The Danish Financial Supervisory Authority (DFSA) published an application form for third-country cross-border license, appointed members to a new working group for blockchain and cryptocurrency, and issued a statement on inspection of the local savings bank Sparekassen Djursland.
Below are the key details of the recent updates:
- DFSA has made available an Application Form for the Danish third-country cross-border investment services and activities license. The form must be used when applying for either a license or a renewal of a license including applying for a renewal of a conditional and temporary license granted to a credit institution or an investment firm from the United Kingdom in light of Brexit. The application for renewal of such a license must be submitted to DFSA in due time before the expiration of the license. DFSA encourages submission of the renewal application for a Brexit conditional and temporary license before April 15, 2022, to ensure that DFSA will be able to assess the application before June 30, 2022.
- DFSA has appointed 15 members to the new working group for blockchain and cryptocurrency. DFSA received 85 applications for participation in the new working group, which is intended to support the ongoing work of DFSA and future supervisory function vis-à-vis financial service providers whose activities are based on the use of cryptocurrencies and blockchain.
- DFSA, in November 2021, inspected Sparekassen Djursland, which operated as a local guarantor savings bank with a focus on small and medium-size business customers as well as private customers in the local area of Djursland and the municipalities of Aarhus and Randers. DFSA found that Sparekassen's credit policy required adjustments to clearly reflect the Board's desired risk profile and that at times its credit management was insufficient. DFSA determined that an action plan must be prepared for weak loans. Moreover, the inspection led to an increase in the solvency requirement by 0.2 percentage points to 11% and to increased write-downs of DKK 1.115 million.
Related Links (in Danish)
- Press Release on Application Form for Cross-Border License
- Press Release on Working Group for Blockchain
- Statement on Inspection of Sparekassen Djursland
Keywords: Europe, Denmark, Banking, Brexit, Licensing Applications, Cross-Border Activities, Blockchain, Cryptocurrency, Regtech, Fintech, DFSA
Previous ArticleCBB Amends Requirements for Cyber-Security Incident Reporting
Next ArticleECB Issues Opinion on Proposed Amendments to CRR
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards
The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.
The Basel Committee on Banking Supervision (BCBS) launched consultation on a Pillar 3 disclosure framework for climate-related financial risks, with the comment period ending on February 29, 2024.
The U.S. President Joe Biden signed an Executive Order, dated October 30, 2023, to ensure safe, secure, and trustworthy development and use of artificial intelligence (AI).
The Monetary Authority of Singapore (MAS) launched an integrated digital platform, Gprnt, also known as “Greenprint.”
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
The Network for Greening the Financial System (NGFS) published its latest set of long-term climate macro-financial scenarios (Phase IV) for assessing forward-looking climate risks.