Featured Product

    NBB Issues Recommendations for Banks and Insurers to Ease COVID Impact

    July 30, 2020

    In response to the COVID-19 pandemic, NBB issued a communication for credit institutions (NBB_2020_33) announcing that it has extended, until January 01, 2021, its previous recommendations to suspend the dividend payments. NBB also recommended insurers and reinsurers to suspend the dividend payments until January 01, 2021. To implement the ESRB recommendations for insurers, NBB will make the necessary amendments to Circular NBB_2020_12. These recommendations are in line with the ESRB recommendation (ESRB/2020/07) of May 27, 2020. NBB also published a set of questions and answers (Q&A), for credit institutions, on moratorium and guarantee schemes in response to the COVID-19 crisis.

    Additionally, NBB recommends financial institutions to maintain a prudent and conservative attitude toward variable remuneration and profit sharing. EBA had published a statement on dividends distribution, share buybacks, and variable remuneration on March 31, 2020. In line with the EBA statement, NBB requires that the recommendations for moderation in remuneration policy be respected and that the existing expected impact of this crisis on the institution be taken into account in determining the 2020 remuneration schemes (to be paid out in 2021). In this context, NBB reminds institutions that assessment of the appropriateness of remuneration policy is also a part of the Supervisory Review and Evaluation Process (SREP) exercise.

     

    Related Links

    Keywords: Europe, Belgium, Banking, Insurance, COVID-19, Dividend Distribution, Remuneration, Share Buybacks, Q&A, Moratorium, Guarantee Guarantee Scheme, ESAs, ESRB, NBB, ECB

    Featured Experts
    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571