The Swedish Financial Supervisory Authority (FI) informed the European Banking Authority (EBA) that FI no longer intends to comply with the EBA guideline for reporting exposures affected by the COVID-19 measures. Earlier, on January 17, 2022, EBA had announced that the guideline will be extended until further notice. The guideline on reporting and publication will, therefore, be applicable in Sweden till (up to and including) the reference date of December 31, 2021. Consequently, FI will cease to apply the reporting requirements in the guideline from the reference date of March 31, 2022 for covered entities. In another development, FI also set out the work priorities for 2022.
As part of its work priorities for 2022, FI will review
- unsound lending practices including how loan companies grant loans to individuals who are at risk of experiencing repayment problems and whether different consumer groups are treated differently when buying the same financial product.
- greenwashing in the financial sector to ensure that financial firms are not presenting their products as more sustainable than they actually are and to encourage financial firms to adapt to the new stricter requirements in the European Union rules on sustainability.
- and encourage the industry’s efforts to achieve more transparent and resilient bond markets and test how well the fund sector would withstand new crises; FI will also analyze risks in the commercial real estate sector and how these risks impact the bond and fund markets.
- financial infrastructure of large firms against protection from information technology incidents and/or cyber-attacks to ensure their operational reliability and monitor their subcontractors.
- how payment service firms are working to prevent money laundering and how crypto traders comply with the anti-money laundering regulations.
- FI News Release on COVID-19 Reporting (in Swedish)
- EBA Guidelines on Reporting and Disclosures
- FI Press Release on Priorities for 2022
- FI Priority Areas for 2022 (PDF)
Keywords: Europe, Sweden, Banking, Reporting, Covid 19, Disclosures, Guidelines, Greenwashing, Sustainable Finance, AML, Basel, ESG, FI, EBA
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