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
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).
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.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
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.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
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.
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.