PRA issued a statement providing clarification regarding submission requirements for the Regulatory Supervisory Report for year-end 2020 onward. PRA states that the existing Regulatory Supervisory Report cycle—which encompasses a full report at least every three years and a summary every year—will continue. Therefore, insurance firms that have year-end on December 31, 2019, or after that date but before April 01, 2020, and were due to submit a full report for year-end 2019 will be required to submit summary reports for year-end 2020 and year-end 2021, along with a full report for year-end 2022. PRA expects the Regulatory Supervisory Reports for year-end 2020 to include information on the impact of COVID-19. In March 2020, PRA had announced that, as part of response to the COVID-19 pandemic, submission of the Regulatory Supervisory Report is not required for year-end 2019.
Related Link: Notification
Keywords: Europe, UK, Insurance, Solvency II, Reporting, COVID-19, Regulatory Supervisory Report, PRA
EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.