IOSCO Issues Policy Measures on OTC Leveraged Products

European Council Adopts Tougher Rules on Money Laundering

European Council adopted a new directive on combating money laundering by criminal law.

US Agencies Approve Amendments to the Swap Margin Rule

The five US Agencies approved final amendments to swap margin requirements. These amendments conform with the recent rule changes that impose new restrictions on certain qualified financial contracts of systemically important banking organizations (QFC Rules).

FSB Report Examines Financial Stability Implications of Crypto-Assets

The report focuses on the primary risks in crypto-asset markets, transmission channels affecting financial stability, and regulatory actions that have been taken and are under active consideration by authorities in different FSB member jurisdictions.

OSFI Publishes the 2019 LICAT Guideline for Life Insurers

OSFI issued the final version of the 2019 Life Insurance Capital Adequacy Test (LICAT) guideline for life insurers.

EC Adopts Revised Standards on Supervisory Reporting Under CRR

EC adopted the Implementing Act amending the implementing technical standards (EU Regulation No 680/2014) on supervisory reporting in EU.

BoE to Publish Results of Annual Stress Testing Exercise on December 5

BoE announced that it will publish results of the annual stress testing exercise for banks on December 05, 2018.

OSFI Proposes Updates to Guideline on Management of Interest Rate Risk

The guideline, which was last issued in 2005, provides a risk control framework for managing interest rate risk to prudent level for banks, bank holding companies, federally regulated trust and loan companies, and cooperative retail associations.

MAS Updates Notice 637 on Capital Adequacy Requirements for Banks

The Notice establishes the minimum capital adequacy ratios for a reporting bank and the methodology a reporting bank shall use for calculating these ratios (Pillar 1).

EBA Single Rulebook Q&A: First Update for October 2018

EBA published answers to thirteen questions under the Single Rulebook question and answer (Q&A) updates for this week.

EBA Publishes Report on Impact of Basel Reforms on Capital of EU Banks

EBA published two reports, one of which measures the impact of implementing Basel III reforms and the other one examines the implementation of liquidity measures in EU.

BCBS Publishes Results of Basel III Monitoring Exercise for 2017 Data

For the first time, the report sets out the impact of the Basel III framework that was initially agreed in 2010 as well as the effects of the December 2017 finalization of the Basel III reforms by BCBS.

ESMA Updates Q&As on Application of AIFMD and MiFID II

ESMA updated question and answer (Q&A) documents on the application of Alternative Investment Fund Managers Directive (AIFMD) and on market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

ESMA Updates List of Guidelines Issued Under Its Mandate

ESMA updated the overview of guidelines published under its mandate, with information and links to the related documents.

CBE Publishes Circular on IRRBB in Egypt

CBE published the circular on the interest rate risk in the banking book (IRRBB) in Egypt.

FED Consults on Potential Actions to Facilitate RTGS for Payments

The potential actions, which would facilitate real-time interbank settlement of faster payments, build on collaborative work with the payment industry through the Federal Reserve System's Strategies for Improving the U.S. Payment System (SIPS) initiative.

US Agencies Issue Statement on Sharing of Bank Secrecy Act Resources

US Agencies issued a joint statement on banks and credit unions sharing resources to improve efficiency and effectiveness of Bank Secrecy Act compliance.

FED Publishes Updated Form FR Y-9C and Instructions

FED published the updated reporting form FR Y-9C, along with the associated instructions and supplemental instructions. Description page was also updated. The reporting frequency of FR Y-9C is quarterly, as of the last calendar day of the quarter.

ESMA Updates Its Opinion on Ancillary Activity Calculations

This updated opinion provides the estimation of the market size of commodity derivatives and emission allowances for 2017.

ESMA Updates Q&A on Commodity Derivatives Topics Under MiFID II/MiFIR

On position limits and reporting, two new Q&A clarify the treatment of legacy positions on organized trading facilities and specifies further the types of firms that have to submit weekly position reports.

ESAs Highlight Relevance of Legislative Changes for the KID for PRIIPs

ESAs, in a letter to EC, expressed their concerns about the possibility of duplicating information requirements for investment funds from January 01, 2020 and the importance of legislative changes to avoid such a situation.

ESRB Releases Report on Approaching NPLs from A Macro-Prudential Angle

This ASC report is intended to contribute to the mandate assigned to ESRB, by elaborating on the foundations for policy action in the NPL domain and some of the key elements and principles relevant for designing the policy package from a macro-prudential perspective.

PRA Consults on Notification Forms for Regulatory Transactions

PRA published the consultation paper CP21/18 that proposes changes to various PRA forms related to applications or notifications for regulatory transactions.

MAS Issues Notices 129, 130, 131, 212, and 213 on Insurance Returns

MAS issued Notices 129, 130, 131, 212, and 213 on insurance returns, which will take effect on January 01, 2019.

ESMA Consults on Stress Testing Guidance for Money Market Funds in EU

ESMA launched a consultation on the draft guidelines on stress test scenarios under the Regulation on Money Market Funds (MMFs).

CBIRC Finalizes Measures for Financial Management Services of Banks

CBIRC published final measures for the supervision and administration of financial management business of commercial banks.

BoE to Establish A Liquidity Facility That Complies With Shari'ah

Dave Ramsden, Deputy Governor, Markets and Banking, announced that BoE will establish a subsidiary to house the Shari’ah-compliant facility (SCF).

IAIS Publishes Newsletter for September 2018

The September issue of the IAIS newsletter features an article on the new five-year strategic plan of IAIS, which will include a statement of priorities for 2020-2024.

SNB Publishes Forms and Instructions for Large Exposure Reporting

SNB published forms (LER_K and LER_U) and the related documentation for large exposure reporting on single-entity and consolidated basis.

ECB Publishes Guidance Notes to Reporting Agents on SHS Regulation

The document focuses on the SHSG data reporting—that is, the reporting concerning the statistics on holdings of securities by reporting banking groups.

IMF Publishes Report on 2018 Article IV Consultation with Philippines

The staff report reveals that the financial system appears sound and is dominated by well-capitalized banks.

Arthur Yuen of HKMA Examines Regtech and Suptech Initiatives for Banks

He examined industry response to the smart banking initiatives, the growing significance and drivers of regtech in the smart banking era, and the exploration of suptech by HKMA.

BCBS Assesses Implementation of NSFR and LE Framework in Saudi Arabia

BCBS published two reports assessing the implementation of the net stable funding ratio (NSFR) and the large exposures (LE) framework in the Kingdom of Saudi Arabia.

ESMA Updates Q&As on Benchmarks Regulation and CSD Regulation

ESMA updated its questions and answers (Q&As) on the Benchmarks Regulation and the Central Securities Depository (CSD) Regulation.

ESMA to Extend Date of Clearing Obligation for Intragroup Transactions

ESMA published its final report on the regulatory technical standards on clearing obligation under the European Market Infrastructure Regulation (EMIR).

BCBS Updates Status of Basel Adoption in Member Jurisdictions

BCBS updated the table on the status of adoption of Basel II, 2.5, and III in its member jurisdictions.

OSFI Announces Changes to Reporting Forms for P&C Insurers in Canada

OSFI, in a letter to the federally regulated Canadian and branches of foreign Property and Casualty (P&C) insurance companies, announced the changes that were made to the Canadian Council of Insurance Regulators (CCIR) regulatory forms and instructions.

David Rule of BoE Discusses Issues in Insurance Supervision

At a conference in London, David Rule, the Executive Director of Insurance at BoE offered an update on progress toward a global Insurance Capital Standard (ICS) and discussed the fledgling UK market for Insurance-Linked Securities and the new insurers unit of BoE.

RBI Amends HQLA Requirement for Computing LCR of Banks

RBI amended the requirement of Level 1 High Quality Liquid Assets (HQLA) for computing the liquidity coverage ratio (LCR) of banks.

EP Publishes Briefing on Third Country Equivalence in EU Regulations

European Parliament published a briefing that offers insight into the latest regulatory developments on equivalence in EU banking and financial regulation, including elements of the ongoing ESA review, the Investment Firm Review, and the European Market Infrastructure Regulation (EMIR) 2.2.

EP Publishes Report on Proposal to Amend CRD IV and MiFID II

European Parliament, or EP, published report on the proposal for a regulation of the European Parliament and of the Council on the prudential supervision of investment firms.

EP Publishes Report on Proposal to Amend CRR and MiFIR

European Parliament published report on the proposal for a regulation of the European Parliament and of the Council on the prudential requirements of investment firms.

ESRB Updates List of Countercyclical Capital Buffers in EU

ESRB updated table showing the countercyclical capital buffer (CCyB) rates applicable in the countries in the Eurosystem. In September, the CCyB information has been updated for Austria, Denmark, Estonia, Greece, Italy, Norway, and Sweden.

FSB Publishes Status Report on Adoption of TCFD Disclosures Framework

FSB published a status report that presents the current climate-related disclosure practices, based on the core elements of the recommendations by Task Force on Climate-related Financial Disclosures (TCFD).

PRA Issues Report on the Impact of Climate Change on UK Banking Sector

PRA published a report that examines the financial risks from climate change that impact UK banks, building societies, and PRA-designated investment firms.

SEC Proposes Amendments to Codify A Temporary Exemption for NRSROs

SEC is proposing amendments to codify an existing temporary exemption for credit rating agencies (CRAs) registered with SEC as nationally recognized statistical rating organizations (NRSROs).

DNB Issues Insurance Newsletter for September 2018b

The newsletter highlights that DNB is inquiring about the risks of a hard Brexit among a group of large insurers.

ESMA Updates Q&A on Implementation of EMIR and MiFIR in September 2018

ESMA updated questions and answers (Q&A) documents on the implementation of the European Markets Infrastructure Regulation (EMIR) and on data reporting under the Market in Financial Instruments Regulation (MiFIR).

FSB and IMF Report Progress on Phase Two of G20 Data Gaps Initiative

FSB and IMF published the third progress report on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2).

IASB Issues Work Plan and Meeting Updates for September 2018

IASB published an updated work plan, along with the update of its meeting in September 2018. The IASB update highlights preliminary decisions of the Board.

SNB Updates Reporting Forms for Basel III Capital Adequacy

SNB updated the capital adequacy reporting forms (release 2.9) and instructions for Basel III.

APRA Consults on Regulatory Framework for Stored-Value Facilities

APRA published a consultation, by the Council of Financial Regulators, on an Issues Paper that is part of a review of the regulatory framework for stored-value facilities, such as purchased payment facilities.

APRA Chair Speaks About Uncertain Impact of Financial Innovations

At the 2018 Curious Thinkers Conference in Sydney, the APRA Chairman Wayne Byres examined the potential impact of financial technologies on the financial sector.

MAS Outlines Enforcement Approach for Breach of Rules and Regulations

MAS published its enforcement monograph to provide greater clarity and transparency into how it deters, detects, investigates, and takes action against breaches of the rules and regulations it administers.

EBA Launches the 2018 Data Transparency Exercise for EU

EBA launched its fifth annual data transparency exercise for EU. EBA will start the interaction with banks, for supervisory reporting data population and verification.

APRA Updates Guidance on Cloud Computing Services

APRA released updated guidance, in the form of an Information Paper, on the use of shared computing services, such as cloud, by APRA-regulated entities.

BIS Publishes the Quarterly Review in September 2018

BIS published the September 2018 issue of its quarterly review. BIS also published speeches by Claudio Borio, the Head of the Monetary and Economic Department, and Hyun Song Shin, the BIS Economic Adviser and Head of Research.

BoE Publishes Working Draft of IMO and MRS Taxonomy for Solvency II

BoE published a public working draft (PWD) of the standalone internal model output (IMO) and market risk sensitivities (MRS) taxonomy (v1.0.0), along with the related technical artefacts; the PWD will make up part of the insurance XBRL taxonomy.

FASB Proposes Taxonomy Improvements for ASU on Credit Losses

FASB staff issued proposed taxonomy improvements for the Accounting Standards Update (ASU) on measurement of credit losses on financial instruments (Topic 326).

ACPR Publishes Taxonomy RAN Version 1.2.0 for Solvency II Reporting

ACPR published the taxonomy RAN Version 1.2.0 and related documents for Solvency II reporting.

ECB Guide to On-Site Inspections and Internal Model Investigations

ECB finalized the guide to on-site inspections and internal model investigations, following a public consultation.

BCL Updates Schemas and Validation Rules for AnaCredit Reporting

BCL updated list of reporting agents, SDMX schemas, validation rules, and technical specifications for reporting under the AnaCredit Regulation.

EBA Single Rulebook Q&A: First Update for September 2018

EBA published answers to three questions under the Single Rulebook question and answer (Q&A) updates for this week.

BCBS Met in September to Discuss Policy and Supervisory Issues

BCBS met in Basel on September 19-20, 2018 to discuss a range of policy and supervisory issues and to take stock of the implementation of post-crisis reforms by its members.

IFRS Issues IFRS Interpretations Committee Update for September 2018

IFRS published the IFRS Interpretations Committee (IFRIC) update of its meeting in September 2018.

IFRS Proposes Taxonomy Update for Standard on Fair Value Measurement

IFRS proposed IFRS Taxonomy Update 1/2018 to reflect common reporting practice related to disclosure requirements in IFRS 13 on Fair Value Measurement.

APRA Publishes FAQs on Large Exposures Framework for Banks

APRA published frequently asked questions (FAQs) on the large exposures framework for authorized deposit-taking institutions.

BCB Proposes Changes to the Circular on Management of IRRBB in Brazil

BCB is consulting on proposed changes to the rule on the identification, measurement, and control of interest rate risk in the banking book (IRRBB) and on the public disclosure and remittance (to BCB) of information related to the IRRBB.

OCC Proposes to Amend Guidelines on Recovery Planning Standards

OCC is proposing to amend its enforceable guidelines on recovery planning standards for insured national banks, insured federal savings associations, and insured federal branches. Comments must be received by November 05, 2018.

DNB Publishes IMV Benchmarking Report on Digital Reporting Portal

DNB released information that the initial market values (IMV) benchmarking report is available on Digital Reporting Portal (Digitaal Loket Rapportages – DLR).

EBA Publishes Reports on Funding Plans and Asset Encumbrance of Banks

EBA published two reports examining the funding plans and asset encumbrance of banks in EU.

ESMA Chair Speaks on Technological Transformation of Capital Markets

The speech focused on technological change in capital markets, financial innovation, and the challenges and opportunities that new technologies present to regulators.

OCC Seeks to Renew Information Collection on Stress Testing Guidance

OCC is proposing renewal of the information collection associated with the guidance on stress testing for banking organizations with more than USD 10 billion in total consolidated assets.

US Agencies Propose Rule on the Treatment of HVCRE

US Agencies (FDIC, FED, and OCC) proposed to amend the regulatory capital rule to revise the definition of high volatility commercial real estate (HVCRE) exposures.

ECB President on Realizing Benefits of Integrated European Supervision

At the ACPR Conference on Financial Supervision in Paris, the ECB President Mario Draghi outlined the benefits of banking supervision in Europe and examined ways to improve European supervision to foster banking integration.

BDF Publishes Framework for Financial Entities Under AnaCredit Project

BDF published additional supporting information for AnaCredit reporting. The published information is in the form of documents titled “Framework for Financial Institutions and Public Administrations” and “Financial institutions and public administrations framework - movements between June and September 2018”

ECB Reviews Profitability and Business Models of Banks in Euro Area

ECB published findings of the thematic review of banks’ profitability and business models; the review was conducted from 2016 to the end of the first quarter of 2018.

OSFI Updates the Corporate Governance Guideline in Canada

OSFI published the final version of its revised guideline on corporate governance. The guideline sets out expectations of OSFI from boards of directors of federally regulated financial institutions.

IOSCO Guidance to Address Misconduct Risk in Equity Capital Raising

IOSCO published the final report that sets out guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process.

Danièle Nouy of ECB on Benefits of Moving Toward A Single Jurisdiction

Danièle Nouy of ECB spoke at the ACPR Conference and emphasized that moving toward a single jurisdiction will help address the challenges being faced by the European banks and banking systems.

BoE Launches Public Register for the UK Money Markets Code

The Money Markets Committee (MMC) of BoE, which comprises market participants from a wide range of banks, other financial and non-financial institutions, has launched a Public Register.

EIOPA Publishes Q&A on Regulations in September 2018

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, and delegating regulations applicable to insurers in Europe.

PRA Consults on Part 2 of Implementing Extension of SM&CR to Insurers

PRA published the consultation paper CP20/18, which proposes rules for certain consequential changes and minor administrative amendments related to the extension of the Senior Managers and Certification Regime (SM&CR) for insurers.

BIS Publishes Report on Monitoring of Fast-Paced Electronic Markets

BIS published a report on the results of a study on monitoring of fast-paced electronic markets. The report examines major developments in the evolution of market structure and their implications for central banks.

IMF Publishes Reports on the 2018 Article IV Consultation with Norway

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Norway.

FCA Consults on Approach to SCA-RTS and EBA Guidelines Under PSD2

FCA, in CP18/25, is consulting on the new rules and guidance to implement the revised Payment Services Directive (PSD2). CP18/25 focuses on the regulatory technical standards for strong customer authentication and common and secure open standards of communication (SCA-RTS).

Bank of Italy Updates Handbook V1.6 and Schema for AnaCredit Reporting

Bank of Italy published the updated technical procedures and schema for AnaCredit reporting, along with Version 1.6 of the AnaCredit Handbook for reporting.

SNB Publishes Form for Counterparty Solvency Risk in Interbank Sector

SNB released reporting forms (Version 4.42) for solvency risk of counterparties in the interbank sector.

APRA Finalizes Prudential Standards for Private Health Insurers

APRA released a package of prudential standards and guides to improve governance and decision-making in the private health insurance (PHI) industry.

Bank of France Hosts Meeting to Discuss Cyber Security of FMIs

At a roundtable in Paris that was hosted by the Bank of France, key global and regional payment, clearing, and settlement operators met to discuss cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem.

ESRB Updates the Summary of National Macro-Prudential Measures in EU

ESRB updated its overview of national measures of macro-prudential interest in the EU and the European Economic Area.

ESRB Updates List of Countercyclical Capital Buffers in September 2018

ESRB updated the table showing the countercyclical capital buffer (CCyB) rates applicable in the countries in the Eurosystem.

OSFI Consults on Revised Guideline for Insurer Asset Securitizations

OSFI proposed amendments to the guideline (Guideline B-5) specifying the regulatory framework for asset securitization transactions of insurers.

ECB Consults on Part 2 of Guide to Assessments of License Applications

ECB launched a public consultation on Part 2 of the guide to assessments of license applications. Part 2 complements the Licensing Guide published in March 2018 and both documents should be read together as one guide.

ESMA Updates List of Technical Standards Under Its Mandate

ESMA updated the overview of implementing and regulatory technical standards under its mandate, with information about the process and related documents.

IMF Reports on the 2018 Article IV Consultation with Kazakhstan

IMF published its staff report and selected issues report under the 2018 Article IV consultation with the Republic of Kazakhstan.

EP Publishes Briefing on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published a briefing that outlines the main purposes of the “enabling regulatory framework” for the development of sovereign bond-backed securities (SBBS).

FSB Publishes Responses to a Consultation Related to OTC Derivatives

FSB published responses to the consultation on evaluation of the effects of G20 financial regulatory reforms on the incentives to centrally clear over-the-counter (OTC) derivatives.

IA Issues Survey to Assess Readiness of Insurers to Implement HKFRS 17

IA released a readiness assessment survey to better understand the implementation status of authorized insurers with respect to the Hong Kong Financial Reporting Standard (HKFRS) 17 on insurance contracts.

BCBS Updates Basel III Monitoring Workbook for June Data Collection

BCBS released the Basel III monitoring workbook version 3.8.3 for the collection of June 2018 data.

DNB Publishes Version 1.2.5 of the AnaCredit Reporting Documentation

DNB updated user documentation for AnaCredit reporting.

EC Publishes Regulatory Technical Standards on Settlement Discipline

The Commission Delegated Regulation (EU) 2018/1229, which supplements the Central Securities Depositories (CSD) Regulation (EU Regulation No 909/2014) with regard to the regulatory technical standards on settlement discipline, has been published in the Official Journal of the European Union.

ESMA Reports Diversity in Markets for Structured Retail Products

ESMA published the results of its study of the EU market in structured retail products, from an investor protection perspective.

IFRS Releases Taxonomy Formula Linkbase 2018

IFRS released the taxonomy formula linkbase 2018. The IFRS Taxonomy formula linkbase 2018 is an accompanying material to the IFRS taxonomy 2018.

FASB Proposes Improvements for the 2019 US GAAP Reporting Taxonomy

FASB published proposed technical and other conforming improvements for the 2019 US GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy.

PRA Proposes Reporting Changes In Line with the EBA Taxonomy 2.9

PRA is proposing (in CP19/18) to update certain reporting requirements to reflect relevant proposals made by the EBA in its open consultations on changes to the implementing technical standards on supervisory reporting.

EBA Publishes Version 1.1 of Standardized NPL Data Templates

EBA published Version 1.1 of the standardized non-performing loan (NPL) data templates that are aimed to facilitate the NPL sale transactions across EU.

FED Publishes Notice on Temporary Approval of Revisions to FR 2052a

FED has temporarily approved revisions to the mandatory Complex Institution Liquidity Monitoring Report (FR 2052a), pursuant to the authority delegated to FED by the Office of Management and Budget (OMB).

FED Publishes Notice on Temporary Approval of Revisions to FR Y-9C

FED has temporarily approved revisions to the mandatory Consolidated Financial Statements for Holding Companies (FR Y-9C) pursuant to the authority delegated to FED by the Office of Management and Budget (OMB).

IMF Publishes Report on 2018 Article IV Consultation with Austria

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Austria.

IMF Reports on 2018 Article IV Consultation with Russian Federation

IMF published its staff report and selected issues report under the 2018 Article IV consultation with the Russian Federation.

Joachim Wuermeling of Bundesbank Speaks on International Cooperation

Joachim Wuermeling of Bundesbank spoke at a reception to welcome Gabriele Kabelac, the new chief representative of Bundesbank's New York office, and to bid farewell to Dr. Claudia Stirböck in New York City.

GLEIF Publishes Report Examining Benefits of LEI Adoption in US

GLEIF and the U.S.-based Data Foundation published the report on envisioning comprehensive entity identification for the U.S. federal government.

EC Proposes to Reinforce Role of EBA in AML Supervision

EC proposed a regulation related to the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing.

IMF Publishes Reports on 2018 Article IV Consultation with Portugal

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Portugal.

IMF Paper Examines Fintech Landscape in MENAP and CCA Regions

IMF published a working paper that reviews the fintech landscape in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) and Caucasus and Central Asia (CCA) regions.

IMF Paper Examines Macro-Prudential Policy Frameworks Worldwide

IMF published a working paper on a study looking for robust and implementable framework for macro-prudential stress tests and policies.

ESA Report Assesses Risks and Vulnerabilities in EU Financial System

The Joint Committee of ESAs published its report on the risks and vulnerabilities in the EU financial system.

US Agencies Reaffirm the Role of Supervisory Guidance

US Agencies (CFPB, FDIC, FED, NCUA, and OCC) issued a joint statement explaining the role of supervisory guidance for regulated institutions.

EC Regulation on Capital Requirement Calculations for Securitizations

EC published the Commission Delegated Regulation (EU) 2018/1221 on the calculation of regulatory capital requirements for securitizations and simple, transparent, and standardized (STS) securitizations held by insurance and reinsurance undertakings.

BCBS Issues Basel III Monitoring Updates for September 2018

BCBS released the Basel III monitoring workbook (version 3.8.2) and its accompanying instructions, along with an updated list of frequently asked questions (FAQs) for the collection of June 2018 data.

ESRB Publishes the Annual EU Shadow Banking Monitor

ESRB published the annual EU Shadow Banking Monitor, which covers data up to the end of 2017.

EBA Revises List of Validation Rules for Reporting

EBA issued a revised list of validation rules in its implementing technical standards on supervisory reporting.

Fritz Zurbrügg of SNB on Mitigation of Systemic Risk in Switzerland

BIS published a speech by Fritz Zurbrügg of SNB, wherein he discussed the causes and effects of “too big to fail” (TBTF) and how it manifests itself in Switzerland, before moving on to discuss the reasons the banking regulation before the crisis did not sufficiently address the risks posed by TBTF.

CFPB Issues Rule to Clarify Provisions of Home Mortgage Disclosure Act

CFPB issued an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCP Act), which amended certain provisions of the Home Mortgage Disclosure Act.

ESMA Publishes Feedback to Consultation on Clearing Obligation in EMIR

ESMA published the responses received to the consultation paper on the clearing obligation under European Market Infrastructure Regulation (EMIR).

ESMA Updates Its Benchmarks Register Under the Benchmarks Regulation

ESMA has moved its register for benchmark administrators and third-country benchmarks to the ESMA registers database.

ECB Consults on Risk-Specific Chapters of Guide to Internal Models

ECB is consulting on the credit risk, market risk, and counterparty credit risk chapters of its guide to internal models for banks.

BDF Publishes Supporting Documents for AnaCredit Reporting

BDF published additional supporting information for AnaCredit reporting in the form of documents titled "Focus on host branches" and "Focus on home branches."

Don Kohn of BoE Examines Lessons from Last Global Financial Crisis

Don Kohn of BoE spoke at the 200th Anniversary of Danmarks Nationalbank in Copenhagen.

MAS Consults on Measures to Strengthen Cyber Resilience of FIs

MAS issued for consultation the proposed requirements for financial institutions (FIs) in Singapore to implement essential cyber security measures to protect their IT systems.

EBA Publishes QIS Templates for Basel III Impact Assessment in EU

EBA released two sets of templates for use in the 2018 impact assessment of the finalized Basel III standards.

Sabine Lautenschläger of ECB Examines Common Supervisory Culture in EU

Sabine Lautenschläger of ECB, while speaking at the Eurofi Financial Forum 2018 in Vienna, took stock of steps toward establishing a European system of banking supervision and embracing a common supervisory culture.

ESMA Publishes Report on Trends, Risks, and Vulnerabilities in EU

ESMA published its second report of the year on the trends, risks, and vulnerabilities in EU. This issue of the biannual report covers the period from January 01, 2018 to June 30, 2018.

EC Vice President Speaks About Digital Challenges in Financial Sector

During the Austrian Financial Market Authority event in Vienna, the EC Vice President Valdis Dombrovskis offered introductory remarks on digital challenges for the financial sector.

CFTC Chairman Speaks About Cross-Border Application of the Swaps Rules

At the Eurofi Financial Forum in Vienna, the CFTC Chairman J. Christopher Giancarlo emphasized that effective cross-border relations are central to the mission of CFTC because of the global nature of the futures and derivatives markets, which the CFTC regulates.

ECON Report on PEPP Proposal Tabled for Plenary in Parliament

The report on the proposal for a regulation of the European Parliament and of the Council on a Pan-European Personal Pension Product (PEPP) has been tabled for the Plenary session.

EC Vice President Makes Case to Complete Economic and Monetary Union

At the Eurofi Financial Forum 2018 in Vienna, the EC Vice President Valdis Dombrovskis discussed the completion of the Economic and Monetary Union of the EU and outlined three priorities in this area.

SARB Issues Directive on Cloud Computing and Data Offshoring by Banks

SARB issued a directive (D3/2018) and guidance notes (G5/2018) on cloud computing and the offshoring of data by banks.

FSB Publishes Responses to Consultation on Infrastructure Finance

FSB published public responses, of thirteen institutions, to the consultative document on evaluation on the effects of financial regulatory reforms on infrastructure finance.

ESAs on Results of Monitoring Exercise on Financial Advice Automation

ESAs published a report on the results of the monitoring exercise on automation in financial advice.

ESMA Publishes Opinion on Proposed Amendments to Standards on SFTR

ESMA published an Opinion in response to the EC proposed amendments of the technical standards on reporting under the Securities Financing Transactions Regulation (SFTR).

Elke König of SRB on EU Liquidation Regime and Gaps in Banking Union

Elke König of SRB published two articles that express her views on the need for an EU liquidation regime for banks and on ways to close the gaps in the Banking Union regarding funding in resolution.

Peter Praet of ECB on Enabling Pan European Banks in Banking Union

While speaking at the Eurofi Financial Forum 2018 in Vienna, Peter Praet of ECB talked about creating an enabling environment for pan-European banks in the Banking Union.

BCB Consults on Hedge Accounting Criteria Related to IFRS 9

BCB is consulting on the proposal for a normative act providing accounting criteria for the designation and registration of hedge accounting by financial institutions and other institutions that are authorized to operate by BCB.

US Agencies Extend Comment Period on Proposal to Simplify Volcker Rule

US Agencies (CFTC, FDIC, FED, OCC, and SEC) extended until October 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the Volcker rule.

ANNA and GLEIF Join Forces on ISIN-to-LEI Mapping Initiative

The Association of National Numbering Agencies (ANNA) and GLEIF announced the signing of a new initiative to link International Securities Identification Numbers (ISINs) and Legal Entity Identifiers (LEIs).

Bundesbank Publishes the List of Reporting Member States for AnaCredit

Bundesbank published a list of reporting member states for AnaCredit, also specifying that all member states of the euro area are reporting member states for the credit data statistics that are part of the AnaCredit initiative.

APRA Chair Speaks on Regaining the Lost Confidence in Financial Sector

The APRA Chair Wayne Byres spoke at the Annual Risk Management Association CRO Conference that was held in Sydney.

Bundesbank Publishes Version 5.0 of Handbook for AnaCredit Validations

Bundesbank published Version 5.0 of the handbook on AnaCredit validation rules. The handbook contains detailed information and instructions on reporting requirements under the AnaCredit regulation.

Yves Mersch of ECB on the Importance of Pan European Payments Services

Yves Mersch of ECB spoke, at the European Institute of Financial Regulation in Paris, about strengthening the European financial industry amid disruptive global challenges in the form of digital technology.

Augustín Carstens of BIS Speaks on Challenges Toward Meeting Data Gaps

During opening remarks of the Ninth Irving Fisher Committee Conference in Basel, the BIS General Manager Augustín Carstens examined the success of the post-crisis G20 Data Gaps Initiative and highlighted that "we have come a very long way toward completing the key statistical initiatives undertaken a decade ago."

OECD Publishes Its Business and Finance Outlook for 2018

OECD published the report on its business and finance outlook for 2018. The report highlights that the financial system risk is elevated and global standards are essential in managing cross-border infrastructure investment.

Dubai FSA Updates Sourcebook Module on Application Forms and Notices

Dubai FSA updated the Application Forms and Notices (AFN) Module of its Sourcebook for financial institutions.

MAS Responds to Feedback on Large Exposures Framework in Singapore

MAS published its response to the feedback received on proposed revisions to the regulatory framework for large exposures of Singapore-incorporated banks.

HKMA Exempts Entities Outside Hong Kong from Local IRRBB Framework

HKMA is informing the authorized institutions in advance about an impending change on the scope of authorized institutions that will be subject to the new framework for interest rate risk in the banking book (IRRBB).

PRA Issues Update on Reporting Information for Resolution Planning

PRA updated the supervisory statement SS19/13 on resolution planning. SS19/13 sets out the resolution planning information that firms are expected to provide to PRA, in accordance with the PRA Resolution Pack rule in the PRA Rulebook.

FASB Proposes Taxonomy Improvements on Three Accounting Standards

FASB staff issued proposed taxonomy improvements on fair value measurement disclosure requirements (Topic 820) and credit losses (Topic 326); it also proposed taxonomy implementation guide on insurance, long-duration contracts.

CSRC Consults on Depository Receipt Provisions Under SSE-LSE Connect

CSRC proposed provisions on the supervision and administration of depository receipts under the stock connect scheme between Shanghai Stock Exchange, or SSE, and London Stock Exchange, or LSE, (for trial implementation).

EC Approves Prolongation of Italian Guarantee Scheme for NPLs

EC has approved, under the EU State aid rules, prolongation of the Italian guarantee scheme to facilitate the securitization of non-performing loans (NPLs).

BoE Publishes Version 3.1.1 of the XBRL Taxonomy and Related Artefacts

BoE published version 3.1.1 of the XBRL taxonomy and the related technical artefacts. To assist firms with their submission of PRA 110, BoE published a taxonomy release note along with the version 3.1.1 of its XBRL taxonomy.

OCC Updates “Other Real Estate Owned” Part of Comptroller's Handbook

OCC issued the updated “Other Real Estate Owned” (OREO) booklet of the Comptroller’s Handbook.

ECB Opinion on Critical Infrastructure, Cybersecurity and Covered Bond

The opinion was issued in response to a request from the Ministry of Finance of the Slovak Republic and it focuses on the provisions of the draft law related to the Law on critical infrastructure, the Law on cybersecurity, and the Law on banks.

FINMA Announces Transition Periods for Clearing Obligation

FINMA announced the 6, 12, and 18 month transition periods for clearing obligation starting from September 01, 2018.

BIRD Initiative of ESCB Publishes Documentation on BIRD Release 2.1

Documentation of the Banks' Integrated Reporting Dictionary (BIRD) Release 2.1 has been published. This release consists of a complete methodology used to describe the various datasets of the different layers (for example: Input Layer, Output Layer) in the BIRD.

BCBS Amends Additional Pillar 3 Disclosure Requirements for ECL Model

BCBS released a technical amendment on additional Pillar 3 disclosure requirements for the jurisdictions implementing an expected credit loss (ECL) accounting model as well as for the jurisdictions adopting transitional arrangements for the regulatory treatment of accounting provisions.

DNB Publishes Banking and Insurance Newsletters for August 2018

DNB issued the banking and insurance newsletters for August 2018. The newsletters for this month highlight the work of DNB on reducing the reporting burden, offering clarity about research conducted by DNB, and other requests from the sector.

APRA Reporting Guidance for Large Exposures of Insurers on GRF 117.0

APRA issued reporting guidance for large exposures and reinsurance central counterparties in the form of lists of counterparty groups and exposure descriptions. While reporting, insurers should match the exact spelling specified in these lists, where applicable.

FSB Publishes Responses to the Public Consultation on Cyber Lexicon

FSB published the 28 responses received to the public consultation on draft Cyber Lexicon.

Bank of Finland Updates Requirements for AnaCredit Reporting

Bank of Finland revised the documents on AnaCredit requirements (version 2.6) and the description of electronic reporting for credit data collection.

CFTC Proposes to Amend the Clearing Requirement to Help End-Users

CFTC unanimously approved a swap clearing requirement proposed rule that would reduce unnecessary burden on bank holding companies, savings and loan holding companies, and community development financial institutions.

BCBS Issues Updates on Basel III Monitoring for June Data Collection

BCBS updated the Basel III monitoring workbook (version 3.8.1), along with the instructions and list of frequently asked questions (FAQs) for the collection of June 2018 data.

ESMA Chair Addresses ECON Committee on Securitization Regulation

The ESMA Chair Steven Maijoor discussed Level 2 measures under the Securitization Regulation with the European Parliament's Committee on Economic and Monetary Affairs (ECON) in Brussels.

CBIRC Holds Conference on Banking and Insurance Supervision

CBIRC held a video conference on banking and insurance supervision. Topics discussed at the conference include "economic and financial work" conducted since the beginning of the year, analysis of the current situation, and the proposed key tasks for the near future.

FED Updates Technical Instructions for Form FR Y-14A

FED updated technical instructions for reporting form FR Y-14A on capital assessments and stress testing.

FASB Updates Accounting for Fees Paid in Cloud Computing Arrangement

FASB amended the Accounting Standards Update that reduces complexity for the accounting for costs of implementing a cloud computing service arrangement.

BIS Publishes Speech on Impact of Basel II/III in Developing Economies

BIS published a speech—by Mahendra Vikramdass Punchoo, the Second Deputy Governor of the Bank of Mauritius (BoM)—on the impact of Basel III reforms in the implementation of Basel II/III in emerging market and developing economies.

FASB Issues Summary of Tentative Board Decisions at August Meeting

FASB published a summary of the tentative decisions taken at its Board meeting in August 2018.

Central Bank of Bahamas Proposes Approach to the Basel II/III Regime

The Central Bank of Bahamas issued three papers that propose its approach to the capital requirements, the minimum disclosures, and the framework for dealing with domestic systemically important banks (D-SIBs).

EP Issues Briefing on Level 2 Measures for Securitization Framework

European Parliament, or EP, published a briefing to support the work of ECON committee on the scrutiny of delegated acts. The briefing provides an overview of the implementing measures, for which drafts are being prepared by ESAs.

EBA Issues Consultations on Supervisory Reporting Framework 2.9

EBA launched three public consultations on amendments to the implementing technical standards on supervisory reporting for the reporting framework 2.9.

ECB Updates Validation Checks and Identifiers for AnaCredit Reporting

ECB updated the validation checks performed on AnaCredit datasets (Version 1.2) and the list of national identifiers for AnaCredit reporting.

FED Expands Applicability of Policy on Small Bank Holding Companies

FED issued an interim final rule expanding the applicability of its small bank holding company policy statement, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCP Act) of 2018.

FASB Improves Disclosures in Notes to Financial Statements

FASB issued two changes to the conceptual framework of FASB and two Accounting Standards Updates that improve the effectiveness of disclosures in notes to financial statements.

FED Proposes to Extend FR 3052 on Supervisory and Regulatory Survey

FED is inviting comments on a proposal to extend for three years, without revision, the Supervisory and Regulatory Survey (FR 3052; OMB No. 7100-0322). FR 3052 collects information from financial institutions specifically tailored to the supervisory, regulatory, and operational responsibilities of FED.

FINMA Consults on Revisions to the Anti-Money Laundering Ordinance

The Swiss Financial Market Supervisory Authority FINMA is consulting on the revisions to the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA).

FED Issues Supporting Statement for Regulation QQ on Resolution Plans

FED published supporting statement for the reporting requirements associated with Regulation QQ (FR QQ; OMB No. 7100-0346) on resolution plans.

EBA Single Rulebook Q&A: Second Update for August 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A). The Q&A offered a clarification regarding the own funds requirement under the Capital Requirements Regulation (CRR or EU Regulation No 575/2013).

IAIS Publishes Newsletter for August 2018

The August issue of the IAIS newsletter highlights the conclusion of the 11th Annual Global Seminar, which featured two days of discussion on topics such as ComFrame, the Insurance Capital Standard (ICS), and the holistic framework for the mitigation of systemic risk.

IMF Reports on the 2018 Article IV Consultation with Saudi Arabia

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Saudi Arabia.

US Agencies Allow More Banks to Benefit From Onsite Examination Cycle

US Agencies (FDIC, FED, and OCC) issued interim final rules to expand the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle.

CBIRC Issues Decision to Abolish and Amend Certain Bank Regulations

CBIRC issued a Decision to abolish and amend certain regulations, with the aim to implement policy spirit of the 19th National Congress of the Communist Party of China on promoting formation of a new pattern of comprehensive opening up and on promoting the announced expansion of the banking industry as soon as possible.

Bank of Italy Updates Handbook for AnaCredit Reporting in Italy

Bank of Italy published Version 1.5 of the AnaCredit Handbook for reporting.

US Agencies Issue Rule on Treatment of Municipal Securities as HQLAs

US Agencies (FDIC, FED, and OCC) issued an interim final rule amending the liquidity rules to treat certain eligible municipal securities as high-quality liquid assets (HQLAs), as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCP Act).

ESMA Defines Disclosure Standards Under the Securitization Regulation

ESMA issued, and submitted to EC for endorsement, a set of draft regulatory and implementing technical standards under the Securitization Regulation.

ESRB Updates List of Countercyclical Capital Buffers Applicable in EU

ESRB updated the table showing the countercyclical capital buffer (CCyB) rates applicable in the countries in the Eurosystem. Also updated were the CCyB rates that have been announced, but not yet implemented, by the designated authorities.

ECB Opinion on Review of Prudential Treatment of Investment Firms

ECB published its opinion (CON/2018/36) on the review of prudential treatment of investment firms.

ECB Opinion on Proposed Directive and Regulation on Covered Bonds

ECB published its opinion (CON/2018/37) on the proposed directive and regulation on covered bonds. In its opinion, ECB welcomed the objectives of the proposed directive and regulation of promoting further integration of Union financial markets and deepening the Capital Markets Union.

FED Revises Reporting Requirements Under Regulation QQ

FED adopted the proposal to extend, with revision, the mandatory reporting requirements associated with Regulation QQ (Form Reg QQ; OMB No. 7100-0346).

OSFI Designates D-SIBs and Sets Minimum TLAC Requirements for D-SIBs

OSFI issued orders to the six largest banks in Canada to legally designate them as domestic systemically important banks (D-SIBs).

PRA Publishes Supervisory Disclosures Under Solvency II

PRA published supervisory disclosures in line with its obligations under Article 31(2) of the Solvency II Directive.

CFTC Simplifies Rules on CCO Duties and Annual Compliance Reporting

CFTC unanimously approved final amendments clarifying and simplifying its regulations governing chief compliance officer (CCO) duties and annual compliance reporting requirements for futures commission merchants (FCM), swap dealers, and major swap participants.

EU Issues Guideline on Statistical Reporting Requirements of ECB

Guideline (EU) 2018/1151 (amending Guideline ECB/2011/23) on the statistical reporting requirements of ECB in the field of external statistics (ECB/2018/19) was published in the Official Journal of the European Union.

FASB Consults on Improvements to the Credit Losses Standard in US

FASB proposed to amend the Accounting Standards Update No. 2016-13 (titled Financial Instruments—Credit Losses (Topic 326) and issued in June 2016), which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis.

SEC Adopts Amendments to Simplify and Update Disclosure Requirements

SEC voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment.

SARB Consults on Margin Requirements for Uncleared OTC Derivatives

SARB, along with the Financial Sector Conduct Authority and the Prudential Authority, are consulting on a draft joint standard that prescribes margin requirements for non-centrally cleared over-the-counter (OTC) derivative transactions.

MAS Issues Guidelines for Liquidity Risk Management by Fund Managers

MAS issued the final guidelines on liquidity risk management practices for fund management companies, with respect to the management of collective investment schemes (CIS).

CPMI and IOSCO Consult on Governance of OTC Derivatives Data Elements

CPMI and IOSCO published a consultative report on the governance arrangements for critical data elements (CDEs) of the over-the-counter (OTC) derivatives.

ESRB Examines Bank Resolution and Public Backstop in Banking Union

ESRB published a working paper examining bank resolution and public backstop in an asymmetric banking union.

FSB Launches Review on Implementation of the Legal Entity Identifier

FSB launched a thematic peer review on implementation of the Legal Entity Identifier (LEI) for financial markets.

CBB Proposes and Finalizes Rulebook Modules for Banks in August 2018

CBB issued consultations on leverage ratio requirements and high-level controls modules for conventional and Islamic banks. CBB also finalized new requirements on the risk management related and the liquidity risk management modules to the Rulebook Volumes 1 and 2.

OCC Updates Bank Accounting Advisory Series

OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards updates issued by FASB through March 31, 2018, on topics such as hedging and credit losses.

FED Issues OMB Supporting Statement on SCCL for Large Banks

FED published the OMB supporting statement on the single-counterpary credit limits (SCCL) for large banks.

FASB Improves Accounting for Long-Duration Contracts by Insurers

FASB issued amendments in the Accounting Standards Update 2018-12, thereby completing its project on the accounting for long-duration contracts issued by insurance entities.

BCBS Issues Basel III Monitoring Updates for August 2018

BCBS released the Basel III monitoring workbook (version 3.8.0) and its accompanying instructions, along with an updated list of frequently asked questions (FAQs) for the collection of June 2018 data.

APRA Consults on Improvements to Capital Framework for Deposit Takers

APRA published a discussion paper that outlines the potential approaches to adjust the capital framework for authorized deposit-taking institutions to make capital ratios more transparent, comparable, and flexible.

SARB on Threshold for Applying Jurisdictional Reciprocity in CCyB

SARB issued a directive (D2/2018) on the materiality threshold in respect of exposure to a foreign jurisdiction in applying jurisdictional reciprocity in the countercyclical capital buffer calculation.

DNB Publishes Additional Data Quality Checks for Third Quarter of 2018

DNB published additional data quality checks for the third quarter of 2018.

FDIC Proposes to Renew Three Approved Information Collections

FDIC published a proposal to renew three currently approved collections of information.

ESMA Registers Moody's Investors Service (Nordic) AB as a CRA

ESMA, the direct supervisor of credit rating agencies (CRAs) in EU, has registered Moody’s Investors Service (Nordics) AB as a CRA under the CRA Regulation.

CBIRC Releases Regulatory Banking Indicators for Q2 2018

CBIRC released the key regulatory indicators for the banking sector for the second quarter of 2018.

BoE Explores Demand to Introduce Synchronization to Renewed RTGS

BoE issued a call for interest from organizations, including fintech firms, to explore the demand for introducing synchronized settlement to the renewed Real-Time Gross Settlement (RTGS) service.

IA Issues QIS 2 Templates for Development of Risk-Based Capital Regime

IA of Hong Kong issued templates and technical specifications for the second quantitative impact study (QIS 2) on the development of risk-based capital (RBC) regime.

OSFI Proposes Revisions to Leverage Ratio Disclosure Requirements

OSFI is proposing revisions to the Leverage Ratio Disclosure Requirements guideline. The revisions incorporate a new line to capture the treatment of securitized assets that meet the operational requirements for recognition of significant risk transfer.

BoE Consults on the Insurance XBRL Taxonomy Version 1.0.0

BoE published public working draft of the standalone National Specific Templates (NSTs) and standard formula reporting for firms with an approved internal model (SF.01) taxonomy, along with the related technical artefacts, that will make up part of BoE’s insurance XBRL taxonomy.

SFC Circular on Margin Financing Activities Disguised as Investments

SFC published a circular warning against facilitating the setting up or operation of securities margin financing arrangements by unlicensed persons to circumvent regulatory requirements.

EIOPA Q&A on Regulations: First Update for August 2018

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, delegating regulations, and directives applicable to insurers in Europe.

ECB Updates List of Supervised Entities in EU

ECB released the udpated list of supervised entities in the EU, with the current number of significant supervised entities being 119.

EBA Updates XBRL Taxonomy 2.8 for Reporting

EBA published a corrective update to the XBRL taxonomy Version 2.8.

FSB Report Maps Interdependencies Between CCPs and Clearing Members

FSB and other international standard-setters (CPMI, IOSCO, and BCBS) published the second report that maps interdependencies between central counterparties (CCPs) and their clearing members and other financial service providers.

EBA Updates Data Used for the Identification of G-SIIs

EBA published 12 indicators and updated the underlying data from the 35 largest institutions in the EU, whose leverage ratio exposure measure exceeds EUR 200 billion.

BCL Updates Instructions and Validation Rules for AnaCredit Reporting

BCL updated list of reporting agents, instructions, and validation rules for reporting under the AnaCredit Regulation.

ESMA Updates Validation Rules Under EMIR

ESMA updated its validation rules regarding the European Markets Infrastructure Regulation (EMIR) with regards to the revised technical standards on reporting under Article 9 of EMIR.

EC Issues Information Provision Standards Under Benchmarks Regulation

EC published the Implementing Regulation 2018/1105 laying down implementing technical standards on procedures and forms for the provision of information by competent authorities to ESMA under the Benchmarks Regulation (Regulation 2016/1011).

OSFI Publishes Mortgage Insurer Capital Adequacy Test Guideline

OSFI issued the final Mortgage Insurer Capital Adequacy Test (MICAT) guideline, along with the guideline impact analysis statement.

EC Publishes Standards on Templates for Compliance Statement Under BMR

EC published the Commission Implementing Regulation (EU) 2018/1106 that lays down implementing technical standards on templates for the compliance statement to be published and maintained by administrators of significant and non-significant benchmarks, pursuant to the Benchmarks Regulation or BMR (EU Regulation 2016/1011).

FED Proposes to Revise Annual, Quarterly, and Monthly FR Y-14 Forms

FED issued a proposal to revise, without extension, the annual, quarterly, and monthly Capital Assessments and Stress Testing forms (FR Y-14A/Q/M). Comments must be submitted by October 09, 2018.

FED Publishes OMB Supporting Statement for Form FR Y-9C

Among the FED information collections that have been under review, FED posted the final OMB supporting statement for the FR Y-9 family of reports on financial statements for holding companies.

FCA Announces Creation of Global Financial Innovation Network

FCA has, in collaboration with 11 financial regulators and related organizations announced the creation of the Global Financial Innovation Network (GFIN), building on its proposal earlier this year to create a global sandbox.

FSB and Others Consult on Incentive to Centrally Clear OTC Derivatives

FSB, BCBS, CPMI, and IOSCO published a consultative document that examines the effects of G20 financial regulatory reforms on the incentives to centrally clear over-the-counter (OTC) derivatives.

IMF Publishes Reports on 2018 Article IV Consultation with India

IMF published staff report and selected issues report under the 2018 Article IV consultation with India. Directors stressed the need to focus on macro-financial and structural policies, also welcoming a range of complementary initiatives taken to address high non-performing loans in public-sector banks (PSBs).

ECB Publishes Services Procurement Guidelines for TIBER-EU Tests

ECB published the Services Procurement Guidelines, which are referred to in, and are an integral part of, the Threat Intelligence-Based Ethical Red Teaming (TIBER-EU) framework.

ESMA Responds to EIOPA Questions on AIFMD

ESMA has sent a letter to EIOPA in response to certain questions related to the Alternative Investment Fund Managers Directive (AIFMD), which EIOPA had raised on the Alternative Investment Fund (AIF) definition and leverage.

FED Issues the Final Regulation on SCCL for Large Banks

FED published, in Federal Register, the final rule to establish the single-counterparty credit limits (SCCL) for banks. FED also issued a proposal to implement a new information collection, the SCCL (FR 2590; OMB No. 7100-NEW) and the associated notice requirements in connection with the final SCCL rule.

ECB Consults on Draft ECB Regulation on Money Market Statistics in EU

ECB is consulting on a draft regulation amending the Money Market Statistical Reporting (MMSR) Regulation (ECB/2014/48), in an effort to improve its money market statistics.

ESMA Updates Transitional Transparency Calculations Under MiFID II

ESMA published an updated version of the transitional transparency calculations (TTC) under the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR).

ESRB Updates Overview of National Macro-Prudential Measures in EU

ESRB updated its overview of national measures of macro-prudential interest in the EU and the European Economic Area. The overview covers several measures, including capital buffers and reciprocation measures.

IVASS Publishes Regulation on External Audit of SFCR Under Solvency II

IVASS published Regulation No. 42, which sets out provisions on the external audit of the Solvency and Financial Condition Report (SFCR). SFCR addresses public disclosure of the equity and financial situation envisaged by the Solvency II prudential regime.

EBA Single Rulebook Q&A: First Update for August 2018

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

HKMA Issues Forms for Making Disclosures Under Parts 2A and 8 of BDR

HKMA published a set of standard disclosure templates and tables, also known as standard forms, (together with the associated explanatory notes) pursuant to sections 6(1)(ab) and 88(1)(b) of the Banking Disclosure Rules (BDR).

Bundesbank Updates Derivation and Validation Rules for Reporting

Bundesbank updated the list of deactivated validation rules and derivation rules for reporting by banks.

IMF Publishes Report on the 2018 Article IV Consultation with Brazil

IMF published its staff report report under the 2018 Article IV consultation with Brazil.

BoE Issues Final Procedures for Enforcement Decision Making Committee

BoE published policy statement (PS/EDMC2018) on Enforcement Decision Making Committee (EDMC), which provides feedback to responses to the consultation paper CP/EDMC2017.

IMF Publishes Report on 2018 Article IV Consultation with Hungary

IMF published its staff report under the 2018 Article IV consultation with Hungary. The staff report, among others, concludes that the banking system remains, on average, profitable, liquid, and well-capitalized. Bank profitability was high in 2017 and only a few small banks reported losses.

APRA Submission to Productivity Commission Report on Superannuation

APRA published its submission to the Productivity Commission's draft report examining the efficiency and competitiveness of superannuation system in Australia.

BoE Publishes Paper on the Role of Capital Regulation in Repo Markets

BoE published a staff working paper that examines the role of capital regulation in the functioning of the repurchase agreement (repo) market.

APRA Releases Improved Data Quality Controls for D2A Reporting

APRA released improved data quality controls on text fields for D2A reporting. These changes are relevant for all APRA-reporting institutions.

CPMI-IOSCO Issue Report on Implementation Monitoring of PFMI in Canada

CPMI and IOSCO published a Level 2 assessment report on the implementation monitoring of PFMI in Canada.

NCUA Proposes to Amend 2015 Risk-Based Capital Rule for Credit Unions

NCUA proposed a rule that would amend its previously revised regulations on prompt corrective action (PCA).

ESMA Publishes Bond Liquidity Data Under MiFID II/MiFIR

ESMA issued new data for bonds subject to the pre- and post-trade requirements of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) through its data register.

EIOPA Publishes Report on Understanding Cyber Insurance in Europe

EIOPA published a report on understanding cyber insurance through a structured dialog with insurance companies in Europe.

OSFI Proposes Changes to the Leverage Requirements Guideline for Banks

OSFI proposed revisions to the Leverage Requirements guideline. The revisions will align the guideline with the upcoming modifications to Chapter 4 (Settlement and Counterparty Risk) and Chapter 7 (Securitization) of the Capital Adequacy Requirements (CAR) guideline.

FCA Proposals on Authorization of TPVs Under Securitization Regulation

FCA issued a proposal on the new application and periodic fees for the authorization of Third Party Verification Agents (TPVs) under the Securitization Regulation.

ESMA Issues Data for Systematic Internalizer Calculations Under MiFID

ESMA published data for the systematic internalizer calculations for equity, equity-like instruments, and bonds under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

Dubai FSA Updates its Rulebook and Sourcebook Modules in August 2018

Dubai FSA updated several modules of its Rulebook and Sourcebook for financial institutions.

OJK Consults on Asset Securitization and Large Exposures Rules

OJK is consulting on rules for asset securitization, legal lending limit and large exposure provisions, and periodic reporting of commercial banks in Indonesia.

FED Revises and Extends Form FR Y-9C for Three Years

FED adopted the proposal to extend for three years, with revision, the mandatory FR Y-9 family of reports on financial statements for holding companies.

APRA Conducts Post-Implementation Review of Prudential Framework

APRA published four "short topic" consultation papers, as part of the post-implementation review of the superannuation prudential framework.

OCC to Accept National Bank Charter Applications from Fintech Firms

OCC announced that it will begin accepting applications for national bank charters from nondepository fintech companies engaged in the business of banking.

US Treasury Report on Nonbank Financials, Fintech, and Innovation

The U.S. Department of the Treasury released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.

IAIS Issues Consultations and Documents on ComFrame, ICPs, and ICS

IAIS issued two major public consultation documents, one focused on the qualitative components and the second on the risk-based global Insurance Capital Standard (ICS) Version 2.0. IAIS also released the 2018 Field Testing package, and the final issues paper on climate change risks to the insurance sector.

EBA Publishes Regulatory Standards Related to the STS Regulation in EU

EBA published the final draft regulatory technical standards defining the homogeneity of the underlying exposures in securitization, along with the standards on risk retention for securitization transactions.

EBA Publishes Regulatory Standards on Home-Host Cooperation Under PSD2

EBA published its final draft regulatory technical standards specifying the framework for cooperation and the exchange of information between competent authorities under the revised Payment Services Directive (PSD2).

EBA Publishes Report on the Functioning of Resolution Colleges in EU

EBA published the first report on the functioning of resolution colleges. EBA monitored the activities of 13 colleges established for large cross-border banking groups.

EBA Updates Guidelines on Complaints-Handling to Extend Their Scope

EBA published an update to the Joint Committee guidelines on complaints-handling.

PRA Issues CP18/18 on Implementing the Extension of SM&CR to Insurers

PRA published the consultation paper CP18/18, which sets out its proposed rules for a technical correction to the "Solvency II firms: Insurance General Application Part of the PRA Rulebook." CP18/18 also includes some consequential changes and minor administrative amendments related to the extension of SM&CR to insurers.

EIOPA Issues Paper on Enhancing Macroprudential Framework for Insurers

EIOPA published a paper that identifies, classifies, and provides a preliminary assessment of the potential additional tools and measures to enhance the macro-prudential framework for insurers in EU.

IMF Publishes Report on 2018 Article IV Consultation with Greece

IMF published its staff report under the 2018 Article IV consultation with Greece.

APRA Releases Response to Industry Feedback on Replacing D2A Solution

APRA released its formal response to the feedback received on replacing Direct to APRA (D2A) with a new data collection solution.

FASB Improves Implementation of the Leases Standard in US

FASB issued an Accounting Standards Update that reduces costs and eases implementation of the leases standard for those preparing financial statements.

ESMA Finds Shortcomings in National Supervision of EPM by UCITS

ESMA published a report on the peer review on the guidelines on Exchange Traded Funds (ETFs) and other Undertakings for Collective Investments in Transferable Securities (UCITS) issues.

IMF Issues Reports on 2018 Article IV Consultation with South Africa

IMF publishes its staff report and selected issues report under the 2018 Article IV consultation with South Africa.

EBA Single Rulebook Q&A: First Update for July 2018

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) updates for this week.

ESMA and EFTA SA to Supervise A New CRA Nordic Credit Rating

The EFTA Surveillance Authority (ESA) has approved the registration of the Norwegian entity Nordic Credit Rating AS (NCR) as a credit rating agency with effect from 3 August 2018.

PRA Consults on Materiality Thresholds for Credit Obligations Past Due

PRA published a consultation paper (CP17/18) that sets out its proposed approach to implementing EBA’s recent regulatory products relating to the definition of default in the Capital Requirements Regulation or CRR (575/2013).

IMF Issues Report on the 2018 Article IV Consultation with Singapore

IMF published its staff report under the 2018 Article IV consultation with Singapore.

PRA Issued PS21/18 on Changes to Reporting Format Under Solvency II

PRA issued the policy statement PS21/18, which provides feedback to responses to the consultation paper CP11/18.

IMF Publishes Report on the 2018 Article IV Consultation with China

IMF published its staff report under the 2018 Article IV consultation with China. The report outlines recent and ongoing improvements in regulatory framework, among other issues.

IMF Publishes Reports on the 2018 Article IV Consultation with France

IMF published its staff report and selected issues report in the context of the 2018 Article IV consultation with France.

HKMA Extends Implementation Date of Exposure Limits Rules for Banks

HKMA is extending the implementation date of the amended Banking (Exposure Limits) Rules (BELR) by six months to July 01, 2019.

IAIS Issues Comments on Paper on Climate Change Risk to Insurers

IAIS published the comments received, along with the resolutions, on the draft issues paper on climate change risks to the insurance sector.

IAIS Issues Comments and Resolutions on Paper on Index-Based Insurance

IAIS published the comments received, along with the associated resolutions, on the draft issues paper on index-based insurance.

IMF Reports on 2018 Article IV Consultation with Slovak Republic

IMF issued its staff report and selected issues report under the 2018 Article IV consultation with Slovak Republic. Directors concurred that the banking system is well-capitalized, liquid, and profitable.

HKMA Concludes Consultation on Loss Absorbing Capacity Requirements

HKMA released the consultation conclusion on the public consultation related to rules prescribing loss-absorbing capacity (LAC) requirements for authorized institutions.

ESMA Issues Updated Versions of XML Schema for MiFIR Reporting

ESMA published Financial Instruments Reference Data System (FIRDS) reference data XML Schema Version 1.1.0, FIRDS transparency XML Schema Version 1.1.0, Double Volume Cap XML Schema Version 1.1.0, and Transaction Reporting Message Schema for Markets in Financial Instruments Regulation (MiFIR) reporting.

IAIS Publishes Newsletter for July 2018

The July issue of the IAIS newsletter highlights that IAIS published the issues paper on index-based insurance, particularly in inclusive insurance markets.

PRA Explains When to Transition to Version 2.8 of EBA FINREP Taxonomy

PRA published a note and graphic on the transition to v2.7 and v2.8 of the EBA FINREP taxonomy to assist firms in planning for their upcoming regulatory requirements.

ESMA Review Finds Supervision of Suitability Requirements Has Improved

ESMA issued a follow-up report regarding oversight by national competent authorities of the Markets in Financial Instruments Directive (MiFID) suitability requirements.

EIOPA Publishes Risk Dashboard for the First Quarter of 2018

EIOPA published its updated Risk Dashboard based on data for the first quarter of 2018. This Risk Dashboard is based on Solvency II data and summarizes the main risks and vulnerabilities in the insurance sector in EU through a set of risk indicators of the first quarter of 2018.

EBA Publishes Report on Assessment of European Secured Notes

EBA published a report presenting the outcome of its assessment to the EC’s call for advice on the European Secured Notes (ESNs).

CPMI/IOSCO Publish Update to Level 1 Assessment of Monitoring of PFMI

CPMI and IOSCO published the fifth update to the Level 1 assessments of implementation monitoring of the Principles for financial market infrastructures (PFMI).

ESMA Fines Five Banks for Issuing Credit Ratings Without Authorization

ESMA fined five banks for issuing credit ratings without authorization from ESMA and issued five public notices for these banks negligently breaching the Credit Rating Agencies Regulation (CRAR).

PRA Consults on Minor Amendments to Regulatory Reporting

PRA is proposing (CP16/18) minor amendments to regulatory reporting. The proposals would result in changes to the Glossary, Regulatory Reporting, Reporting Pillar 2, and Close Links Parts of the PRA Rulebook.

ESMA Updates Q&As on the Application of UCITS Directive and AIFMD

ESMA updated question and answer (Q&A) documents on the application of the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers Directive (AIFMD).

BoE Publishes Outcomes of Proof of Concept on Renewed RTGS Service

BoE published a report summarizing the outcomes of the Proof of Concept (PoC) to understand how a renewed RTGS service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on distributed ledger technology (DLT).

ECB Updates Lists of Entities and Legal Forms for AnaCredit Reporting

ECB published updated versions of the documents on list of legal forms and the list of international organizations. In both the documents, changes have been highlighted in yellow.

OCC Issues Capital and Dividends Booklet of the Comptroller Handbook

OCC issued the “Capital and Dividends” booklet of the Comptroller’s Handbook.

Switzerland and EU Amend Their Insurance Agreement

Switzerland and EU have revised their insurance agreement. The amendment involves technical changes to the agreement on direct insurance other than life assurance.

EBA Publishes Reports on Monitoring of CET1 and AT1 Instruments in EU

EBA published a new updated list of common equity tier 1 (CET1) instruments of EU institutions, along with the third updated report on the monitoring of additional tier 1 (AT1) instruments.

ESAs Publish Further Guidance on Key Information Document for PRIIPs

ESAs published further guidance on the Key Information Document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs).

BaFin Consults on Disclosure Requirements for Liquidity Coverage Ratio

BaFin published a circular for consulting on the guidelines on liquidity coverage ratio (LCR) disclosures in Germany.

CBIRC Consults on Measures for Financial Management Services of Banks

CBIRC is consulting on the Measures for Supervision and Management of Commercial Banks' Financial Management Services.

PBC Notice Clarifies Issues on Rules for Asset Management Businesses

PBC released a notice to further clarify issues related to the guidelines on regulating asset management businesses of financial institutions.

CSRC Proposals on PE Asset Management Business of Securities Firms

CSRC published consultations on the "Management Measures for Private Equity Asset Management Business of Securities and Futures Operating Agencies (Draft for Comment)" and "Regulations on the Operation and Management of Private Equity Asset Management Plan of Securities and Futures Operating Agencies (Draft for Comment).

FSB Issues Responses to A Consultation Related to Misconduct Risk

FSB published public responses to the consultation on recommendations for consistent national reporting of data on the use of compensation tools to address misconduct risk.

EBA Issues Final Guidance to Strengthen the Pillar 2 Framework in EU

EBA, in accordance with its Pillar 2 Roadmap, published the final revised guidelines to further enhance institutions' risk management and supervisory convergence in the supervisory review and examination process (SREP).

FSB Consults on Impact of Regulatory Reforms on Infrastructure Finance

FSB published a consultation report on the evaluation of the effects of financial regulatory reforms on infrastructure finance and is seeking public feedback on the results of the evaluation to date.

IMF Issues Reports on Financial Sector Surveillance of the Euro Area

The published documents include the staff report and the selected issues report under the 2018 Article IV consultation, the financial system stability assessment (FSSA) report, and several technical notes under the Financial Sector Assessment Program (FSAP).

ESMA Consults on Revisions to the Periodic Reporting of CRAs

ESMA issued a consultation paper for revised guidelines on the information that is to be periodically reported to ESMA by credit rating agencies (CRAs) for supervisory purposes.

EC Publishes Communication on Preparing for Withdrawal of UK from EU

EC adopted a Communication outlining the ongoing work on the preparation for all outcomes of the withdrawal of UK from EU.

EBA Publishes Risk Dashboard for the First Quarter of 2018

EBA published the periodical update to its Risk Dashboard for the first quarter of 2018. The dashboard summarizes the main risks and vulnerabilities in the EU banking sector using quantitative risk indicators, along with the opinions of banks and market analysts from its Risk Assessment Questionnaire.

ACPR Issues Draft of Taxonomy RAN 1.2.0 for Solvency II Reporting

ACPR published the draft version of taxonomy RAN 1.2.0 for Solvency II reporting. The returns are expected before August 20, 2018. The first closing date is December 31, 2018 for the 2019 reporting.

EC Provides Guidance on Protection of Cross-Border EU Investments

EC published its communication, to the European Parliament and the Council, to provide guidance on the existing EU rules for treatment of cross-border EU investments.

EBA Publishes Final Guidelines on Fraud Reporting Under PSD2

EBA published the final report on the guidelines on fraud reporting under the revised Payment Services Directive (PSD2).

ESMA Supplements Guide to Endorsement Regime for Non-EU Credit Ratings

ESMA published supplementary guidance on the application of the endorsement regime for non-EU credit ratings under the Credit Rating Agencies Regulation (CRAR).

EIOPA Q&A on Regulations: First Update for July 2018

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, delegating regulations, directives, and risk-free rate technical information applicable to insurers in Europe.

Bank of Finland Publishes Updates on AnaCredit Reporting

The updates cover AnaCredit requirements (version 2.5), validation checks for credit data collection, and description of electronic reporting for credit data collection, including the schema documents.

HKMA Publishes Open API Framework for the Banking Sector in Hong Kong

HKMA published the Open Application Programming Interface (API) framework for the banking sector in Hong Kong. HKMA announced that it will also launch the Open API on its official website on July 23, 2018.

FED Revises and Extends Form FR Y-15 for Three Years

Among the FED information collections that have been under review, FED posted the final OMB supporting statement for the banking organization systemic risk report (FR Y-15).

FINMA Revises Its Anti-Money Laundering Ordinance

The Swiss Financial Market Supervisory Authority FINMA revised its Anti-Money Laundering Ordinance (AMLO-FINMA).

Randal K. Quarles of FED on Tailoring Banking Regulations in US

Randal K. Quarles of FED spoke at the American Bankers Association Summer Leadership Meeting in Utah.

Beverly Hirtle of New York FED on Supervisory Stress Testing Regime

Ms Beverly Hirtle of the Federal Reserve Bank of New York spoke at the conference on "The Effects of Post-Crisis Banking Reforms" in New York City.

EIOPA to Review Consumer Protection Issues in Travel Insurance in EU

EIOPA launched an EU-wide thematic review that is intended to identify consumer protection issues in travel insurance and possible actions to ensure better consumer protection.

FHFA Consults on New Capital Framework for Fannie Mae and Freddie Mac

FHFA and the Office of Federal Housing Enterprise Oversight proposed a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)—collectively known as the Enterprises.

US Agencies Propose to Amend Section 13 of Bank Holding Company Act

US Agencies (CFTC, FDIC, FED, OCC, and SEC) propose to amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act).

OSFI Seeks Input on Domestic Implementation of Final Basel III Reforms

OSFI released a discussion paper titled on the implementation of the final Basel III reforms in Canada.

US Agencies Propose Guidance for the 2019 Resolution Plan Submissions

US Agencies (FED and FDIC) are inviting comments on proposed guidance for the 2019 and subsequent resolution plan submissions by the eight largest, complex U.S. banking organizations (Covered Companies).

ESMA Defines Standards for Implementation of Securitization Regulation

ESMA issued the first set of technical standards under the Securitization Regulation, which contain both draft regulatory and implementing standards (RTS/ITS).

FINMA Revises Circulars on Implementation of Basel III in Switzerland

FINMA published revised circulars on interest rate risks, disclosures, capital requirements, and capital held by banks.

FSI Publishes Report Examining Suptech Experience of Early Users

FSI published a report that examines the experience of early users with the use of innovative technology by supervisory agencies (suptech) to support supervision.

MAS Proposes Regulations to Enhance Resolution Regime in Singapore

MAS published proposed regulations to enhance the resolution regime for financial institutions in Singapore.

FSB Publishes Questionnaire for Prospective UPI Service Providers

FSB published a self-assessment questionnaire for prospective Unique Product Identifier (UPI) service providers.

FSB Report on Work of FSB and Standard-Setting Bodies on Crypto-Assets

FSB published a report summarizing the work of FSB and other standard-setting bodies on crypto-assets. The report was delivered to the G20 Finance Ministers and Central Bank Governors.

IMF Publishes Reports on the 2018 Article IV Consultation with Canada

IMF published its staff report and selected issues report on the 2018 Article IV consultation with Canada.

ECB Opinion on Proposed Regulation on Minimum Loss Coverage for NPEs

ECB published its opinion on the proposal for the regulation on amending Capital Requirements Regulation or CRR (EU Regulation No 575/2013) with respect to minimum loss coverage for non-performing exposures (NPEs).

EC Amends Regulation on Liquidity Coverage Requirements for Banks

EC published the text of the Commission Delegated Regulation on liquidity coverage requirement for credit institutions. This Regulation amends the Delegated Regulation (EU) 2015/61 to supplement the Capital Requirements Regulation or CRR (EU Regulation No 575/2013).

PRA Issues Policy Statement on Matching Adjustment Under Solvency II

PRA published the policy statement PS18/18, which provides feedback on responses to the consultation paper (CP21/17) on matching adjustment under Solvency II. PS18/18 also contains the final supervisory statement SS7/18.

PRA Publishes Policy Statements on Internal Models Under Solvency II

PRA published the policy statements PS19/18 and PS20/18 related to internal models under Solvency II. PRA also published a letter from Sid Malik, Head of Division of Life Insurance and Pensions Risk Division, to Chief Actuaries of life insurers.

ECB Publishes Paper Examining Costs and Benefits of Liquidity Rules

ECB published a working paper that investigates the costs and benefits of liquidity regulation. The authors find that liquidity tools are beneficial but cannot completely remove the need for Lender of Last Resort (LOLR) interventions by the central bank.

EC Amends and Supplements MMFR Regarding STS Securitizations and ABCPs

EC published the Commission Delegated Regulation (EU) 2018/990 on simple, transparent, and standardized (STS) securitization and asset-backed commercial paper (ABCP) requirements for assets received as part of the reverse repurchase agreements and the credit quality assessment methodologies.

ESMA Updates Q&As on EMIR and MiFID/MiFIR

ESMA updated question and answer (Q&A) documents on the European Markets Infrastructure Regulation (EMIR), temporary product intervention measures of ESMA in relation to contracts for differences (CFDs) and binary options, and the implementation of investor protection topics under the MiFID II/MiFIR.

PRA Issues Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS17/18) that provides feedback on the responses to the consultation paper CP38/16 and the final supervisory statement SS9/15 on group supervision under Solvency II.

FSB Issues Statement on Reforms to Interest Rate Benchmarks

FSB published a statement on reforms to interbank offered rates (IBORs) and the development of overnight risk-free, or nearly risk-free, rates (RFRs) and term rates.

ESMA Sets Out Plan for Systematic Internalizer Regime Calculations

ESMA published details of its action plan (within its updated Q&As on MiFID II and MiFIR transparency topics) for systematic internalizer regime calculations, ahead of their publication on August 01, 2018.

ESMA Reminds Firms to Submit Authorization Applications Before Brexit

ESMA issued a Public Statement to raise the awareness of all market participants on the importance to prepare for the possibility of no agreement in the context of the UK withdrawing from EU (Brexit).

PRA Issues Further Information on Timing and Basis of PRA110 Reporting

PRA has provided additional information on the timing and basis of interim reporting for the introduction of PRA110, following its e-mail to the participating firms.

EC Issues Regulations Supplementing AIFMD and UCITS Directive

EC adopted rules to ensure more clarity and consistency in how assets are kept separated to better protect investors and to ensure more market efficiency.

BoE Statement on SRB and Pillar 2A in Stress Test Hurdle Rates

BoE published a statement providing details on two changes to the way hurdle rates are calculated in the annual stress test. These changes are only relevant to firms under the Capital Requirements Regulation (CRR).

Danièle Nouy of ECB Speaks About Reducing Reporting Burden for Banks

Danièle Nouy of ECB spoke, at the Ninth ECB Statistics Conference in Frankfurt, about statistics as an indispensable signpost.

SRB Publishes its Annual Report for 2017

SRB published its annual report for 2017, which describes the activities and performance of SRB in 2017.

ESMA Consults on Clearing Obligation Under EMIR

ESMA published a consultation paper on the clearing obligation under EMIR.

EIOPA Issues First Set of Q&A on Insurance Distribution Directive

EIOPA published the first set of questions and answers (Q&A) that provide practical guidance on the application of the Insurance Distribution Directive (IDD) and its implementing regulations.

ECB Announces Further Steps in Supervisory Approach to Stock of NPLs

ECB announced further steps in its supervisory approach for addressing the stock of non-performing loans (NPLs) in the euro area.

FCA Issues Final Rules on Handbook Changes Regarding EU MMF Regulation

FCA published the policy statement PS18/17, which sets out final rules amending the FCA Handbook to ensure that it is consistent with the requirements of the EU Money Market Funds (MMF) Regulation.

BoE Publishes Amended Branch Return Form

BoE published an amended Branch Return Form. BoE is planning to consult on the proposed change to the Branch Return Form.

OFR Proposes Rule for Data Collection from Central Counterparties

The U.S. Department of the Treasury's Office of Financial Research (OFR) proposed a rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.

Sabine Lautenschläger of ECB Speaks About Overcoming Data Shortcomings

Sabine Lautenschläger of ECB spoke at the Ninth ECB Statistics Conference in Frankfurt. She talked about the importance of big data and the projects put in place to overcome shortcomings in data before the global financial crisis.

IMF Publishes Reports on the 2018 Article IV Consultation with Vietnam

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Vietnam.

HKMA Publishes Rules and Reporting Form for Banking Exposure Limits

HKMA announced that the negative vetting of the Banking (Exposure Limits) Rules by the Legislative Council has expired and the rules will come into operation from July 13, 2018.

EC Announces Entry Into Force of Fifth Anti-Money Laundering Directive

The Fifth Anti-Money Laundering Directive has entered into force following its publication in the Official Journal of the European Union.

RBNZ Releases Results of the 2017 Stress Test of Major Banks

RBNZ published the results of the 2017 stress tests of major banks. RBNZ also published its approach for using the stress tests to monitor the stability of the financial system.

ESRB Publishes Its Annual Report for 2017

ESRB published its seventh annual report, which details its achievements and activities between April 01, 2017 and March 31, 2018.

OSFI Publishes the New Schedule B Reporting Requirements

OSFI published a letter requesting trustees and depositories of foreign bank branches and branches of foreign life insurance companies, fraternal benefit societies, and property & casualty insurance companies (branches) to begin filing Schedule B monthly reporting via the Regulatory Reporting System (RRS).

US Agencies Publish Sections of Resolution Plans Due in July 2018

US Agencies (FED and FDIC) released the public portions of the resolution plans of several banks. FED published resolution plans of four foreign banking organizations: Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG.

MAS Consults on the Revisions to Misconduct Reporting Requirements

MAS consults on the revisions to misconduct reporting requirements and the proposals to mandate reference checks for representatives.

ECB Paper on Institutional Continuity Between Eurosystem and SSM

ECB published a working paper on institutional framework governing the Eurosystem and the Single Supervisory Mechanism (SSM).

Danièle Nouy of ECB on Banking Regulation and Supervision for SMEs

While speaking at a Conference in Austria, Danièle Nouy of ECB explained the funding challenges faced by small and medium-size enterprises (SMEs).

Elke König of SRB Speaks About Harmonizing Insolvency Regimes in EU

The SRB Chair Dr Elke König delivered a keynote speech in Stockholm on the issue of banking resolution. She highlighted that, since the financial crisis, EU has put in place a number of measures and institutions to better deal with any shocks to the system going forward.

European Parliament Issues Glossary of Terms Related to Banking Union

European Parliament published the abbreviation list and tri-lingual glossary (English, German, and French) lists.

OSFI Consults on Revisions to Capital Adequacy Requirements Guideline

OSFI is consulting on revisions to the Capital Adequacy Requirements (CAR) Guideline for implementation in the first quarter of 2019.

EIOPA Issues Opinion to Determine Insurance Class for Statutory Risks

EIOPA published its Mediation Opinion on the determination of the correct insurance class for the insurance policy known as statutory risks in France.

US Agencies Issue Statement on the Impact of EGRRCP Act

US Agencies (FDIC, FED, and OCC) issued a joint statement detailing rules and associated reporting requirements that are immediately affected by the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

EIOPA Launches EU-Wide Thematic Review on Big Data in Insurance Sector

EIOPA launched EU-wide thematic review on Big Data as a follow-up to the March 2018 cross-sectorial review of ESAs on the use of Big Data.

EC Issues Rules for Assessing Use of AMA for Operational Risk by Banks

EC published the Commission Delegated Regulation (EU) 2018/959 on regulatory technical standards of the specification of the assessment methodology under which competent authorities permit institutions to use Advanced Measurement Approaches (AMA) for operational risk.

PRA Issues PS16/18 on Changes to Reporting Requirements for Insurers

PRA issued the policy statement PS16/18, which provides feedback to responses to the consultation paper CP2/18 on changes in insurance reporting requirements.

RBNZ Issues In-Principle Decisions on Capital Requirements for Banks

RBNZ published its "in-principle decisions" on capital requirements for registered banks, as part of the review of capital adequacy in the New Zealand banking system.

Central Bank of Ireland Increases CCyB Rate on Irish Exposures

The Central Bank of Ireland is increasing the countercyclical capital buffer (CCyB) rate on Irish exposures from 0% to 1%, with effect from July 05, 2019.

IFSB Releases the 2018 Stability Report on Islamic Financial Services

IFSB released the sixth edition of the Islamic Financial Services Industry (IFSI) Stability Report in 2018.

IMF Publishes Report on the 2018 Article IV Consultation with Moldova

IMF published its staff report under the 2018 Article IV consultation with the Republic of Moldova.

IASB Article on Reducing Gap Between Insurance and Other Industries

Gary Kabureck of IASB published a feature that examines reducing the gap between insurance and other industries.

ECB Opinion on Regulation of Business of Owning Credit Agreements

ECB published its opinion on the Consumer Protection (Regulation of Credit Servicing Firms (Amendment)) Bill (draft law) in Ireland.

BoE Publishes Version 3.1.0 of Its XBRL Taxonomy and Related Artefacts

This version of the taxonomy, data point model (DPM) dictionary, annotated templates, and validation rules covers the requirements for reporting of Minimum Requirement for Own Funds and Eligible Liabilities (MREL) data.

BCBS Revises G-SIB Assessment Methodology and the HLA Requirement

BCBS revised the assessment methodology for global systemically important banks (G-SIBs), along with the higher loss absorbency (HLA) requirement.

FDIC on Applying EGRRCP Act Amendments to Home Mortgage Disclosure Act

FDIC released a statement on implementation of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act amendments to the Home Mortgage Disclosure Act (HMDA).

BoE/FCA/PRA Consult on Building Operational Resilience of FS Firms

BoE, FCA, and PRA jointly published a discussion paper on strengthening the operational resilience of financial services (FS) firms.

MAS Amends Notices and Guide on Debt-Servicing Ratio on Property Loans

MAS amended Notices 645, 1115, 831, 128, 632, 115, and 825, along with the guidelines on the application of total debt-servicing ratio (TDSR) for property loans under Notices 645, 1115, 831, and 128 (TDSR Guidelines).

FED Proposes to Adopt ISO 20022 Format for Fedwire Funds Service

FED proposed to adopt the ISO® 20022 message format for the Fedwire® Funds Service. If approved, the proposed action would replace the Fedwire Funds Service's current, proprietary message format.

EU Guide to Assess Suitability of Management and Key Function Holders

EBA and ESMA published the joint guidelines to assess the suitability of members of management bodies and key function holders.

ESRB Publishes Risk Dashboard for June 2018

ESRB published its risk dashboard for June 2018, which contains a set of quantitative and qualitative indicators of systemic risk in the EU financial system.

IMF Publishes Report on the 2018 Article IV Consultation with Germany

IMF published its staff report under the 2018 Article IV consultation with Germany. Directors noted that profitability in the bank and life insurance sectors remains low and that restructuring efforts must be accelerated to durably strengthen resilience and reduce risks.

Fernando Restoy of FSI Speaks on Proportionality in Banking Regulation

At the Westminster Business Forum in London, the FSI Chairman Fernando Restoy spoke about the application of proportionality in banking regulation.

Vicky Saporta of BoE Speaks on Future of Prudential Bank Regulation

In a speech at the Westminster Business Forum, Vicky Saporta of BoE discusses the importance of the reforms agreed in December 2017 that finalized Basel III. She goes on to describe what banking regulation will look like in the future.

Ireland Proposes Materiality Thresholds for Credit Obligation Past Due

The Central Bank of Ireland published a consultation on the implementation of the Commission Delegated Regulation (EU) 2018/171 (of October 19, 2017) on materiality thresholds for credit obligations past due.

PRA Publishes PS15/18 on the Extension of SM&CR to Insurers

PRA published a policy statement (PS15/18) providing feedback to responses to CP14/17 on extension of the Senior Managers and Certification Regime (SM&CR) to insurers and to CP28/17 on implementing the extension of the SM&CR to insurers (along with certain other amendments).

ECB Publishes Report Presenting Best Practices in Recovery Planning

ECB published a report that presents its lessons learned and the best practices observed after three successive cycles of recovery plan assessments.

FCA Announces List of Firms for Fourth Cohort of Regulatory Sandbox

FCA announced the list of 29 firms that were successful in their applications to begin testing in the fourth cohort of the regulatory sandbox. FCA received 69 applications to cohort four of the regulatory sandbox, representing an increase over the 61 applications received to cohort three.

BoE Paper on Risk Sensitivity and Risk Shifting in Banking Regulation

BoE published a paper that examines risk sensitivity and risk shifting in banking regulation. The paper provides evidence that the more risk‐sensitive Basel II framework may have reduced banks’ incentives to engage in higher‐risk mortgage lending in the UK.

IOSCO Proposes Good Practices for Commodities Storage and Delivery

IOSCO proposed the good or sound practices to assist relevant storage infrastructures and their oversight bodies to identify and address issues that could affect pricing of commodity derivatives and in turn affect market integrity and efficiency.

FCA Policy Statements on Extension of SM&CR to Firms and Insurers

FCA published the policy statements PS18/14 and PS18/15 on extending the Senior Managers & Certification Regime (SM&CR) to FCA firms and insurers, respectively.

CBIRC Issues XBRL Taxonomy for ALM Reporting by Insurance Companies

CBIRC issued notice on the issuance of XBRL taxonomy for the quarterly report on insurance asset and liability management (ALM) and the implementation of the insurance ALM regulatory information system module.

IMF Publishes Reports on 2018 Article IV Consultation with New Zealand

IMF published its staff report and selected issues report on the 2018 Article IV consultation with New Zealand.

IMF Publishes Report on the 2018 Article IV Consultation with Honduras

IMF published its staff report under the 2018 Article IV consultation with Honduras. Directors welcomed the stability of the banking system and commended the progress made toward adopting Basel III standards.

FED Proposes to Revise and Extend Form FR Y-15 for Three Years

FED proposed to extend for three years, with revision, the mandatory Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352). The revisions are effective from the June 30, 2018 report date. FED also updated the reporting form and instructions for FR Y-15.

HKMA Revises Module on Counterparty Credit Risk Management

HKMA issued a guidance note with the revised version of the Supervisory Policy Manual (SPM) module CR-G-13 on counterparty credit risk (CCR) management for authorized institutions.

PRA Proposes to Apply Leverage Ratio Framework to Systemic RFBs

PRA is proposing (CP14/18) to apply the systemic risk buffer framework in the UK leverage ratio framework. PRA proposes to apply the UK leverage ratio framework on a sub-consolidated basis to the ring-fenced bodies (RFBs) in scope, to amend the additional leverage ratio buffer (ALRB) to reflect the systemic risk buffer.

ESMA Publishes its Annual Report for 2017

ESMA published its annual report for 2017, which details objectives, activities, and key achievements of ESMA during the year.

IMF Issues Report on 2018 Article IV Consultation with United States

IMF published its staff report under the 2018 Article IV consultation with the United States.

ESMA Issues Responses to Consultations on Securitization Repositories

ESMA published the responses received to its two consultations on securitization repositories. Both the consultations were issued on March 23, 2018 and comment period ended on May 23, 2018.

FED Updates the Draft Reporting Form FR Y-9C for Banks

Among the FED information collections that have been under review, FED posted the updated draft reporting form FR Y-9C, which is the report on consolidated financial statements for holding companies.

FED Announces Aggregate Financial Sector Liabilities of Banks in US

FED announces that the aggregate financial sector liabilities equal USD 20,283,121,945,000 and the related measure is in effect from July 01, 2018 through June 30, 2019.

ESMA Clarifies Clearing Obligation for Pension Scheme Arrangements

ESMA issued clarifications via a statement on the clearing obligation for pension scheme arrangements (PSAs).

ECB Consults on Materiality Threshold for Credit Obligations Past Due

ECB published a draft regulation on the definition of the materiality threshold for credit obligations past due.

EBA Reports Assess Impact of Fintech on Business Models of Banks

EBA, as the first products of its fintech roadmap, published a thematic report on the impact of fintech on incumbent credit institutions' business models and a thematic report on the prudential risks and opportunities arising for institutions from fintech.

RBNZ Consults on Insurance Solvency Standards and NZ IFRS 16

RBNZ is consulting on the insurance solvency standards and the NZ IFRS 16 on leases.

APRA Proposes Updates to Related Parties Framework for Banks

APRA proposed changes to the requirements for authorized deposit-taking institutions in managing risks from associations with related parties.

FED and FDIC Extend Resolution Plan Filing Deadline for Domestic Firms

FED and FDIC announced that they have extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019.

FSB Issues Public Consultation on Cyber Lexicon

FSB published a draft Cyber Lexicon for public consultation. The Cyber Lexicon comprises a set of 50 core terms related to cyber security and cyber resilience in the financial sector.

PRA Publishes CP13/18 on Equity Release Mortgages Under Solvency II

PRA published the consultation paper (CP13/18) that sets out additional PRA expectations from firms investing in equity release mortgage (ERM) portfolios, as set out in Chapter 3 of the supervisory statement SS3/17.

BaFin Publishes Circular on Insurance Regulatory Requirements for IT

BaFin published circular 10/2018 on insurance regulatory requirements for information technology (IT). The circular provides a flexible and practical framework for the management of IT resources, information risk management, and information security management.

EC Vice President on Making Capital Markets Union Work for Investors

The EC Vice President Valdis Dombrovskis gave an opening speech, in Brussels, at the public hearing on ways to make the Capital Markets Union (CMU) work for retail investors.

BIRD Initiative of ESCB Publishes Documentation on BIRD Release 2.0

Documentation of the Banks' Integrated Reporting Dictionary (BIRD) Release 2.0 has been published. This release consists of a complete methodology used to describe the various datasets of the different layers (for example: Input Layer, Output Layer) in the BIRD.

PRA Updates PS31/17 to Include Benchmarking Regulation Instrument 2018

PRA updated the policy statement PS31/17 to include the EU Benchmarking Regulations Instrument 2018, based on the legislative framework for PRA to implement the EU Benchmarks Regulation (BMR).

US Agencies Propose the 2019 Resolution Plan Guidance for Large Banks

The US Agencies (FDIC and FED) proposed the revised resolution plan guidance for the 2019 and subsequent resolution plan submissions of the eight largest, most complex U.S. banks.

EBA Updated Implementing Standards for the 2019 Benchmarking Exercise

EBA published the updated implementing technical standards, which amending Commission Implementing Regulation (EU) 2016/2070, on the benchmarking of internal models.

BCBS Issues Technical Amendment to Net Stable Funding Ratio for Banks

BCBS approved a technical amendment on the treatment of extraordinary monetary policy operations in the net stable funding ratio (NSFR).

MAS Amends Guideline ID 01/17 and Notices 302, 318, 320, and 322

MAS issued amendments to MAS Notices 302, 318, 320, and 322, along with the amendments to the guidelines on the online distribution of life policies with no advice (Guideline ID 01/17). The amendments to the relevant Notices and Guideline will take effect on July 02, 2018.

ECB Updates Q&A on AnaCredit Regulation in June 2018

ECB updated 13 questions and answers (Q&A) on AnaCredit Regulation.

CBIRC Issues Rules for Financial Asset Management Companies in China

CBIRC issued the “Administrative Measures for Financial Assets Investment Companies” (for trial implementation).

IAIS Publishes Application Paper on Supervising Insurer Cybersecurity

IAIS published a draft application paper on the supervision of insurer cybersecurity. The application paper provides further guidance to supervisors seeking to develop or enhance their approach to supervising the cyber risk, cybersecurity, and cyber resilience of insurers.

IAIS Consults on Revisions to ICP 6 and ICP 20 for Insurers

IAIS is consulting on the revised Insurance Core Principles on Changes in Control and Portfolio Transfers (ICP 6) and on Public Disclosure (ICP 20).

FIN-FSA Decides to Impose Systemic Risk Buffer on Credit Institutions

The Board of the Finnish Financial Supervisory Authority (FIN-FSA) has decided to impose, on credit institutions, a structural additional capital requirement in the form of the systemic risk buffer.

BCRA Updates Minimum Capital Requirements and LCR Rules for Banks

BCRA updated the minimum capital requirements and liquidity coverage ratio (LCR) rules under the Basel standards for banks.

IASB Chair Speaks on Adoption of IFRS Standards Including IFRS 17

During the IFRS Foundation Conference in Frankfurt, the IASB Chair provided a brief update on the spread of IFRS Standards worldwide and discussed the ongoing work of the Board.

PRA Amends the Large Exposures Framework and Reporting Rules for Banks

PRA published the Policy Statement PS14/18 that provides feedback to responses to the consultation paper CP20/17 on changes to the large exposures framework of PRA.

FED Releases Results of Comprehensive Capital Analysis and Review

FED released results of the Comprehensive Capital Analysis and Review (CCAR). The results show that, out of the 35 participating firms, FED objected to the capital plan from DB USA Corporation due to qualitative concerns.

SEC Adopts Inline XBRL for Tagged Data for Companies and Funds

SEC adopted amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.

EBA Issues Opinion on Stricter Macro-Prudential Measure by Swedish FSA

EBA published an opinion following the notification by Finansinspektionen, the Swedish Financial Supervisory Authority (FSA), of its intention to change the method it uses to apply a risk-weight floor for Swedish mortgages through Pillar 2.

EP Publishes Reports on Proposals Amending CRD IV, CRR, BRRD, and SRMR

European Parliament published reports on the proposals to amend the fourth Capital Requirements Directive (CRD IV), the Capital Requirements Regulation (CRR), Bank Recovery and Resolution Directive (BRRD), and Single Resolution Mechanism Regulation (SRMR).

OCC Updates Booklets of Comptroller Handbook for Community Banks in US

OCC issued the revised “Bank Supervision Process,” “Community Bank Supervision,” “Compliance Management Systems,” and “Large Bank Supervision” booklets of the Comptroller’s Handbook. In addition, OCC updated the “Federal Branches and Agencies Supervision” booklet.

IMF Publishes Reports on the 2018 Article IV Consultation with Ireland

IMF published its staff report and selected issues report in the context of the 2018 Article IV consultation with Ireland.

SEC Adopts Changes to Public Liquidity Risk Management Disclosure

SEC adopted amendments to public liquidity-related disclosure requirements for certain open-end funds. The amendments will become effective sixty days after they are published in the Federal Register.

BCBS Publishes Responses to Consultation on Market Risk Standards

BCBS, on March 22, 2018, launched a consultation on revisions to the minimum capital requirements for market risk.

EIOPA Opines Insurers Must Inform Customers About Impact of Brexit

EIOPA published an Opinion addressed to national supervisory authorities about the duty of insurance undertakings and insurance intermediaries to inform customers about the possible impact of the withdrawal of the UK from EU.

IAIS Publishes Newsletter for June 2018

IAIS published its newsletter describing the activities and achievements this month.

BOG Issues the Capital Requirements Directive Under Basel II

The Bank of Ghana (BOG) published the Capital Requirements Directive (CRD) under Section 92(1) of the Banks and Specialized Deposit-taking Institutions Act 2016 (the BSDI Act) and under Section 4(d) of the Bank of Ghana Act 2002.

IMF Publishes Reports on the 2018 Article IV Consultation with Georgia

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Georgia and completed second review of Extended Fund Facility of Georgia.

Randal Quarles of FED on US Interest in Promoting Financial Stability

Randal K. Quarles of FED spoke about the interest of United States in the global efforts to promote financial stability.

Wuermeling of Bundesbank on Europe as a Financial Center After Brexit

Prof. Joachim Wuermeling the Deutsche Bundesbank spoke at the annual reception of the Association of Foreign Banks in Germany, Frankfurt. He spoke about the future of Europe as a financial center after Brexit.

Verena Ross of ESMA Speaks on Importance of LEI in Context of MiFID II

Verena Ross, the ESMA Executive Director, spoke at the Banque De France Conference in Paris about the importance of Legal Entity Identifier (LEI) in the context of the second Markets in Financial Instruments Directive (MiFID II).

HKMA and SFC Conclude Consultation on Enhancing OTC Derivatives Regime

HKMA and SFC issued conclusions to a joint consultation on further enhancements to the over-the-counter (OTC) derivatives regulatory regime in Hong Kong.

BoE Publishes Financial Stability Report in June 2018

BoE published the financial stability report, which sets out view of the Financial Policy Committee (FPC) on the stability of the UK financial system and what it is doing to remove or reduce any risks to the system.

ESRB Issues Opinion on Stricter Macro-Prudential Measure by Sweden

ESRB published its opinion on the Swedish notification of a stricter national measure on prudential requirements for credit institutions and investment firms, based on Article 458 of the Capital Requirements Regulation (CRR or EU Regulation No 575/2013).

SNB Updates Reporting Forms for Capital Adequacy Under Basel III

SNB updated the capital adequacy reporting forms (release 2.8) and instructions for Basel III.

EIOPA Submits to EC Standards for Professional Indemnity Insurance

EIOPA submitted, as required by Article 10(7) of the Insurance Distribution Directive, the draft regulatory technical standards to EC for adapting the base euro amounts for professional indemnity insurance and financial capacity of insurance intermediaries.

BoE Notifies on Approach of UK to Financial Legislation Under EUWA

HM Treasury set out its approach to onshoring financial services legislation under the European Union (Withdrawal) Act (EUWA).

DNB Publishes Banking and Insurance Newsletters for June 2018

DNB issued the banking and insurance newsletters for June 2018.

FCA Issues Statement on Its Role in Preparing for Brexit

FCA issued a statement that provides stakeholders with an update on how it is preparing for the UK leaving the EU.

OFR Paper on Ontology of Ownership and Control Relations of BHCs

OFR published a paper that outlines an approach to capturing information in the National Information Center database about bank holding companies (BHCs) and their subsidiaries, along with their ownership and control relationships.

Benoît Cœuré of ECB Speaks on Future of FMIs

Benoît Cœuré of ECB spoke at the Central Bank Payments Conference on the future of financial market infrastructures.

EC Vice President Speaks on Action Plan for Sustainable Finance in EU

The EC Vice President Valdis Dombrovskis discussed the EC Action Plan for sustainable finance during a keynote speech at the Principles for Responsible Investment (PRI) Conference in Brussels.

IMF Issues Reports on 2018 Article IV Consultation with Czech Republic

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Czech Republic. The banking system is well-capitalized, liquid, and profitable.

IMF Publishes Technical Notes on FMIs and AML/CFT in China Under FSAP

One technical note addresses systemic oversight of financial market infrastructures (FMIs) while the other note assesses the anti-money laundering and combating the financing of terrorism (AML/CFT) framework in the country.

ESMA Publishes Responses to Consultation on Aspects of CRA Regulation

ESMA published the responses received to its consultation on draft guidelines on “as stringent as” notion in the CRA Regulation.

Bundesbank Publishes Version 4.0 of Handbook for AnaCredit Validations

Deutsche Bundesbank published Version 4.0 of its handbook for AnaCredit validations.

Valdis Dombrovskis of EC Speaks on Reviews of Solvency II

Valdis Dombrovskis, the Vice President of EC, spoke at the Insurance Europe conference on Solvency II.

Jeremy Rudin of OSFI on Use of Data Science in Financial Supervision

At the 11th Symposium on Asian Banking and Finance in San Francisco, Jeremy Rudin of OSFI spoke about the impact of data science on supervision of financial institutions.

Ravi Menon of MAS Speaks on the State of Financial Regulation in 2028

During the keynote address at the Symposium on Asian Banking and Finance in San Francisco, Ravi Menon, the Managing Director of MAS discussed the state of financial regulation twenty years after the global financial crisis.

APRA Issues Template and Instructions for P1R3 Life Claims Data

APRA issued reporting template, questionnaire, and instructions for the Phase 1 Round 3 (P1R3) of the life insurance claims data collection.

ESMA Publishes Responses to Consultation on EMIR Clearing Obligation

ESMA published the responses received to the consultation on amendments to the EMIR Clearing Obligation under the Securitization Regulation. ESMA published the responses received from six entities.

EBA Issues Opinion on Brexit Preparations of Financial Institutions

EBA published an opinion on the risks posed by lack of preparation by financial institutions for the departure of UK from EU.

EIOPA Publishes the Financial Stability Report in June 2018

EIOPA published the Spring 2018 financial stability report on the insurance, reinsurance, and occupational pensions sectors in the European economic area.

EBA Updates the Guides on Supervisory Data in Light of IFRS 9 Changes

EBA updated the methodological guide and the guidance note on supervisory data, in light of IFRS 9 changes introduced with the EBA reporting framework version 2.7 from reference date March 2018.

ECB Paper Proposes Advanced IRB Models for Defaulted Exposures

ECB published a working paper that presents a proposal to construct advanced internal ratings-based (IRB) models for defaulted exposures, in line with the current regulations, to preserve the risk-sensitivity of capital requirements.

IMF Issues Reports on 2018 Article IV Consultation with Lithuania

IMF published its staff report and selected issues report under the 2018 Article IV consultation with Republic of Lithuania.

Bank of Italy Updates Schema and Handbook for AnaCredit Reporting

Bank of Italy published an updated schema for AnaCredit reporting, along with the Version 1.2 of the AnaCredit Handbook for reporting.

FSB Issues Summary of its Plenary Meeting in June

The FSB Plenary met in Basel to discuss risks and vulnerabilities from market developments in the global financial system and progress against its 2018 workplan for delivery to the Argentine G20 Summit in November.

CBJ Issues Instructions for Implementing IFRS 9 in Jordan

CBJ explained in its instructions that the proper implementation of the new standard requires coordination and integration between different units of work in banks, especially units responsible for credit and risk management, financial, and information systems.

BIS Publishes Its Annual Report and Annual Economic Report for 2017–18

BIS separately published the annual report and the annual economic report for 2017–18. The annual report provides a description of its activities, governance, and organization, along with its annual financial statements for 2017–18.

Central Bank of Ireland Proposes Changes to Domestic Actuarial Regime

Central Bank of Ireland is consulting (CP122) on changes to the Domestic Actuarial Regime and related governance requirements under Solvency II (Domestic Actuarial Regime).

EBA Consults on Guidelines on Outsourcing in the EU

The draft guidelines provide a clear definition of outsourcing and specify the criteria to assess whether or not an outsourced activity, service, process, or function (or part of it) is critical or important. The consultation runs until September 24, 2018.

EBA Includes PSD2 to the Interactive Single Rulebook and Q&A Tools

EBA updated its online Interactive Single Rulebook and Questions and Answers (Q&A) tool with the inclusion of the second Payment Services Directive (PSD2).

EBA Single Rulebook Q&A: Third Update for June 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A) related to own funds under the Capital Requirements Regulation (CRR or EU Regulation No 575/2013).

IASB Issues Work Plan and Meetings Updates for June 2018

IASB published the updated work plan, along with the updates on its June meeting and on its joint meeting with the FASB, which was held on June 19, 2018.

ESMA Publishes Opinion on Liquidity Risk Assessment of CCPs Under EMIR

ESMA issued an opinion, under the European Markets Infrastructure Regulation (EMIR), that outlines the way central counterparties (CCPs) should assess liquidity risk.

BCB Consults on Pillar 3 Disclosure Requirements in Brazil

The proposal is in line with the Pillar 3 disclosure requirements published by BCBS. The new rules should come into force in January 2020.

BoE Examines Optimal Methods of Internal Capital Allocation by Banks

BOE published an article that discusses the range of methods that banks use to allocate equity capital to their business lines, drawing on reviews conducted by PRA.

CBUAE Publishes Country and Transfer Risks Regulation and Standards

CBUAE published the Regulation and the Standards on country and transfer risks. The Regulation and the Standards are intended to ensure country and transfer risks are appropriately managed by banks, in line with the leading international practices.

CBUAE Publishes Regulation and Standards on Risk Management by Banks

CBUAE published Regulation and Standards on risk management for banks. The purpose of the Regulation and the Standards is to establish an overarching prudential framework for risk management in banks and to strengthen risk management across the banking sector.

EIOPA Issues an Expanded Set of Solvency II Statistics on EU Insurers

EIOPA published a new set of statistical information on the European insurance sector, based on Solvency II regulatory reporting for the fourth quarter of 2017.

FSB Guidance on Bail-In Execution and Resolution Funding for G-SIBs

FSB published two guidance documents to assist authorities in implementing its Key Attributes of Effective Resolution Regimes for global systemically important banks (G-SIBs).

EBA Releases the First Two Papers in Its Staff Papers Series