US Agencies (CFPB, FED, and SEC) published their respective semi-annual regulatory flexibility agenda in the Federal Register, under the Regulatory Flexibility Act. The Act requires each Federal agency, twice each year, to publish, in the Federal Register, an agenda identifying rules that the agency expects to consider in the next 12 months and that are likely to have a significant economic impact on a substantial number of small entities.
CFPB Agenda. CFPB anticipates having the identified regulatory matters in the agenda under consideration from May 01, 2019 to April 30, 2020. Later in the Spring, CFPB is preparing to issue a proposal to follow up on an interpretive and procedural rule that it issued in August 2018 to provide clarification regarding Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act amendments to the Home Mortgage Disclosure Act (HMDA), which requires financial institutions to report certain mortgage information to Federal financial regulators and the public. In context of implementing the EGRRCP Act, CFPB intends to recommence work later this year to develop rules to implement section 1071 of the Dodd-Frank Act. CFPB also plans to issue, in 2019, an Advance Notice of Proposed Rulemaking concerning certain data points that are reported under the 2015 HMDA rule. Finally, CFPB expects to issue a Notice of Proposed Rulemaking by Spring 2019 to address issues such as communication practices and consumer disclosures in the debt collection market. The next agenda is to be published in Fall 2019.
FED Agenda. FED anticipates having under consideration regulatory matters in the agenda from May 01, 2019 to October 31, 2019. Comments about the form or content of the agenda may be submitted any time during the next six months. The FED agenda is divided into five sections: Pre-rule Stage, Proposed Rule Stage, Final Rule Stage, Long-Term Actions, and Completed Actions. This agenda does not contain any items in the pre-rule and final rule stages. However, the three items in the proposed rule stage involve reduced reporting for covered depository institutions (FFIEC 051 Call Report), availability of funds and collection of checks under Regulation CC, Regulation LL for savings and loan holding companies and Regulation MM for mutual holding companies. The next agenda will be published in Fall 2019.
SEC Agenda. SEC published the Chairman's agenda of rulemaking actions. The agenda notes that the Division of Investment Management is considering recommending that SEC re-propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds, closed-end funds, and business development companies. Additionally, removal of certain references to credit ratings Under the Securities Exchange Act of 1934 is a task that is on the long-term action agenda. Information in the agenda was accurate on March 18, 2019, the date on which SEC staff completed compilation of the data. To the extent possible, rulemaking actions by SEC since that date have been reflected in the agenda. SEC is printing in the Federal Register, along with the preamble, only those agenda entries for which it has indicated that preparation of a Regulatory Flexibility Act analysis is required. SEC invites questions and public comment on the agenda and on the individual agenda entries on or before July 24, 2019.
Keywords: Americas, US, Banking, Securities, Regulatory Flexibility Act, Semi Annual Agenda, CFPB, EGRRCP Act, HMDA, Dodd-Frank Act, FED, SEC, US Agencies
EIOPA submitted—to the European Parliament, the Council of the European Union, and EC—its 2020, fifth, and last annual report on long-term guarantee measures and measures on equity risk.
The BIS Innovation Hub Swiss Centre, SNB, and the financial infrastructure operator SIX announced the successful completion of a joint proof-of-concept (PoC) experiment as part of the Project Helvetia.
EBA published the final draft regulatory technical standards for calculation of own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.
EIOPA published discussion paper on a methodology for the potential inclusion of climate change in the Solvency II (sometimes also written as SII) standard formula when calculating natural catastrophe underwriting risk.
EU published, in the Official Journal of the European Union, corrigenda to the Directive and the Regulation on the prudential requirements and supervision of investment firms.
MAS proposed amendments to certain regulations, notices, and guidelines arising from the Banking (Amendment) Act 2020.
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
RBNZ launched consultations on the scope of the Insurance Prudential Supervision Act (IPSA) 2010 and on the associated Insurance Solvency Standards.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.