Featured Product

    DFSA Issues Multiple Updates for Financial Entities in March 2022

    March 24, 2022

    The Danish Financial Supervisory Authority (DFSA) published an application form for third-country cross-border license, appointed members to a new working group for blockchain and cryptocurrency, and issued a statement on inspection of the local savings bank Sparekassen Djursland.

    Below are the key details of the recent updates:

    • DFSA has made available an Application Form for the Danish third-country cross-border investment services and activities license. The form must be used when applying for either a license or a renewal of a license including applying for a renewal of a conditional and temporary license granted to a credit institution or an investment firm from the United Kingdom in light of Brexit. The application for renewal of such a license must be submitted to DFSA in due time before the expiration of the license. DFSA encourages submission of the renewal application for a Brexit conditional and temporary license before April 15, 2022, to ensure that DFSA will be able to assess the application before June 30, 2022.
    • DFSA has appointed 15 members to the new working group for blockchain and cryptocurrency. DFSA received 85 applications for participation in the new working group, which is intended to support the ongoing work of DFSA and future supervisory function vis-à-vis financial service providers whose activities are based on the use of cryptocurrencies and blockchain.
    • DFSA, in November 2021, inspected Sparekassen Djursland, which operated as a local guarantor savings bank with a focus on small and medium-size business customers as well as private customers in the local area of ​​Djursland and the municipalities of Aarhus and Randers. DFSA found that Sparekassen's credit policy required adjustments to clearly reflect the Board's desired risk profile and that at times its credit management was insufficient. DFSA determined that an action plan must be prepared for weak loans. Moreover, the inspection led to an increase in the solvency requirement by 0.2 percentage points to 11% and to increased write-downs of DKK 1.115 million.

     

    Related Links (in Danish)

     

    Keywords: Europe, Denmark, Banking, Brexit, Licensing Applications, Cross-Border Activities, Blockchain, Cryptocurrency, Regtech, Fintech, DFSA

    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206