Featured Product

    BSP Updates Address Granular and Other Data Collections for Banks

    August 04, 2022

    BSP, the central Bank of the Philippines, issued guidelines on the submission of the supplemental report to the financial reporting package on Islamic banking and updated the Comprehensive Credit and Equity Exposures (COCREE) report package for all banking institutions. COCREE report package is part of the new upcoming granular reporting requirements from the banking regulator. BSP also announced successful implementation of the latest version of the Debt Management and Financial Analysis System (DMFAS) to enhance its external debt monitoring and analysis.

    Supplemental report on Islamic banking. The guidelines on the supplemental report require all Islamic banks, as well as conventional banks with an Islamic banking unit, to use the supplemental report to the financial reporting package on Islamic banking Data Entry Template (DET) and its corresponding Control Prooflist. The supplemental report should be submitted within 15 banking days after end of reference month for solo basis and 30 banking days after end of reference quarter for consolidated basis. The due date for submission of June 30, 2022 to August 31, 2022 reports is on or before October 21, 2022. Any subsequent submission beginning September 30, 2022 should be submitted as per the mentioned timelines (that is, within 15 banking days after end of reference month for solo basis and 30 banking days after end of reference quarter for consolidated basis). The guidelines also specify the submission procedures and note that, starting from the reporting period March 31, 2024, report submissions that do not conform with the prescribed procedures shall not be accepted; these reports will be considered non-compliant with the existing reportorial  requirements subject to applicable penalties for late and/or erroneous  submission.

    Update on COCREE Report Package (CRP). This reporting package for banks contains the latest XML Schema Definition (XSD) and the annexes on data dictionary, line-item instructions, control prooflist, validation user guide, frequently asked questions, and financial institution portal COCREE module user guide. The updated CRP will come into effect on COCREE’s live implementation beginning with the  reporting period dated June 30, 2022; the submission will be due on September 16, 2022, pursuant to the prescribed submission deadlines under Memorandum No. M-2022-027. The COCREE report will be submitted via the BSP financial institutions portal in accordance with the guidelines and encryption requirements prescribed under Memorandum No. M-2022-018. In December 2021, the Monetary Board had approved to enhance its earlier report on credit and equity exposures (CREDEX) to enable BSP to capture granular credit and equity exposures of financial institutions, with the aim to strengthen the surveillance and analysis of emerging risks in the financial system. Therein, the enhanced report was renamed and referred to as the COCREE report. Certain sections of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) were amended to implement the COCREE report. This update is relevant for all universal/commercial banks and certain types subsidiaries they have as well as digital banks.

    Enhancement of debt monitoring system DMFAS. The enhancement is expected to improve and expand the central bank's operations with the use of available DMFAS datasets in generating pre-built and user-defined reports. The DMFAS 6 has strengthened security to ensure data integrity and confidentiality and an enhanced user experience and navigation. It also offers enhanced analytical and managerial tools for debt portfolio analysis and reporting. The DMFAS is a database software developed by the United Nations Conference on Trade and Development (UNCTAD) used for recording, monitoring, reporting, and analysis of debt data that are aligned with international standards and rigorous set of validation checks to ensure consistency of records. Going forward, BSP will continue its data-driven initiatives by expanding the coverage of the DMFAS database and analysis through possible integration with other external debt data sources.

     

    Related Links

     

     

    Keywords: Asia Pacific, Philippines, Banking, DMFAS, Guideline, Islamic Banking, COCREE Report Package, Reporting, Statistical Reporting, Credit Risk, Ganular Reporting, BSP

    Featured Experts
    Related Articles
    News

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597