CBUAE published Regulation and Standards on risk management for banks. The Regulation and the Standards apply to all banks operating in the UAE. The purpose of the Regulation and the Standards is to establish an overarching prudential framework for risk management in banks and to strengthen risk management across the banking sector. The Regulation will be published in the Official Gazette and will come into effect one month after the date of publication.
In introducing the Regulation and the accompanying Standards, CBUAE intends to ensure that the banks' approaches to risk management are in line with the leading international practices. The Regulation establishes minimum acceptable standards for a comprehensive approach of banks to risk management, in an effort to ensure soundness of banks and to contribute to financial stability. The accompanying Standards supplement the Regulation to elaborate on the supervisory expectations of CBUAE with respect to risk management. The Standards form a part of the Risk Management Regulations.
Keywords: Middle East and Africa, UAE, Banking, Risk Management, Financial Stability, CBUAE
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).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
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.
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.