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    CBB Publishes Consultations and Revised Rules in December 2019

    January 09, 2020

    CBB published various consultations and revised regulatory modules that are relevant for Islamic and conventional banks, insurers, and the investment business of banks. The updates relate to the first four volumes of the CBB Rulebook: Volume 1 is for conventional banks, Volume 2 is for Islamic banks, Volume 3 is for insurers, and Volume 4 pertains to the investment business.

    The consultations are for enhancements to the directive on Cyber Security Risk Management (Section OM 6.6 of Volumes 1 and 2 of the CBB Rulebook) and on amendments to the Authorization Module by adding the activity of Arranging Credit and Advising on Credit to current activities to the rules (including for banks with investment business). The consultation for Cyber Security Risk Management ends on January 22, 2020 while the consultations on Authorization Module end on January 20, 2020. Certain proposals related to Volumes 3 and 4 of the CBB Rulebook were also issued.

    In addition, CBB published the revised modules for Operational Risk Management Volumes 1 and 2 (effective immediately) and High-Level Controls Volumes 1 and 2 (effective immediately) of the CBB Rulebook, post their respective consultations. On January 09, 2020, CBB also published Appendix BR-24 that includes requirements for computation and submission of net stable funding ratio (NSFR) by banks. 


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    Comment Due Dates: January 20/22, 2020

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