RBNZ announced the new vision and work program of the Council of Financial Regulators (CoFR) in New Zealand. RBNZ statement also outlined the work priorities of CoFR for the coming year. The seven workstreams for the year will tackle issues related to climate change, financial inclusion, conduct and governance, fintech, residential property insurance, sustainability of the credit union sector, and review of the regulatory system charter.
Each of these workstreams will be led by one of the agencies comprised by CoFR, but involving all the members (alongside other government agencies, as necessary) in a coordinated effort to tackle issues that reach across the financial system. CoFR comprises RBNZ, the Financial Markets Authority (FMA), the Treasury, the Ministry of Business, Innovation and Employment (MBIE), and the Commerce Commission. RBNZ will lead the workstream on climate change. To address climate change, RBNZ aims to facilitate a smooth transition to a low-carbon and climate-resilient economy, while supporting the soundness and efficiency of the financial system. Under the conduct and governance, which will be led by FMA, the aim is to develop coordination and joint action on governance and conduct issues and to ensure that banks and insurers maintain progress in these areas. In terms of fintech, led again by FMA, the aim is to ensure the regulatory system facilitates innovation that improves outcomes for customers and financial system participants.
Keywords: Asia Pacific, New Zealand, Banking, Insurance, Work Priorities, Credit Unions, Fintech, Climate Change Risk, Governance, Operational Risk, RBNZ
Previous ArticleDNB Publishes Insurance Newsletter for November 2019
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.