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    SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular

    May 10, 2022

    The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation. The reporting forms will be valid from September 30, 2022. Moreover, the Swiss Financial Market Supervisory Authority (FINMA) is extending measures to protect creditors of Sberbank (Switzerland) AG until May 31, 2022 and is consulting on revisions to the Circular 2002/21 on operational risks for banks until July 11, 2022.

    FINMA issued the revised draft of the Circular 2002/21 on operational risks for banks to incorporate the revised Basel principles on operational risk and operational resilience, which the Basel Committee issued in March 2021. With the revision, FINMA is specifying its supervisory practice with regard to the management of operational risks, particularly in connection with information and communication technology, the handling of critical data, and cyber risks. Requirements for operational resilience are also included in the circular. Through the amendments, FINMA is also adopting and updating the recommendations recognized as minimum standards in the area of business continuity management by the Swiss Bankers Association. During the course of implementing the final provisions of Basel III, the capital requirements of FINMA Circular 08/21 will be replaced by requirements in the to-be-revised Capital Adequacy Ordinance and the associated FINMA implementing provisions; therefore these requirements are not the subject of the new circular. The full revision will also result in changes to FINMA Circular 2013/3 titled “Auditing,” which will undergo a partial revision The new Circular “Operational risks and resilience – banks” and the partially revised FINMA Circular 2013/3 are scheduled to enter into force on January 01, 2023, with transitional periods in some cases.

     

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    Keywords: Europe, Switzerland, Banking, Reporting, NSFR, Basel, Sberbank, Operational Risk, Operational Resilience, Cyber Risk, Business Continuity, Liquidity Risk, Regulatory Capital, Capital Adequacy Ordinance, FINMA, SNB

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