EIOPA, FCA, and PRA agreed on the Memoranda of Understanding (MoUs) for supervisory cooperation and exchange of information between the UK authorities and EU insurance supervisors in the event of the Brexit without a withdrawal agreement and implementation period.
The agreements consist of the following:
- A multilateral MoU with EU and European Economic Area (EEA) national competent authorities, covering supervisory cooperation, enforcement, and information exchange between UK and EU or EEA national supervisors
- An MoU with EIOPA, covering information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision
Related Link: Press Release
Keywords: Europe, EU, UK, Insurance, MoU, Supervisory Cooperation, Information Exchange, EIOPA, FCA, PRA, BoE
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.