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
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.