FI Issues Multiple Regulatory and Reporting Updates for Banks
The Swedish Financial Supervisory Authority (FI) updated the capital requirements for category 1 and 2 credit institutions, introduced a new online reporting tool to facilitate and streamline the application process, and published the financial stability report.
Below are the key highlights of the recent updates:
- FI published capital requirements for the largest Swedish banks and credit institutions that belong to the supervisory categories 1 and 2 as of the end of the first quarter of 2022. The capital requirements have been published for Svenska Handelsbanken, Skandinaviska Enskilda Banken, Swedbank, Länsförsäkringar, Klarna, Kommuninvest, Svensk Exportkredit, SBAB, Avanza, and Nordnet. The capital requirements are based on the capital adequacy regulations, the Swedish application of the buffer requirements, and the Authority's latest review and evaluation of the companies.
- The newly introduced online tool fully digitalizes the application process for both applicants and the FI employees processing the applications. All communication within and regarding the application process will occur via the online tool. Management and owner management suitability assessments will serve as the pilot cases. Users must first register with FI's authorization system before they may gain access to the new online tool.
- The financial stability report highlights that FI intends to raise the countercyclical buffer rate to 2% in the second quarter of 2022. Due to the implementation period of twelve months, this level of the buffer rate can enter into force in the second quarter of 2023. This increase completes the authority's gradual increase of the buffer rate to the neutral level, which began in September 2021. The report also highlights that has also been given a more active role in strengthening the resilience of the financial sector to cyber attacks.
Related Links
- News Release on CCyB
- News Release on Capital Requirements for Banks
- Capital Requirements for Banks (PDF)
- News Release on Online Reporting Tool
- News Release on Financial Stability Report
- Financial Stability Report (PDF)
Keywords: Europe, Sweden, Banking, Regulatory Capital, Basel, CCyB, Financial Stability Report, Reporting, FI
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
