Featured Product

    CBB Proposes Rules on Robo-Advice by Banks and Investment Firms

    January 22, 2019

    CBB issued draft rules to enable existing or potential investment firm licensees to offer “robo-advice,” which CBB rules define as “digital financial advice.” The proposed rules are incorporated in CBB Rulebook Volumes 1, 2, and 4. The CBB Rulebook Volume 1 applies to conventional banks, Volume 2 applies to Islamic banks, and Volume 4 applies to investment business. For the proposed rules in Volumes 1 and 2, CBB requests all licensees, audit firms, and interested parties to provide their comments by February 20, 2019. For the proposed rules in Volume 4, CBB requests comments by February 21, 2019.

    The proposed rules will be incorporated in the following modules in Rulebook Volumes 1 and 2:

    • Revision to Licensing Requirements Module (Module LR)
    • New Digital Financial Advice Module (Module DA)
    • Additions to Glossary for both Volumes

    The proposed rules will be incorporated in the following modules in Rulebook Volume 4:

    • Revision to Authorization Module (Module AU)
    • New Digital Financial Advice Module (Module DA)
    • Addition of a section on Cyber Security Risk Measures under Risk Management Module (Module RM). The proposed new section on Module RM will apply to all investment firm licensees.
    • Addition to Glossary of Volume 4

     

    Related Links

    Comment Due Date: February 20, 2019 (Volumes 1 and 2); February 21, 2019 (Volume 4)

    Keywords: Middle East and Africa, Bahrain, Banking, Securities, Islamic Banking, Regtech, Digital Finance Advice, Robo-advice, CBB

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

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

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4118