SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular
The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation. The reporting forms will be valid from September 30, 2022. Moreover, the Swiss Financial Market Supervisory Authority (FINMA) is extending measures to protect creditors of Sberbank (Switzerland) AG until May 31, 2022 and is consulting on revisions to the Circular 2002/21 on operational risks for banks until July 11, 2022.
FINMA issued the revised draft of the Circular 2002/21 on operational risks for banks to incorporate the revised Basel principles on operational risk and operational resilience, which the Basel Committee issued in March 2021. With the revision, FINMA is specifying its supervisory practice with regard to the management of operational risks, particularly in connection with information and communication technology, the handling of critical data, and cyber risks. Requirements for operational resilience are also included in the circular. Through the amendments, FINMA is also adopting and updating the recommendations recognized as minimum standards in the area of business continuity management by the Swiss Bankers Association. During the course of implementing the final provisions of Basel III, the capital requirements of FINMA Circular 08/21 will be replaced by requirements in the to-be-revised Capital Adequacy Ordinance and the associated FINMA implementing provisions; therefore these requirements are not the subject of the new circular. The full revision will also result in changes to FINMA Circular 2013/3 titled “Auditing,” which will undergo a partial revision The new Circular “Operational risks and resilience – banks” and the partially revised FINMA Circular 2013/3 are scheduled to enter into force on January 01, 2023, with transitional periods in some cases.
Related Links
- Reporting Forms on NSFR
- NSFR_G (Version 1.2)
- NSFR_P (Version 1.2)
- Restrictions on Sberbank
- Operational Risk Consultation and Associated Documents
- Summary of Revisions to Circular (PDF)
Keywords: Europe, Switzerland, Banking, Reporting, NSFR, Basel, Sberbank, Operational Risk, Operational Resilience, Cyber Risk, Business Continuity, Liquidity Risk, Regulatory Capital, Capital Adequacy Ordinance, FINMA, SNB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
EC Mandates ESAs to Propose Amendments to SFDR Technical StandardsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
