FSC Taiwan Amends TLAC Rules, Issues Other Regulatory Updates
The Financial Supervisory Commission of Taiwan (FSC Taiwan) Issued regulatory updates on amending the total loss-absorbing capacity (TLAC) rules, lending measures in response to pandemic, and on compliance with the money laundering legislation. FSC Taiwan published an Order to amend the implementation schedule for regulatory capital rules with respect to the TLAC debt instruments issued by global systemically important banks. The Order entered into force on January 13, 2022.
With respect to the lending measures, FSC Taiwan is requesting domestic banks to strengthen their lending programs and plans to provide guarantee to the domestic banks for granting loans to small and medium enterprises (SMEs) in the specified six core strategic industries. In addition, FSC Taiwan held a meeting with the Ministry of Finance and the Association of Banks wherein it was agreed that banks will cooperate to provide an extension of repayment period for personal debt of those affected by the pandemic. Earlier, FSC Taiwan had decided to extend the timeline for COVID-19-related payment deferrals from the end of December 2021 to the end of June 2022.
Additionally, FSC Taiwan announced the list of virtual currency platform operators that have completed the compliance statement for the prevention of money laundering. FSC Taiwan explained that, out of the 16 firms that submitted declarations of compliance with the Money Laundering Prevention Act, 13 firms will be required to make corrections to the declarations within a specified time. In accordance with the “measures for the prevention of money laundering and combating terrorism funding for virtual currency platforms and trading business enterprises,” platform operators shall complete the money laundering prevention laws and regulations in accordance with the documents, materials, and methods designated by FSC Taiwan. FSC Taiwan also called on the operators who set up bitcoin vending machines to submit a statement of compliance with the Money Laundering Prevention Act.
Related Links (in Chinese)
- Order on TLAC Rules
- Press Release on Lending Program
- Press Release on Payment Deferrals
- Press Release on Compliance with Money Laundering Act
Keywords: Asia Pacific, Banking, Payment Deferrals, Covid 19, Lending, Loan Repayment, Credit Risk, AML CFT, ML TF Risk, TLAC, Regulatory Capital, Basel, Reporting, Cryptocurrency, G-SIBs, SME, FSC Taiwan
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
Next Article
JFSA to Set Up Subcommittee on ESG Data IssuesRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
