MNB published a recommendation to strengthen the digital transformation of credit institutions. As part of the recommendation, MNB expects credit institutions to develop a comprehensive digital transformation strategy and timetable and send it to the central bank by October 31, 2021. MNB plans to continuously monitor the implementation of this strategy. The recommendation, which is a novelty at the international level, covers all significant areas of banking operations. MNB expects a report on the progress and re-measurement of the fulfillment of the commitments set out in the digital transformation strategy prepared by credit institutions, by December 31 each year, until the long-term objective of the strategy is achieved. The first report is expected in 2022.
Keywords: Europe, Hungary, Banking, Fintech, Regtech, Big Data, Digital Transformation Strategy, MNB
Previous ArticleMNB Maintains CCyB Rate, Issues Q&A on Green Financing Program
HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.
EIOPA launched the 2021 stress test for the insurance sector in EU.
UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.
EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.
OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.
Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.
ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.
EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.
ECB published its response to the targeted EC consultation on the review of the bank crisis management and deposit insurance framework in EU.
BCBS, CPMI, and IOSCO (the Committees) are inviting entities that participate in market infrastructures and securities markets through an intermediary as well as non-bank intermediaries to complete voluntary surveys on the use of margin calls.