Featured Product

    Danish Authorities Publish Several Regulatory Updates in June 2021

    July 09, 2021

    The Danish Financial Supervisory Authority (FSA) published its workplan for 2021-2023, which sets out the key work priority areas, including combating money laundering, access to customer data and open finance, regulation on cryptocurrencies, and use of artificial intelligence. Danish FSA also published the results of a study on management of climate-related financial risks for all non-life and life insurance companies and cross-border pension funds. The results highlight that companies generally have a strong desire to show social responsibility and contribute to sustainable change, along with focusing on climate change. Other key updates address designation of systemically important institutions, a recommendation on risk-free reference rate, and response to a consultation.

    The following are the key highlights of these other regulatory updates: 

    • Danish FSA announced the list of designated systemically important financial institutions in Denmark, the Faroe Islands, and Greenland: Danske Bank A/S, Nykredit Realkredit A/S, Nordea Kredit Realkreditaktieselskab, Jyske Bank A/S, Sydbank A/S, DLR Kredit A/S, Spar Nord Bank A/S, and A/S Arbejdernes Landsbank. In the Faroese, systemically important financial institutions are P/F BankNordik and Betri Banki P/F. In Greenland, the Bank of Greenland is still designated as systemically important financial institutions.
    • A working group set up by the Central Bank of Denmark (Danmarks Nationalbank) has recommended Denmark Short-Term Rate (DESTR) as the preferred risk-free reference rate in Danish kroner. Danish FSA welcomes this recommendation by the working group.
    • The Central Bank of Denmark responded to the Danish FSA's consultation on guidance regarding the expectations for the banks and mortgage-credit institutions' coverage of the "NEP and debt buffer requirement." Danish FSA had published the consultation in June 2021.

    Keywords: Europe, Denmark, Banking, Insurance, Climate Change Risk, ESG, DESTR, Interest Rate Benchmark, Risk Free Rate, Workplan, Benchmark Reforms, BRRD, Credit Risk, D-SIBs, Systemic Risk, Open Finance, Regtech, Central Bank of Denmark, Danish FSA

    Related Articles
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699