Featured Product

    NBB Circular on Calculation of Contributions to Resolution Fund

    September 30, 2019

    NBB published a circular on the calculation and collection of contributions to the Resolution Fund owed by companies not subject to the Single Resolution Fund. The Resolution Fund Act provides that the Resolution Board of NBB shall determine the amount and method of payment of contributions to the Resolution Fund that is owed by companies not subject to the Single Resolution Fund. This circular replaces another circular dated September 18, 2017. The amendments result from the insertion of modified definitions introduced by an earlier law dated May 02, 2019 and the addition of the modalities application for newly audited companies.

    This circular applies to the branches of credit institutions or investment firms of third countries and to the brokerage firms that are established in Belgium, under the Belgian law, and are not subject to the ECB supervision on a consolidated basis of their business, in accordance with the Council Regulation (EU) No 1024/2013. Bank recovery and resolution Directive, or BRRD (Directive 2014/59/EU), specifies that member states shall establish one or more financing arrangements for the effective application of resolution tools and powers by resolution authorities. For the Resolution Fund to have sufficient financial resources for the performance of its tasks, the Resolution Fund Act provides that, from 2016, an annual contribution will be collected from companies not subject to the Single Resolution Fund.

     

    Related Link (in French): Circular

    Keywords: Europe, Belgium, Banking, BRRD, SRMR, Resolution, Single Resolution Fund, NBB

    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458