Featured Product

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting, and announced the availability of new Fit and Proper forms for financial institutions on the OneGate portal from March 31, 2023.

    Below are the key highlights of these recent updates:

    • NBB published a communication that sets out its expectations regarding the climate-related and environmental risks. NBB highlights that all Belgian credit institutions, including the less significant institutions, should meet the expectations set out by the European Central Bank (ECB) in the guide that was published in November 2020, while considering the nature, scope, and complexity of activities of the concerned institutions. In 2022, NBB conducted its first prudential assessment of less significant institutions’ management and disclosure of climate-related and environmental risks. The assessment results show that most Belgian less significant credit institutions have started to adapt their practices to prudential expectations. However, significant shortcomings remain at all institutions in their development of suitable approaches for identifying, assessing, managing, and disclosing climate-related and environmental risks. Thus, NBB highlights the need to develop a strategic approach, including intermediate steps, if necessary, especially where data and methodology gaps could hamper adequate compliance with supervisory expectations in the short term. NBB also states that the ECB publication of November 2022 on the good practices identified during the thematic analysis exercise at the significant institutions could serve as a useful guidance in this regard.
    • The new Fit and Proper forms consist of a “New Appointment Insurance” form applicable to insurance and reinsurance companies subject to the Bank’s supervision and “New Elements” forms applicable to all institutions subject to the Bank’s prudential supervision which have been subdivided into three—a generic "New elements" form for all cases of new elements except the exercise of a new external function, a "New elements - New external function" form to notify the Bank of the exercise of a new external function, and a "New elements - Update external function" form to inform the Bank of a significant change in an external function. NBB expects financial institutions to fill in these new forms, which will be accessible on the NBB FAP Portal from March 31, 2023.
    • With regard to XBRL reporting, NBB highlights that good and efficient Enterprise Data Management (EDM) forms an integral part of the 2025 strategy of NBB. The first phase has been finalized and consists, among other things, of the setting up of transversal units for data collection and data validation within the Microdata management department. The first line support for reporting issues will be fully handled by the Microdata management department. Gradually, over the last two years, more and more datasets and resources have been transferred to these new units. As a result, NBB has updated the contact details for issues regarding overruling of validation rules, reopenings, or remarks with regard to the OneGate collection tool (domains MBS, MUN, NRA, REV) and/or the direct dissemination to the ECB or other European Authorities.


    Related Links

    Keywords: Europe, Belgium, Banking, Basel, Reporting, Climate Change Risk, ESG, Environmental Risk, Fit and Proper Forms, OneGate, NBB

    Featured Experts
    Related Articles

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    MFSA Sets Out Supervisory Priorities, Issues Reporting Updates

    The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023

    March 02, 2023 WebPage Regulatory News

    German Regulators Issue Multiple Reporting Updates for Banks

    Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8806