Featured Product

    RBNZ Announces COVID-19 Relief Measures for Financial Institutions

    March 18, 2020

    In the context of the disruption caused by COVID-19, RBNZ has announced regulatory relief measures to support the provision of credit and market functioning. Key among them is the RBNZ decision to delay the start date of the increased capital requirements for banks by 12 months, to July 01, 2021. RBNZ expects that this step will enable banks to provide an additional AUD 47 billion of credit. Should conditions warrant it next year, RBNZ will consider whether further delays are necessary. RBNZ also stated that it has a number of additional tools to provide additional liquidity and support to market functioning, should these be required in the future.

    RBNZ is postponing the publication of exposure drafts of the revised policy documents related to the increased capital requirements. These drafts were planned to be published on April 01, 2020. Additionally, RBNZ will be extending the transition period for its revised outsourcing policy by 12 months. Affected banks will now need to be fully compliant with the new requirements by October 01, 2023. Finally, RBNZ will defer external-facing work on the following regulatory initiatives, for an initial period of six months:

    • Review of the bank liquidity thematic review (and subsequent review of the liquidity policy)
    • Review of the Insurance (Prudential Supervision) Act 2010
    • Standard terms for Residential Mortgage Obligations
    • Cyber resilience guidelines for all regulated entities
    • Revisions to banks’ disclosure of regulatory breaches
    • Review of the stress-testing framework and planned bank stress tests
    • Revising the process for approving banks’ internal capital adequacy models for credit risk

     

    Related Links

    Keywords: Asia Pacific, New Zealand, Banking, Insurance, Capital Requirements, COVID-19, Liquidity Requirements, Stress Testing, Credit Risk, Operational Risk, RBNZ

    Featured Experts
    Related Articles
    News

    APRA Announces Deferral of Capital Reform Implementation

    APRA announced that it is deferring the scheduled implementation of Basel III reforms in Australia by one year.

    March 30, 2020 WebPage Regulatory News
    News

    IFRS Publishes Statement on Its Work During the COVID-19 Crisis

    IFRS, in its statement, emphasized that it shares global concerns about the impact of COVID–19 and is supporting its stakeholders by reconsidering timelines of its meetings and publications, providing information on the application of IFRS 9 on financial instruments, and offering calendar updates on ongoing activities.

    March 27, 2020 WebPage Regulatory News
    News

    US Agencies Announce Changes to SA-CCR and CECL Rules Due to COVID-19

    In light of the recent disruptions in economic conditions due to the COVID-19 outbreak, US Agencies (FDIC, FED, and OCC) announced two actions to allow banking organizations to continue lending to households and businesses.

    March 27, 2020 WebPage Regulatory News
    News

    IAIS Adjusts Work Program to Address Impact of COVID-19 on Insurers

    Considering the impact of COVID-19 outbreak, IAIS announced initial adjustments to its work program to provide operational relief to its member supervisors, insurers, and other stakeholders.

    March 27, 2020 WebPage Regulatory News
    News

    OSFI Announces Regulatory Adjustments to Support COVID-19 Efforts

    OSFI published three targeted industry letters that announce a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers, and private pension plans in the light of COVID-19.

    March 27, 2020 WebPage Regulatory News
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    News

    FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19

    FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.

    March 26, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4900