The Central Bank of Egypt (CBE) published a circular that sets out general rules for preparing recovery plans for banks. As per CBE, a recovery plan should contain a plan summary, strategic analysis of bank, plan indicators, recovery options, evaluation of recovery options, plan scenarios, disclosure and communication plan, and governance requirements. The instructions further specify that banks should prepare a brief guide that includes all aspects of the recovery plan to be used by the bank’s board of directors and senior management when needed to activate the recovery plan to support the decision-making process. It may contain a clear and concise explanation of the main business lines and important functions of the bank; a summary of the disclosure plan and the responsibility of the various parties; a simplified explanation of the main elements of the plan, such as recovery indicators, stress scenarios, recovery options and their feasibility; the necessary preparatory measures to implement the plan; and the timeframe for plan implementation.
Related Link (in Arabic): Circular on Recovery Plan Regulations (PDF)
Keywords: Middle East and Africa, Egypt, Banking, Recovery Planning, Recovery Plans, Resolution Framework, Crisis Management Framework, Basel, CBE
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)