DNB published the banking and insurance newsletters that provide updates on the regulatory developments in the banking and insurance sectors. One of the topics in focus is the feedback report published by Netherlands Authority for the Financial Markets (AFM) and DNB on the transition to alternative interest rate benchmarks. The authorities highlight the need to analyze risks related to this transition and take appropriate action while transitioning to the relevant alternative benchmarks as soon as these become available. The newsletters also contain updated calendars for banks and insurers.
Both the newsletters highlight that financial institutions have made further progress in implementing measures under their Brexit plans. This has emerged from the selected follow-up surveys DNB held among banks, insurers, and other institutions. For insurers, other key updates of the month include the following:
- From October 17, 2019, an application for approval of a portfolio transfer between insurers can be submitted via Digital Counter Supervision Desk (Digitaal Loket Toezicht, or DLT). This makes communications between insurer and DNB more efficient and safer.
- Insurers must submit a Regular Supervisory Report, or RSR, to DNB at least once every three years, unless DNB requests a higher frequency. This reporting obligation is laid down in the Solvency II regulations. A full Regular Supervisory Report is required to be submitted in 2019.
- Banking Newsletter (in English)
- Banking Calendar (PDF in English)
- Insurance Newsletter (in Dutch)
- Insurance Calendar (PDF in Dutch)
Keywords: Europe, Netherlands, Banking, Insurance, Newsletter, QIS Calendar, Brexit, Solvency II, Interest Rate Benchmarks, Reporting, AFM, DNB
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.