OSFI announced changes to the 2020 regulatory return implementation timelines for banks, in light of the recent developments. Nevertheless, the regulatory return implementations for the Standardized Institutions Risk Asset Portfolio Information (RAPID1), the IRB Credit Data Wholesale Transaction (BF), and Mortgage Loans (E2) will continue as scheduled for the first quarter of 2021. Furthermore, any return changes that were under consideration for implementation in fiscal 2021 will be deferred to fiscal 2022.
The following changes have been announced:
- Interbank and Major Exposures Return (EB/ET 2L)—Formal reporting postponed from third quarter of 2020 to the first quarter of 2021. Additionally, the test data submission scheduled for the second quarter of 2020 will be postponed to the fourth quarter of 2020.
- HELOC return (J2)—Formal reporting postponed from September 30, 2020 to March 31, 2021. Deposit-taking institutions will be expected to participate in an ad-hoc test based on September 2020 data to be submitted by November 15, 2020.
- Trading Income & GoC Securities Trading Income Return (A3)—Formal reporting postponed from the first quarter of 2021 to the first quarter of 2022. Additionally, test data will be postponed from the second quarter of 2020 to the fist quarter of 2021.
- Net Stable Funding Ratio Return (DT1)—Formal reporting postponed from the third quarter of 2020 to the first quarter of 2021 and will be subject to Late and Erroneous Filing Penalties (LEFP). Deposit-taking institutions will be expected to formally resubmit all four 2020 quarterly filings in the first quarter of 2021 without penalty.
- OSFI Update
- Standardized Institutions Risk Asset Portfolio Information
- IRB Credit Data Wholesale Transaction
- Mortgage Loans
Keywords: Americas, Canada, Banking, Reporting, Basel, Rapid1, Mortgage Loans, IRB, NSFR, Credit Risk, COVID-19, OSFI
Previous ArticleFED Updates FR Y-15 Reporting Form and Associated Instructions
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
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.
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.
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.
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.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
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.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.