FI Sets Out Priorities, Will Not Extend EBA COVID Reporting Guidelines
The Swedish Financial Supervisory Authority (FI) informed the European Banking Authority (EBA) that FI no longer intends to comply with the EBA guideline for reporting exposures affected by the COVID-19 measures. Earlier, on January 17, 2022, EBA had announced that the guideline will be extended until further notice. The guideline on reporting and publication will, therefore, be applicable in Sweden till (up to and including) the reference date of December 31, 2021. Consequently, FI will cease to apply the reporting requirements in the guideline from the reference date of March 31, 2022 for covered entities. In another development, FI also set out the work priorities for 2022.
As part of its work priorities for 2022, FI will review
- unsound lending practices including how loan companies grant loans to individuals who are at risk of experiencing repayment problems and whether different consumer groups are treated differently when buying the same financial product.
- greenwashing in the financial sector to ensure that financial firms are not presenting their products as more sustainable than they actually are and to encourage financial firms to adapt to the new stricter requirements in the European Union rules on sustainability.
- and encourage the industry’s efforts to achieve more transparent and resilient bond markets and test how well the fund sector would withstand new crises; FI will also analyze risks in the commercial real estate sector and how these risks impact the bond and fund markets.
- financial infrastructure of large firms against protection from information technology incidents and/or cyber-attacks to ensure their operational reliability and monitor their subcontractors.
- how payment service firms are working to prevent money laundering and how crypto traders comply with the anti-money laundering regulations.
Related Links
- FI News Release on COVID-19 Reporting (in Swedish)
- EBA Guidelines on Reporting and Disclosures
- FI Press Release on Priorities for 2022
- FI Priority Areas for 2022 (PDF)
Keywords: Europe, Sweden, Banking, Reporting, Covid 19, Disclosures, Guidelines, Greenwashing, Sustainable Finance, AML, Basel, ESG, FI, EBA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
ESRB Responds to EC Proposal on Solvency II ReviewRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.