracts for Differences and Binary Options Measures

ESMA published a call for evidence on potential product intervention measures related to the provision of contracts for differences (CFDs), including rolling spot forex and binary options to retail investors.

OCC Report on Key Risks for the Federal Banking System

OCC published its report titled Semiannual Risk Perspective for Fall 2017. The report highlights credit, operational, and compliance risks as key concerns for the federal banking system.

ACPR Issues the COREP Taxonomy Version 2.7.0.1 Under CRR

ACPR launched the taxonomy version 2.7.0.1 SUBCON under the Capital Requirements Regulation (CRR or Regulation 575/2013).

SBIF Releases Technical Note on Fintech

SBIF published a technical note on financial technology in the context of banking regulations and financial stability.

EBA Report on Implementation of Guidelines on DGS Calculation Methods

EBA published a report on the implementation of the guidelines on methods for calculating contributions to deposit guarantee schemes (DGSs). The report assesses authorities' compliance with the principles outlined in the EBA guidelines.

HKMA Consults on Loss-Absorbing Capacity Requirements for Banks

HKMA launched a two-month public consultation on a set of proposed rules related to loss-absorbing capacity (LAC) requirements for authorized institutions under the Financial Institutions (Resolution) Ordinance (Cap. 628).

OSFI Issues Letter on 2016-17 ICAAP and Next ICAAP Submissions

OSFI issued a letter that provides feedback on the 2016-17 Internal Capital Adequacy Assessment Process (ICAAP) Submission.

PRA Postpones Introduction of the Liquidity Reporting Template PRA 110

PRA is postponing introduction of the new liquidity reporting template PRA110 by six months—from January 01, 2019 to July 01, 2019. This follows the consideration of responses to the consultation paper CP13/17 on Pillar 2 liquidity.

EBA Issues Updated Risk Dashboard for Third Quarter of 2017

EBA published an updated risk dashboard for the third quarter of 2017, along with the results from the Risk Assessment Questionnaire.

IMF Publishes Reports on the 2017 Article IV Consultation with Croatia

IMF published staff report and selected issues report in context of the 2017 Article IV consultation with Croatia.

ECB Publishes a Working Paper on Macro-Prudential Regulation in EU

The paper introduces a new comprehensive data set on policies of a macro-prudential nature in the banking sectors of the 28 member states of the EU.

BCL Updates Instructions and Validation Rules for AnaCredit Reporting

BCL updated the reporting instructions, validation rules, technical specifications for collection, and list of reporting agents for AnaCredit. BCL also published updated reference documents related to AnaCredit that include lists of legal forms, national identifiers, and international organizations.

EBA Guidelines on Disclosure Rules of IFRS 9 Transitional Arrangements

EBA published the final guidelines on disclosure requirements of IFRS 9 or analogous expected credit losses (ECLs) transitional arrangements.

EBA Single Rulebook Q&A: First Update for January 2018

The key topics covered in the updates are related to supervisory reporting, treatment of Physical Stock balances, coins and banknotes in counterbalancing capacity, reporting of individuals/households names, prices for various lengths of funding-currency spreads, and concentration of funding by counterparties.

OSFI Revises the Capital Floor for Banks

OSFI revised the capital floor that will set a minimum on the required regulatory capital for banks using internal models, relative to the Basel II standardized approach.

Bundesbank Updates Guidelines and Q&A on Money Market Statistics

Deutsche Bundesbank updated the guidelines and questions and answers (Q&A) on money market statistics.

ESMA Issues Report on Fees Charged by CRAs and Trade Repositories

ESMA published a thematic report on fees charged by credit rating agencies (CRAs) and trade repositories. The thematic report identifies the areas for improvement regarding transparency and disclosure, the fee-setting process, and the interaction with entities related to CRAs and trade repositories.

HKMA Finalizes Return for Stable Funding Position of a Bank

HKMA finalized the Return of Stable Funding Position (Return MA(BS)26) of an authorized institution, along with the associated completion instructions, after consultation with the two industry associations.

HKMA Publishes Consultation Paper on Open API Framework for Banks

HKMA issued a consultation on Open Application Programming Interfaces (API) framework. The consultation sets out the intended approach of HKMA to Open API for the banking industry in Hong Kong.

IASB Issues IFRS Taxonomy Update for IFRS 17 on Insurance Contracts

IASB issued an update to the IFRS Taxonomy 2017 for IFRS 17, the standard on Insurance Contracts.

PRA Proposes Changes to Reporting Requirements for Insurers

PRA published the consultation paper CP2/18 that proposes a number of regulatory reporting changes designed to reduce the burden for Solvency II firms and mutuals while maintaining the ability of PRA to meet its statutory objectives and to supervise firms.

SBIF Consults on Modifications to Provisions of Credit Risk for Banks

SBIF is consulting on the standard method for estimating the provisions for credit risk of the commercial portfolio of group analysis.

PRA Publishes Letter on Transition Disclosures for the IFRS 9 Standard

PRA published a letter sent to the CFOs of selected firms on transition disclosures for the IFRS 9 standard on Financial Instruments.

APRA Releases Response to Submissions and Final ARS 223.0 for Banks

APRA released a response to submissions and final reporting standard ARS 223.0 on residential mortgage lending reporting requirements for authorized deposit-taking institutions.

HKMA Announces Increase in Jurisdictional CCyB Ratio for Hong Kong

HKMA announced that the countercyclical capital buffer (CCyB) for Hong Kong will increase to 2.5% from the current 1.875%.

Minneapolis Fed Releases Final Minneapolis Plan to End Too Big to Fail

The Federal Reserve Bank of Minneapolis (Minneapolis Fed) released the final Minneapolis Plan to end too-big-to-fail (TBTF).

Carolyn Rogers of OSFI on Basel III Lessons and Future Path for Canada

Carolyn Rogers of OSFI discussed the lessons of Basel III and the path ahead for Canada while addressing the audience at the 2018 RBC Capital Markets Canadian Bank CEO Conference in Toronto.

ESMA Exempts Certain Trading Venues from Open Access Under MiFIR

ESMA published a list of the trading venues for which a temporary exemption from the open access provisions under 36(5) of the Markets in Financial Instruments Regulation (MiFIR) exists.

ESMA Decides to Delay Publication of Double Volume Cap Data

ESMA decided to delay publication of data on the double volume cap (DVC) mechanism for January 2018.

ESMA Issues Position Management Controls for Commodity Derivatives

ESMA issued the first badge of position management controls under the Markets in Financial Instruments Directive (MiFID II).

ESMA Issues Register of Derivatives to be Traded On-Venue Under MiFIR

ESMA published a public register of the derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).

U.S. Senate Committee Hearing on Combating Money Laundering

The Committee on Banking, Housing, and Urban Affairs met in Open Session to conduct a hearing entitled, “Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen BSA Enforcement.”

BoE Issues Updated BEEDS User Guide and Solvency II XBRL Filing Manual

BoE published the updated Bank of England Electronic Data Submission (BEEDS) user guide to reflect system changes relevant to firms using the User Acceptance Testing (UAT) environment. BoE also published the updated Solvency II XBRL filing manual.

ESMA Consults On CCP Anti-Procyclicality Margin Measures

ESMA is consulting on draft guidelines on anti-procyclicality margin measures for central counterparties (CCPs). The guidelines aim to clarify the implementation of anti-procyclicality provisions for CCPs under the European Markets Infrastructure Regulation (EMIR).

PRA Publishes Consultation Paper on MREL Reporting

PRA published the consultation paper CP1/18 that proposes PRA expectations for reporting on the minimum requirement for own funds and eligible liabilities (MREL) through updates to the supervisory statement SS19/13 on resolution planning.

US Agencies Propose to Revise Call Reports FFIEC 051, 041, and 031

US Agencies (OCC, FED, and FDIC) proposed revisions to three Consolidated Reports of Condition and Income (Call Reports)—FFIEC 051, FFIEC 041, and FFIEC 031. The proposed revisions to these Call Reports would result in an overall reduction in burden for the reporting entities.

CBRC Consults on Measures for Managing Large Exposures of Banks

CBRC is consulting on measures for the management of large exposures of commercial banks. Comments are due by February 04, 2018.

BoE Paper on Exploiting Big Data for Systemic Risk Assessment

BoE published a working paper that applies algorithmic analysis to large amounts of financial market text-based data to assess how narratives and sentiment play a role in driving developments in the financial system.

CBRC Issues Interim Measures for Management of Commercial Bank Equity

The measures are intended to strengthen equity management of commercial banks, standardize the behavior of shareholders of commercial banks, and make up for the shortcomings of regulation.

CBRC Solicits Opinions on Rules on Entrusted Loans of Commercial Banks

CBRC is soliciting opinions on the Management Rules of Entrusted Loans of Commercial Banks. The rules are intended to further standardize the management of entrusted loans and promote sound development of entrusted loan businesses of commercial banks.

FASB Proposes Improvements to Implementation of Leases Standard

FASB issued a proposed Accounting Standards Update (ASU) that is intended to reduce costs and ease implementation of the Leases standard for financial statement preparers. Comment on the proposed improvements are due by February 05, 2018.

HKMA Circular on Disclosures on Sale of non-SFO Structured Products

HKMA published a circular on enhanced disclosure requirements on sale of structured products not regulated by the Securities and Futures Ordinance (SFO).

JFSA Consults on Its Draft Report on Supervisory Approaches

The Financial Services Agency of Japan (JFSA) has issued the English translation of its draft report on the supervisory approaches and calls for public comments by February 14, 2018.

IOSCO Statement on Matters to be Considered for Use of Benchmarks

IOSCO published a statement setting out matters for users of financial benchmarks to consider in selecting an appropriate benchmark and in contingency planning, particularly for scenarios in which a benchmark is no longer available.

OJK Consults on Regulation on Structured Products for Commercial Banks

OJK, the Financial Services Authority of Indonesia, published a draft regulation of Authority of Financial Services Number/POJK.03/2018, which amends regulation of Authority of Financial Services Number 7/POJK.03/2016 on the prudential principles in implementing structured products for commercial banks.

ESMA Makes Available MiFID II and MiFIR Data on Its Website

ESMA, in cooperation with the national competent authorities in the European Economic Area, has overseen the launch of the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MIFIR).

FED Consults on Risk Management Expectations for Large Institutions

FED is requesting comments on the proposed guidance that would clarify its supervisory expectations related to risk management for large financial institutions.

MAS Consults on Regulatory Framework for Large Exposures of Banks

MAS is seeking feedback on proposed revisions to the regulatory framework for large exposures of Singapore-incorporated banks.

FSB Publishes Governance Arrangements and Implementation Plan for UTI

FSB published the conclusions of FSB on governance arrangements for the Unique Transaction Identifier (UTI), along with a recommended implementation plan for these arrangements.

FED Consults on Revisions to the Reporting Form FR Y-9C

FED invites comment on a proposal to extend for three years, with revision, the mandatory Financial Statements for Holding Companies (FR Y-9). Comments must be submitted on or before March 05, 2018.

RBNZ Updates Framework for Restrictions on High LVR Mortgage Lending

RBNZ updated the framework for restrictions on high loan-to-valuation ratio (LVR) residential mortgage lending. The framework sets out the RBNZ framework for imposing quantitative restrictions on the share of high LVR loans by registered banks to the residential property sector.

RBNZ Updates Policy on Liquidity Risk Management by Banks

RBNZ updated its liquidity policy for the management of liquidity risk by registered banks.

BaFin on Transfer of Newly Issued Shares in Cooperative Banks

BaFin published a general order that regulates how newly issued shares in cooperative banks, with the permission of the BaFin, can be classified as instruments of common equity tier 1 (CET1) capital.

AMF Amends Guideline on Capital Adequacy Requirements for P&C Insurers

AMF published the revised guideline on capital adequacy requirements (CAR) for property and casualty (P&C) insurance companies. This updated guideline has been effective as of January 01, 2018.

AMF Revised Capital Adequacy Requirement Guidelines for Insurers

AMF published the revised guideline on capital adequacy requirements (CAR) for life and health insurers. The updated guideline is effective as of January 01, 2018.

MAS Amends Notice 612 on ECL Recognition in Bank Financial Statements

The Notice also addresses the requirements for recognition of credit loss allowance for expected credit losses (ECL) in the financial statements of banks.

CBRC on Capital Approach to Strengthen Supervision of Asset Companies

CBRC published a notice on the Administrative Measures to strengthen the capital supervision of financial asset management companies and to safeguard the stable operation of these asset companies. These measures enter into force on January 01, 2018.

HKMA Updates List of Banks Designated as D-SIBs in Hong Kong

HKMA has completed its annual assessment of the list of domestic systemically important authorized institutions (D-SIBs).

IMF Publishes Reports on 2017 Article IV Consultation with Argentina

IMF published staff report and selected issues report in context of the 2017 Article IV consultation with Argentina.

APRA Issues List of Direct to APRA Validation Rules for Banks

APRA published list of the latest Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, including banks, building societies, and credit unions.

Bank of Finland Publishes Updates for AnaCredit in December 2017

Bank of Finland published the updated Version 2.3 of its preliminary AnaCredit requirements, along with the updated description of electronic reporting for credit data collection.

FED Publishes Federal Notices and Updates Multiple Reporting Forms

FED published the final Federal Register notice adopting a proposal to extend for three years, without revision, the reporting requirements associated with Regulation XX Concentration Limit (FR XX) and Financial Company (as defined) Report of Consolidated Liabilities (FR XX-1).

MAS Amends Disclosure Requirements Under Notices 637, 651, and 653

MAS published amendments to disclosure requirements under MAS Notices 637, 651, and 653, along with its response to the feedback received on the proposed amendments to these notices.

MAS Amends Notice 637 on Capital Requirements for Banks in Singapore

MAS amended Notice 637 on risk-based capital adequacy requirements for banks incorporated in Singapore.

MAS Publishes Notice 653 on Net Stable Funding Ratio Disclosures

MAS published Notice 653 that sets out requirements for a domestic systemically important bank (D-SIB) to disclose quantitative and qualitative information about its Net Stable Funding Ratio (NSFR).

CBRC Consults on Licensing Measures for Foreign Funded Banks

CBRC is consulting the public on amendments to its decision on implementing administrative measures for foreign-funded banks.

EC Amends CRR With Respect to Capital Treatment of STS Securitization

EC published Regulation (EU) 2017/2401 on prudential requirements for credit institutions and investment firms.

EC Finalizes Regulation on Framework for STS and Other Securitizations

EC published EU Regulation 2017/2402, which lays down a general framework for securitization and creates a specific framework for simple, transparent, and standardized (STS) securitization.

IFSB Issues Paper on Recovery, Resolution, and Insolvency of IIFS

IFSB issued a working paper (WP-07) on recovery, resolution, and insolvency issues for Institutions offering Islamic Financial Services (IIFS).

EC on Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

EC published Directive (EU) 2017/2399 on the ranking of unsecured debt instruments in insolvency hierarchy.

EC Rules on Transitional Arrangements for Mitigating Impact of IFRS 9

EC published Regulation (EU) 2017/2395 on transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds and for the large exposures treatment of certain public-sector exposures denominated in the domestic currency of any member state.

EBA Issues Opinion on the Use of 180 Day Past Due Criterion

EBA issued an advice to EC on the appropriateness of continuing to apply the 180 day past due (DPD) exemption for material exposures.

EBA Single Rulebook Q&A: Fourth Update for December 2017

The Single Rulebook Q&A updates for the week include four items, which are related to own funds requirements and supervisory reporting of institutions.

FINMA Proposes Updates to Circulars on Credit Risk and Leverage Ratio

FINMA proposed updates to the banking circulars on credit risk (Circular 2017/7) and leverage ratio (Circular 2015/3), with the aim to reflect the amended Capital Adequacy Ordinance.

IMF Report on Shadow Banking and Market Discipline in Banks

IMF published a working paper on shadow banking and market discipline on traditional banks. The paper proposes a framework in which depositors may withdraw their deposits early in reaction to crises.

BDE Amends Circular on Transparency and Liability of Banking Services

BDE published Circular 5/2017 on transparency of banking services and liability in granting loans. Annex 8 of Circular 5/2017 modifies Sections 4 and 6 of Annex 8 of Circular 5/2012 of June 27 to credit institutions and payment service providers.

BCBS Proposes Technical Amendment to Net Stable Funding Ratio

BCBS published its first proposed technical amendment, which is related to the treatment of extraordinary monetary policy operations in the net stable funding ratio (NSFR).

FSB on Assessment Methodology for Key Attributes of Resolution Regimes

FSB published a consultation paper on the methodology for assessing the implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions in the insurance sector.

EIOPA Publishes Report on LTG Measures and Measures on Equity Risk

EIOPA published its second annual report 2017 on Long-Term Guarantee (LTG) measures and measures on equity risk. This report analyzes the impact of measures on the financial position of all (re)insurance undertakings from the European Economic Area.

SNB Updates Validation Rules for Liquidity Monitoring Tools Reporting

SNB updated validation rules for the Liquidity Monitoring Tools (LMT) reporting at both the group and single entity levels.

EIOPA Issues Opinion on Service Continuity in the Context of Brexit

EIOPA issued an Opinion on service continuity in light of the withdrawal of the UK from the EU.

EIOPA on Use of CAOs and Limitations from Supervisory Reporting

EIOPA published annual reports on the use of exemptions and limitations from the regular supervisory reporting and on the use of capital add-ons by national competent authorities.

ESMA Updates Its CFI Validations for MiFID II

ESMA published the updated Classification of Financial Instruments (CFI) validation document relevant for data reporting under the Markets in Financial Instruments Directive (MiFID II).

ESMA Review on Supervision of Default Management Procedures of CCPs

ESMA issued the results of a peer review it conducted into how national competent authorities ensure that central counterparties (CCPs) comply with requirements under the European Markets Infrastructure Regulation (EMIR).

FASB Publishes the 2018 GAAP Financial Reporting Taxonomy

FASB announced the availability of the 2018 GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy (SRT).

IMF Publishes FSSA Report for India Under the FSAP

The report highlights that increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed by improved legal, regulatory, and supervisory frameworks.

OFR G-SIB Scores Chart Shows Rising Systemic Importance of Asian Banks

An article by the OFR Deputy Director for Research and Analysis Stacey Schreft highlights that new data on the world’s largest banks show the increasing systemic importance of Asian banks.

BCBS Examines Best Practices and Consults on Stress Testing Principles

BCBS released a consultative document on stress testing principles, along with a range of practices report on supervisory and bank stress testing. BCBS welcomes comments on all aspects of the proposed principles and comments are due by March 23, 2018.

EC on Proportionate and Risk-Sensitive Rules for Investment Firms

EC proposed a two-track overhaul to make life simpler for smaller investment firms, while bringing the largest, systemic ones under the same regime as European banks.

MAS Amends Notice 652 on NSFR to Delay Implementation of RSF Add-On

MAS amended Notice 652 on the Net Stable Funding Ratio (NSFR) under Basel III. The amendment facilitates delay in the implementation of the Required Stable Funding (RSF) add-on for derivative liabilities, until further notice by MAS.

EBA Publishes an Updated Quantitative Analysis on MREL

EBA published an updated quantitative analysis on the minimum requirement for own funds and eligible liabilities (MREL).

EBA Publishes Final Report on Recommendations on Cloud Outsourcing

EBA published final guidance on the use of cloud service providers by financial institutions.

EBA Publishes Impact Assessment of Basel Reforms on EU Banks

The report presents aggregate data on EU banks and assumes full implementation of the final Basel III framework, as endorsed by the Group of Central Bank Governors and Heads of Supervision (GHoS).

EC Proposes to Amend Application Date of IDD and Related Regulations

EC proposed a Directive to amend the Insurance Distribution Directive, or IDD, (Directive 2016/97) with respect to the date of application of transposition measures of member states.

EC Publishes Regulation on Transmission of Information Under MiFID II

EC published the Commission Implementing Regulation (EU) 2017/2382, which lays down implementing technical standards on standard forms, templates, and procedures for the transmission of information in accordance with the Markets in Financial Instruments Directive II (MiFID II: Directive 2014/65/EU).

EIOPA Report Highlights Key Financial Stability Risks for Insurers

EIOPA published its semi-annual financial stability report on the insurance, reinsurance, and occupational pensions sectors in the European economic area in December 2017.

ESMA Publishes Annual Market Share Calculation for CRAs

The purpose of the market share calculation is to facilitate issuers and related third parties in their evaluation of a CRA with no more than 10% total market share in the EU.

ESMA Issues Statement on Implementation of LEI Under MiFID II

ESMA issued a statement to support the smooth implementation of Legal Entity Identifier (LEI) requirements under the Markets in Financial Instruments Regulation (MiFIR).

FINMA Issues Revised Circular 2019/1 on Risk Diversification for Banks

This revision was necessitated by changes adopted by the Federal Council to the Capital Adequacy Ordinance, which contains rules on banks and securities dealers’ capital bases and risk diversification.

MAS Proposes Revision to Scope of Eligible Collateral in Notice 637

MAS published consultation paper on proposals to widen the scope of eligible collateral relating to commodities and equity securities in MAS Notice 637.

OSFI Revises Guideline on Basel III Leverage Ratio Disclosures

The guideline provides clarification on the implementation of the BCBS leverage ratio framework and disclosure requirements for all institutions and builds on the April 2017 Pillar 3 Disclosure Requirements guideline of OSFI.

SRB Publishes the 2017 Policy Statement on MREL

SRB, along with the Banking Union national resolution authorities, published the 2017 policy statement on the minimum requirement for own funds and eligible liabilities (MREL); this policy statement will serve as a basis for setting the consolidated MREL targets for banks under the remit of SRB.

EIOPA Publishes Opinion on Supervisory Assessment of Internal Models

EIOPA issued an opinion on the supervisory assessment of internal models, including a dynamic volatility adjustment (DVA).

BoE Consults on Approach for Authorization of Banks and Insurers

BoE is consulting on an updated approach to authorizing and supervising international banks and insurers. BoE also issued guidance on its approach to international central counterparties (CCPs).

DNB Issues Banking Newsletter for December 2017

DNB issued the banking newsletter for December 2017. This month’s issue focuses on thematic research into risk management during outsourcing.

EC Issues Regulations Supplementing Insurance Distribution Directive

EC published the Commission Delegated Regulations (EU) 2017/2358 and 2017/2359, which supplement the Insurance Distribution Directive (IDD: Directive (EU) 2016/97).

EBA Publishes Opinion on Transition from PSD1 to PSD2

EBA published an opinion addressed to competent authorities on the transition from the existing Payment Services Directive (PSD1) to the revised Payment Services Directive (PSD2), which will apply from January 13, 2018.

EBA Regulatory Standards Related to Recovery and Resolution Planning

EBA published a report on the application of simplified obligations and waivers in recovery and resolution planning. It also published the final draft regulatory technical standards specifying the eligibility criteria to determine whether institutions could be subject to simplified obligations when drafting such plans.

ESAs Amend Margin Requirements for Non-Centrally Cleared Derivatives

ESAs (EBA, EIOPA, and ESMA) published the jointly developed draft regulatory technical standards amending the framework of the European Market Infrastructure Regulation (EMIR) with regard to physically settled foreign-exchange (FX) forwards.

ESMA Consults on Technical Standards on Securitization Requirements

ESMA published three consultation papers on the draft technical standards implementing the Securitisation Regulation.

ESMA Updates MIFID II Trading Halts Procedure

ESMA published the revised procedure and template to be used by national competent authorities for reporting the parameters used by trading venues under their jurisdiction for halting trading; this is in accordance with Article 48(5) of the Markets in Financial Instruments Directive (MiFID II).

RBNZ Consults on Options for Calculation of Risk-Weighted Assets

RBNZ is seeking feedback on the options for calculating risk-weighted assets as part of the review of the Capital Adequacy Framework for locally incorporated banks.

ECB Publishes Fourth Issue of the Macroprudential Bulletin

This issue provides insights into the analytical work and regulatory issues related to macroprudential policy in the EU.

US Agencies Announce Joint Determinations for Resolution Plans

The agencies announced that the resolution plans of the eight largest and most complex domestic banking organizations did not have deficiencies, which are weaknesses severe enough to trigger a resubmission process that could result in more stringent requirements.

EIOPA Issues Q&A on Comprehension Alert in KID for IBIPs

EIOIPA issued a question and answer (Q&A) on the comprehension alert in the Key Information Document (KID) for Insurance-Based Investment Products (IBIPs).

DNB Issues Insurance Newsletter for December 2017

DNB issued insurance newsletter for December 2017. This issue highlights that the DNB calls on insurers to take into account scenarios deviating from the Solvency II standard formula in their risk management.

EBA Consults on Technical Standards on Benchmarking of Internal Models

EBA launched a consultation to amend the Commission Implementing Regulation on benchmarking of internal models.

ESMA Updates Several Q&As on Implementation of MiFID II and MiFIR

ESMA updated several question and answer documents (Q&As) related to the implementation of the revised Market in Financial Instruments Directive and Regulation (MiFID II and MiFIR) in the EU.

EBA Discussion Paper on Implementing Revised Market Risk Framework

EBA published a discussion paper on the implementation of the revised market risk and counterparty credit risk frameworks in the EU—also known as the Fundamental Review of the Trading Book (FRTB) and the Standardized Approach for Counterparty Credit Risk (SA-CCR), respectively.

IAIS Publishes Newsletter for December 2017

IAIS published the December issue of its newsletter. The key highlight of this issue is the interview with new IAIS Secretary General Jonathan Dixon, who became the Secretary General of IAIS following the conclusion of the 2017 IAIS Annual Conference.

EBA Publishes Impact Assessment Report on Liquidity Coverage Ratio

EBA published the fourth impact assessment report for the liquidity coverage ratio (LCR).

EC Consults on Proportionate Regulatory Environment for SME Listing

EC published consultation on building a proportionate regulatory environment to support small and medium enterprise (SME) listing.

EIOPA Report Analyzes SFCRs and Identifies Areas for Improvement

EIOPA published a supervisory statement based on an analysis of the first Solvency and Financial Condition Reports (SFCRs) of (re)insurance undertakings and insurance groups.

ESMA Issues Technical Standards for European Single Electronic Format

ESMA published the final draft regulatory technical standards setting out the new European Single Electronic Format (ESEF).

François Villeroy de Galhau of ACPR Speaks on Bank Resolution

François Villeroy de Galhau, the Governor of the Bank of France and Chairman of the ACPR, spoke about bank resolution at the ACPR Academic Conference in Paris.

APRA Submission on Proposed Legislation on Crisis Resolution Powers

The submission outlines key reforms in the proposed legislation.

APRA Announces Review of LPS 117 on Capital Adequacy of Life Insurers

APRA published a letter about the review of Prudential Standard LPS 117 Capital Adequacy: Asset Concentration Risk Charge or ACRC (LPS 117), to ensure it remains fit for purpose and in line with the objectives in the APRA mandate.

EBA Consults on Homogeneity of Underlying Exposures in Securitization

EBA launched a public consultation on the draft regulatory technical standards specifying a set of criteria for the underlying exposures in securitization to be deemed homogeneous, as part of the requirements under the new EU securitization framework.

EBA Consults on Standards on Risk Retention for Securitizations

EBA launched a public consultation on the draft regulatory technical standards specifying the requirements for originators, sponsors, and original lenders related to risk retention—as laid down in the new EU securitization framework (namely, Simple, Transparent and Standardized, or STS, Regulation).

EBA Single Rulebook Q&A: Third Update for December 2017

This week one answer was published as part of the Single Rulebook Q&A. The answer addressed a question on the value assigned to liabilities arising from derivative contracts.

ECB Seeks Feedback on Guide for Assessment of IMMs for Calculating CCR

ECB published the draft guide and the frequently asked questions (FAQ) on the assessment methodology for the internal model method (IMM) and the advanced credit valuation adjustment (CVA) capital charge for counterparty credit risk (CCR).

ESMA Consults on Regulatory Standards Under the Prospectus Regulation

ESMA launched a consultation on the draft regulatory technical standards under the new Prospectus Regulation (Regulation (EU) 2017/1129).

ESMA Opinions on Third-Country Trading Venue Transactions Under MIFID

ESMA published two revised opinions, providing guidance related to third-country trading venues for post-trade transparency and position limits under MiFIDII/MiFIR.

ESMA Provides Overview of MiFID II Deferral Regimes

ESMA published a table compiling the supplementary deferral regimes applicable in different member states for trading in non-equity instruments under the Market in Financial Instruments Regulation (MiFIR).

ESMA Updates Q&A and Lists Liquid Contracts on Commodity Derivatives

ESMA updated the questions and answers (Q&A) document on commodity derivatives under the revised Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

FINMA Amends Circular 15/2 on Liquidity Risks for Banks

FINMA amended the circular (Circular 2015/2) on liquidity risks for banks, with the new rules entering into force on January 01, 2018.

ESMA Issues Statement on Preparatory Work on CFDs and Binary Options

ESMA issued a statement updating on its work in relation to the sale of contracts for differences (CFDs), binary options, and other speculative products to retail investors.

MAS Issues Response to Consultation on Review of Insurance Returns

MAS issued a circular stating its response to the feedback received on a consultation paper on the review of insurance returns.

OSFI Amends BCAR Return and Instructions for Q1 2018 Filing

OSFI issued a letter announcing the additional changes that were made to the Financial Information Committee (FIC) Basel Capital Adequacy Reporting (BCAR) regulatory return and instructions.

OSFI Publishes Updates on Filing Instructions and Forms Under LICAT

OSFI issued a letter stating that the OSFI-86 and OSFI-87 returns will be discontinued following the completion of the fourth quarter of 2017 filing period, after the annual update letter issued on August 02, 2017.

FCA Publishes PS17/27 on Feedback to CP17/23 on Implementation of IDD

CP17/23 and PS17/27 cover the implementation of most IDD Level 1 matters; these include the remaining conduct requirements for life policies and information disclosure in relation to non-investment insurance contracts, which were not covered in the earlier consultation CP17/7.

EBA Publishes Standardized Data Templates for NPL Transactions

EBA published the data templates that will provide a common EU dataset for the screening, financial due diligence, and valuation during nonperforming loan (NPL) transactions.

EBA Updates Implementing Standards for 2018 Benchmarking Exercise

EBA updated the implementing technical Standards on benchmarking of internal approaches, which define the benchmarking portfolios for the 2018 benchmarking exercise.

ESMA Updates Q&As on Securities Regulations in December 2017

ESMA updated Q&As on Benchmarks Regulation (BMR), Central Securities Depository Regulation (CSDR), European Markets Infrastructure Regulation (EMIR), Market Abuse Regulation (MAR), and post-trading issues under the Second Markets in Financial Instruments Directive (MiFID II).

FDIC and SRB Sign A Cooperation Arrangement

FDIC and SRB signed a Cooperation Arrangement to further strengthen the close cooperation between the two organizations, in compliance with the legal frameworks in the United States and the EU.

FSB Publishes Survey on Incentives to Centrally Clear OTC Derivatives

FSB, BCBS, CPMI, and IOSCO have agreed to evaluate the effects of the interaction of the post-crisis regulatory reforms on incentives to centrally clear over-the-counter (OTC) derivatives.

FSOC Releases Annual Report for 2017

FSOC published its 2017 annual report, which describes significant financial market and regulatory developments, potential emerging threats to the U.S. financial stability, recommendations to promote financial stability, and the activities of FSOC.

OSFI Finalizes Guideline E-19, Guideline A-4 and ORSA KMR for Insurers

OSFI issued final versions of Guideline E-19, Guideline A-4, and the Key Metrics Report for certain insurers.

CBRC to Actively and Steadily Promote the Opening Up of Banking Sector

CBRC is making changes to further open up the Chinese banking sector. CBRC is relaxing restrictions on the proportion of foreign ownership of Chinese banks and financial assets management companies other than private banks.

EBA Issues Opinion on Measures to Address Macro-Prudential Risk by CBC

EBA published an Opinion following the notification by the Central Bank of Cyprus (CBC) of its intention to apply stricter liquidity requirements to address an increase in macro-prudential risk, based on Article 458 of the Capital Requirements Regulation (CRR).

EBA Issues Final Technical Standards on Future EBA Register Under PSD2

EBA published the final draft regulatory and implementing technical standards on the EBA electronic central register under the Payment Services Directive (PSD2).

EC Standards on Disclosure of Encumbered and Unencumbered Assets

EC published the Commission Delegated Regulation, or CDR, (EU) 2017/2295 laying out regulatory technical standards for disclosure of encumbered and unencumbered assets. CDR (EU) 2017/2295 supplements Capital Requirements Regulation (CRR)—that is, Regulation (EU) No 575/2013.

EIOPA Publishes Results of Occupational Pensions Stress Test 2017

EIOPA published the report describing results of the 2017 Occupational Pensions Stress Test. The European defined benefit (DB) and hybrid occupational pension sector has, on average, insufficient assets to meet pension liabilities on the national balance sheet, both in the baseline and adverse market scenario.

FSI Executive Summaries on IFRS 9 and Treatment of Problem Assets