Featured Product

    BoE Consults on Approach for Authorization of Banks and Insurers

    December 20, 2017

    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). BoE is also publishing letters to the relevant firms, which set out the its approach to the authorization of those firms, so that this process can proceed in an orderly manner. The proposed policy will be out for public comment until the end of February 2018 and PRA will be open for applications from the beginning of 2018.

    The approach being consulted is specified in the consultation papers CP29/17 and 30/17. Sam Woods, the CEO of PRA, also issued a letter containing planning assumptions for firms’ preparations for the UK’s withdrawal from EU. This letter is relevant to banks, insurers, and designated investment firms that undertake cross-border activities between the UK and the rest of the EU.

    The foundation of the BoE’s approach is the presumption that there will continue to be a high degree of supervisory cooperation between the UK and the EU. On this basis, banks and insurers in the European Economic Area (EEA) may (if they are not conducting material retail business) apply for authorization to operate as a branch in the UK. There are expected to be no implications of the proposed policy for the current operations of banks and insurers from non-EEA countries such as the U.S., Switzerland, and Japan. This approach is rooted in the substantial evidence that openness supports economic dynamism through a range of channels, raising growth, and boosting living standards.

     

    Related Links

    Comment Due Date: February 27, 2018

    Keywords: Europe, UK, Banking, Insurance, Securities, Brexit, CCPs, Guidance, BoE

    Related Articles
    News

    APRA Publishes Approach to Regulating and Supervising GCRA Risks

    APRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.

    November 19, 2019 WebPage Regulatory News
    News

    IAIS Publishes Application Paper on Recovery Planning

    IAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.

    November 18, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of November Meeting of RCG for MENA Region

    FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).

    November 17, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).

    November 15, 2019 WebPage Regulatory News
    News

    FASB Delays Effective Dates for CECL, Leases, and Hedging Standards

    FASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

    November 15, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on Securitization Regulation in November 2019

    ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).

    November 15, 2019 WebPage Regulatory News
    News

    HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019

    HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.

    November 15, 2019 WebPage Regulatory News
    News

    FSI Examines Use of Red Team Testing to Enhance Cyber Resilience

    The Financial Stability Institute (FSI) of BIS published a paper that examines the contribution of red team testing frameworks toward enhancing cyber resilience.

    November 15, 2019 WebPage Regulatory News
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4167