DNB published its supervisory priorities for the year ahead, with respect to both prudential and integrity supervision. In 2020, DNB will be focusing specifically on data quality, management, and use. DNB will adopt a more data-driven approach and focus on the use of digital technologies in its supervision. DNB is also in the process of transforming into a smart supervisor. In line with its digital strategy, DNB aims to fully utilize its technological opportunities by automating routine tasks where possible and by adopting a data-driven approach as part of the new supervisory methodology.
Considering the ongoing developments, DNB will continue to respond to technological innovation, focus on future-orientedness and sustainability, and remain strict on financial and economic crime. DNB will also continue to work closely with other regulators in 2020 and will will strengthen its cooperation with the sector to build on its knowledge of the impact and opportunities of technological innovations. DNB will do so via the Innovation Forum (iForum), which was launched in 2019 and is a joint partnership of banks, insurers, pension funds, and payment institutions. This year, DNB plans to start supervising crypto institutions under the anti-money laundering directive (AMLD 5). With regard to sustainable finance, DNB anchored identification and control of climate risks to a large degree in the supervision of banks, insurers, and pension funds. In 2020, DNB will assess the extent to which banks take climate-related risks into account in their internal risk assessment.
Keywords: Europe, Netherlands, Banking, Insurance, Pensions, Fintech, Supervisory Priorities, Big Data, Automation, AMLD 5, ESG, Climate Change Risks, DNB
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EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.