Featured Product

    BSP Publishes Several Regulatory Updates in April 2021

    April 29, 2021

    BSP has recently issued several regulatory updates for the institutions it supervises in the financial sector. These updates address regulatory relief measures for those impacted by pandemic, reputational risk management guidelines, operational risk and internal control measures, domestic systemically important bank (D-SIB) recovery plan guidelines, corporate governance guidelines, and amendments to the provisions of the Manal of Regulations for banks and non-banks. Additionally, at an April meeting of the Financial Sector Forum members (an inter-agency body for financial sector), it was decided that the existing regulations will be reviewed to harmonize baseline components and controls in the areas of customer onboarding and consumer protection across the financial sector.

    The following are the key highlights of these regulatory updates:

    • Guidelines on reputational risk management, which sets out the supervisory expectations for supervised financial institutions on the identification, assessment, and management of reputational risks that are commensurate to their size, nature, and complexity of operations, overall risk profile, and systemic importance. New sections on reputational risk management have been added to Manual of Regulations for  banks. This circular shall take effect fifteen days following its publication either in the Official Gazette or in a newspaper of general circulation. Institutions have one year to fully comply with these guidelines.
    • Circular on amendments to the provisions of the Manual of Regulations for Non-Bank Financial Institutions to enhance corporate governance guidelines for Non-Stock Savings and Loan Associations. This circular shall take effect fifteen days after its publication either in the Official Gazette or in a newspaper of general circulation.
    • Circular on amendments to the guidelines on recovery plan of a domestic systemically important bank (D-SIB) as provided in the Manual of Regulations for Banks, particularly on requiring D-SIBs to submit separately their Internal Capital Adequacy Assessment Process (ICAAP) document and recovery plan. D-SIBs are expected to ensure the processes and information contained in these documents are consistent, coherent and up to date. This circular shall take effect fifteen days following its publication either in the Official Gazette or in a newspaper of general circulation.
    • Circular on amendments to the provisions of Manual of Regulations for Banks and the Manual of Regulations for non-bank financial institutions. These amendments are related to operational risk management and internal control measures. This circular shall take effect fifteen calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
    • Memorandum on amendments to BSP regulations on the credit-related regulatory relief measures for those affected by COVID-19 pandemic as an interim measure, pending the full operationalization of the Financial Institutions Strategic Transfer Act in 2021. The amendments relate to the exclusion of eligible loans from the past due and non-performing loan (NPL) classification as well as the relief measure on increase in the single borrower’s limit.

     

    Related Links

    Keywords: Asia Pacific, Philippines, Banking, Securities, Fintech, Operational Risk, Reputational Risk, Resolution Framework, Manual of Regulations, Credit Risk, COVID-19, ICAAP, Resolution Plan, Corporate Governance, D-SIBs, NBFI, Basel, BSP

    Featured Experts
    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571