RBNZ published a summary of the submissions received on the November 2017 consultation on changes to the disclosure requirements for registered banks. RBNZ also confirmed the previously signaled policy decision on the Dashboard approach for quarterly disclosures for locally incorporated banks. Work to implement the Dashboard has commenced and RBNZ aims to publish the first Dashboard in late May 2018, with data from the first quarter of 2018. Corresponding changes to bank disclosure requirements take effect for the same reporting date—that is, March 31, 2018.
The paper on the summary of submissions includes feedback to the November 2017 consultation, provides RBNZ responses to key issues raised in the feedback, and notes the resulting policy decisions. RBNZ also published individual submissions received on the consultation on changes to the existing bank disclosure requirements, where respondents have consented to the publication of their responses by RBNZ. Amending Orders in Council were published in the New Zealand Gazette on February 22, 2018, to implement the changes in disclosure needed to coincide with the first Dashboard publication. Subject to the 28-day notice period, these amendments will take effect on March 31, 2018.
RBNZ will update its working copies of the principal Orders on the Banking Supervision Handbook page in late March. The main impact of these changes will be that no bank will be required to publish an off-quarter disclosure statement for a period ending on March 31, 2018. RBNZ has also prepared a Regulatory Impact Statement assessing the combined impact of implementing the Dashboard and removing off-quarter disclosure statements.
Related Link: Press Release
Keywords: Asia Pacific, New Zealand, Banking, Reporting, Quarterly Disclosures, Responses to Consultation, RBNZ
Previous ArticleFSB Letter Sets Out Priorities for the Argentine G20 Presidency
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).