DNB Publishes Banking and Insurance Newsletters for August 2019
DNB issued the banking and insurance newsletters for August 2019. One of the topics in focus is the report on InnovationHub and Regulatory Sandbox. DNB and Dutch Authority for the Financial Markets (AFM) had set up InnovationHub and Regulatory Sandbox to support market operators with innovative financial products, services, and business models. The report features nine lessons learned over the past three years. For example, rather than requiring new regulations and policy, most operators are looking for accessible information about how to apply existing regulations and policy to their specific situation. It was found that the sheer volume of existing rules and regulations sometimes acts as a barrier to market operator, and that, in some cases, the market requires clear answers sooner than the regulators are able to provide.
Building on the lessons learned, DNB and AFM intend to continue the dialog with the market in the coming years on how the InnovationHub and the Sandbox can be further improved. To this end, a number of follow-up steps have been proposed in the report, aimed at providing information, expanding customization, launching an Innovation Forum (iForum), and strengthening internal dialogue on innovation. The following are the additional key highlights of the newsletters:
- Central Banks and Supervisors Network for Greening the Financial System (NGFS), on July 23, 2019, published an overview of the academic work that has been conducted to model the impact of climate change on the economy and the financial system.
- DNB calls on parties to respond to a discussion document about artificial intelligence.
- The Decree on the valuation of insurance claims in bankruptcy has entered into force. The Recovery and Resolution of Insurers Act and the Decree, which contains further rules on preparatory crisis and resolution plans, have been in force since January 01, 2019. The Decree on the valuation of insurance claims in bankruptcy forms the final part of the new framework for recovery and settlement of insurers.
- After public consultation, DNB has published the final question and answer (Q&A) on whether a subscription qualifies as non-life insurance.
- The banking newsletter contains updated calendar for banks.
Related Links
- Banking Newsletter
- Insurance Newsletter (in Dutch)
- Banking Calendar (PDF)
- Insights from InnovationHub Report
Keywords: Europe, Netherlands, Banking, Insurance, Newsletter, QIS Calender, Innovative Club, Regulatory Sandbox, NGFS, Recovery and Resolution, AFM, Regtech, Fintech, Climate Change Risk, DNB
Previous Article
ESRB Updates List of Countercyclical Capital Buffers in August 2019Related Articles
BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
EBA Publishes Multiple Regulatory Updates for Regulated Entities
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
APRA Consults on Prudential Standard for Operational Risk
The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.
EC Amends Rule on Securitizations; ESRB Updates Reciprocation Measures
The European Commission published a Delegated Regulation 2022/1301 on the information to be provided in accordance with the simple, transparent, and standardized (STS) notification requirements for on-balance-sheet synthetic securitizations.
APRA Announces Revisions to Capital Framework for Banks
The Australian Prudential Regulation Authority (APRA) is announced revisions to the capital framework for authorized deposit-taking institutions to implement the "unquestionably strong" capital ratios and the Basel III reforms.
EBA Examines Remuneration Data and Use of Large Exposure Exemptions
The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).
UK Authorities Publish Discussion Paper on Critical Third Parties
The Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) published a joint discussion paper that sets out potential measures to oversee and strengthen the resilience of services provided by critical third parties to the financial sector in UK.
BoE Issues Update on Ongoing Data Transformation Program
The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.
EBA Issues Draft Methodology and Templates for 2023 Stress Tests
The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.
EBA Issues SREP Guidelines and Standards for Investment Firms
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.
