Featured Product

    FIN-FSA Conducts Review on Organization of Depository Activities

    June 26, 2019

    FIN-FSA conducted, via a survey, a thematic review on the organization of depository activities. The survey was sent to all depositories that have the right to operate in Finland as a depository for a common fund or an alternative investment fund. The depositories were requested to provide information on the quality and scope of their depository activities, the organization of the depository activities, and the performance of supervisory duties. The thematic review did not address how the custody of the funds’ assets was arranged.

    Twelve operators responded to the survey, five of which were branches of a foreign European economic area credit institution. The responses showed that the market for depository services is highly concentrated—only ten depositories provided depository services and the majority of assets was kept in custody by the three most significant agents. FIN-FSA wishes to point depositories’ attention to adequate personnel resources in supervisory duties and to the need of developing automated systems in order that the depositories have the genuine capacity to perform all of their statutory duties.

    With respect to the duties reviewed, FIN-FSA was unable to ascertain that the depositories perform statutory supervision in all circumstances with a frequency required by fund-level risk assessment. The supervisory procedures observed by a depository must be based on a risk assessment conducted by the depository, which, in the view of FIN-FSA, should be documented, for example, in a supervision plan. Depositories must also note that ESMA has provided interpretations on the application of regulation on depositories.

     

    Related Links

    Keywords: Europe, Finland, Banking, Securities, Depository, Thematic Review, Supervision, ESMA, FIN-FSA

    Related Articles
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116