FDIC is adopting the final rule to amend its international banking regulations consistent with section 939A of the Dodd-Frank Act and its authority under section 5(c) of the Federal Deposit Insurance Act. Section 939A directs each federal agency to review and modify regulations that reference credit ratings. The final rule adopts, without change, the revisions and amendments that FDIC proposed in a June 2016 notice of proposed rulemaking. These revisions and amendments include replacing references to credit ratings in the regulation's definition of investment grade with an alternative standard of creditworthiness and making changes to the eligibility criteria for the types of assets that insured branches of foreign banks may pledge for the benefit of FDIC.
Related Link: Federal Notice
Effective Date: April 01, 2018
Keywords: Americas, US, Banking, Credit Ratings, Dodd Frank Act, FDIC
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.