Featured Product

    EBA Calls for More Action in Brexit-Related Communication to Customers

    December 17, 2018

    In the context of Brexit, EBA is reminding affected financial institutions to maintain their efforts in effective contingency planning and to increase their efforts in communicating to customers. EBA urges such institutions to take its Opinion, dated June 2018, into careful consideration and to swiftly proceed with advising customers on the specific implications stemming from the UK withdrawal from the EU.

    In the follow-up monitoring of the June 2018 Opinion on financial institutions' preparedness for the UK withdrawal from the EU, EBA has observed continued progress in contingency planning. However, little evidence exists on effective communications from financial institutions to their customers on how they may be affected by the UK withdrawal and on any relevant actions undertaken by such institutions as part of their contingency planning that may affect those customers' contractual or statutory rights. EBA is, therefore, calling on all financial institutions affected by the UK withdrawal from EU, directly or indirectly, to take the EBA June Opinion into careful consideration. On that basis, EBA calls on financial institutions to engage with their customers and provide adequate information on the risks and mitigating measures being taken. EBA urges financial institutions to engage with their customers on this as soon as possible, providing the customers with at least the information specified in the EBA June 2018 Opinion. EBA also notes that, the customers that have concerns about whether they may be impacted by the UK withdrawal from the EU and that have not been contacted by their financial service providers by the end of 2018 might wish to contact the financial institutions directly.

    The June 2018 Opinion of EBA focused on the risks posed by the seeming lack of adequate contingency preparations by financial institutions, with a view to ensure that they establish whether they have direct or indirect exposures to the UK and consider the risks concerned, along with the associated mitigating action and contingency plans.

     

    Related Links

    Keywords: Europe, EU, Banking, Brexit, Opinion, Contingency Planning, Call for Action, EBA

    Related Articles
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    APRA Consults on Alignment of Daily Liquidity Report for Banks

    APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.

    September 17, 2020 WebPage Regulatory News
    News

    FED Releases Scenarios for Second Round of Stress Tests on Banks

    FED released hypothetical scenarios for a second round of stress tests for banks.

    September 17, 2020 WebPage Regulatory News
    News

    PRA Announces Update on Supervisory Benchmarking Portfolio Exercise

    PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.

    September 14, 2020 WebPage Regulatory News
    News

    FED Revises and Extends Capital Assessment and Stress Testing Reports

    FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).

    September 14, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module for Non-Centrally Cleared OTC Derivatives

    HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.

    September 11, 2020 WebPage Regulatory News
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5803