OSFI Updates Implementation Timelines for Regulatory Returns of Banks
OSFI announced changes to the 2020 regulatory return implementation timelines for banks, in light of the recent developments. Nevertheless, the regulatory return implementations for the Standardized Institutions Risk Asset Portfolio Information (RAPID1), the IRB Credit Data Wholesale Transaction (BF), and Mortgage Loans (E2) will continue as scheduled for the first quarter of 2021. Furthermore, any return changes that were under consideration for implementation in fiscal 2021 will be deferred to fiscal 2022.
The following changes have been announced:
- Interbank and Major Exposures Return (EB/ET 2L)—Formal reporting postponed from third quarter of 2020 to the first quarter of 2021. Additionally, the test data submission scheduled for the second quarter of 2020 will be postponed to the fourth quarter of 2020.
- HELOC return (J2)—Formal reporting postponed from September 30, 2020 to March 31, 2021. Deposit-taking institutions will be expected to participate in an ad-hoc test based on September 2020 data to be submitted by November 15, 2020.
- Trading Income & GoC Securities Trading Income Return (A3)—Formal reporting postponed from the first quarter of 2021 to the first quarter of 2022. Additionally, test data will be postponed from the second quarter of 2020 to the fist quarter of 2021.
- Net Stable Funding Ratio Return (DT1)—Formal reporting postponed from the third quarter of 2020 to the first quarter of 2021 and will be subject to Late and Erroneous Filing Penalties (LEFP). Deposit-taking institutions will be expected to formally resubmit all four 2020 quarterly filings in the first quarter of 2021 without penalty.
Related Links
- OSFI Update
- Standardized Institutions Risk Asset Portfolio Information
- IRB Credit Data Wholesale Transaction
- Mortgage Loans
Keywords: Americas, Canada, Banking, Reporting, Basel, Rapid1, Mortgage Loans, IRB, NSFR, Credit Risk, COVID-19, OSFI
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
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 Proposes to Delay Implementation of Insurance Contracts Standard
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).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB Set Out Recommendations for Benchmark Transition
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS Sets Out Recommendations for Benchmark Transition for Insurers
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
ECB Guideline on Materiality Threshold for Credit Obligations Past Due
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.
FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
