APRA announced that it has granted Investec Bank Plc a license to operate as a foreign authorized deposit-taking institution (foreign-ADI) under the Banking Act 1959. On the APRA website, the register of authorized deposit-taking institutions lists APRA-regulated institutions, including Australian-owned banks, foreign subsidiary banks, branches of foreign banks, building societies, credit unions, restricted authorized deposit-taking institutions, other authorized deposit-taking institutions, and providers of purchased payment facilities.
Keywords: Asia Pacific, Australia, Banking, Banking Act, Investec Bank, Foreign Branches, APRA
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.
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).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.