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
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.