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    NBB Maintains CCyB Rate at 0%, Issues Other Regulatory Updates

    July 06, 2022

    The National Bank of Belgium (NBB) decided to maintain the countercyclical buffer (CCyB) rate at 0% for the third quarter of 2022. Additionally, NBB published circulars related to crisis management guidelines, covered bonds, supervision of credit institutions and brokerage firms, and guidelines on limited network exclusion under the Payment Services Directive (PSD2). NBB also published a technical note on changes to the XBRL reporting process and protocol.

    Below are the key highlights of these recent updates:

    • NBB published Circular NBB_2022_11 on the implementation of guidelines of the European Banking Authority (EBA) on crisis management. The circular includes a brief explanation of the different orientations of EBA. Each guideline indicates whether it is addressed to NBB as competent authority, to NBB as resolution authority, and/or to institutions as such. This circular repeals and replaces the Circular NBB_2017_29 on EBA guidelines on crisis management.
    • NBB published Circular NBB_2022_15 on the methods of application of the law of April 25, 2014 related to the status and supervision of credit institutions and brokerage firms as amended by the law of November 26, 2021, to ensure the transposition of Directive 2019/2162 on the issuance of covered bonds and the public supervision of covered bonds. The circular sets out provisions for the general authorization of a credit institution, specific authorization for each issue of covered bonds, details on the limitation of covered bonds to be issued, list of credit institutions authorized to issue covered bonds, details on the liquidity test, details on risk management, and reporting obligation. This circular entered into force on July 08, 2022.
    • NBB published Circular NBB_2022_16 to portfolio supervisors at credit institutions, governed by the Belgian Law, that issue Belgian covered bonds. The Banking Law provides that credit institutions that are governed by the Belgian Law and are issuing Belgian covered bonds are required to appoint a portfolio supervisor responsible for reporting to NBB on compliance by the issuing credit institution with the legal and regulatory requirements related to the covered bonds. This circular presents the instructions of NBB concerning the mission of the portfolio supervisor, both before and after the issuance of covered bonds. The circular entered into force on July 08, 2022.
    • NBB published Circular NBB_2022_18 on the implementation of EBA guidelines on limited network exclusion under the Payment Services Directive (PSD2). The circular highlights that the EBA guidelines have been integrated into NBB’s control practice. The EBA guidelines aim to clarify specific aspects of its application, including on how a network of service providers or a range of goods and services should be assessed to qualify, as limited, the use of payment instruments within limited networks, the provision of excluded services by regulated financial institutions, and the submission of notification to competent authorities.
    • NBB published a technical note on changes to the XBRL reporting process and protocol. From reference period June 30, 2022, additional requirements are being implemented. To further enhance the level playing field within the Single Supervisory Mechanism, all received files must be immediately and automatically forwarded to the European Central Bank (ECB). In practice, this implies that the uploaded file in OneGate is transferred directly to ECB. The uploaded file is then processed simultaneously by OneGate and by ECB. This has a number of operational consequences for the XBRL reporting process via OneGate. Until, but not including the reference period December 31, 2022, almost all checks will be present both in the OneGate and ECB validation report. From reference period December 31, 2022 onward, the results of the EBA non-XBRL validation rules and the ECB Expert Group on Data Quality (EGDQ) checks will be executed only by ECB.

     

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    Keywords: Europe, Netherlands, Banking, Securities, CCyB, Basel, Regulatory Capital, Crisis Management, Covered Bonds, PSD 2, XBRL, Reporting, Validation Rules, OneGate, ECB, EBA, NBB

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