Featured Product

    FINMA Revises Circular on Auditing, Makes Rules More Risk-Oriented

    November 30, 2017

    FINMA is consulting on revisions to the Circular 2013/03 on Auditing to ensure that auditing firms, who act on behalf of FINMA, operate in a more targeted manner in the future. With this revision, FINMA is orienting the regulatory auditing of banks, securities dealers, and asset managers more toward risks. The consultation ends on January 31, 2018 and the revised circular is due to enter into force on January 01, 2019.

    FINMA is reshaping the way in which regulatory auditing is conducted by audit firms to take greater account of risks. Audits will be adapted to the risk situation of supervised institutions, in addition to identifying any challenges that these institutions could face in the future. The aim of these changes will be to heighten the efficiency of audit procedures.

    The revisions also propose more focused auditing and less frequent audits for smaller institutions. Under the current system every supervised bank, securities dealer and asset manager is audited on a yearly basis. In future, it is planned that audit firms will only have to conduct regulatory audits on small supervised institutions (categories 4 and 5) not exhibiting high risks every two or three years, respectively. Additionally, for all institutions, the regular audit process will be revised to have a narrower focus, consisting of more in-depth auditing of high-risk areas or focusing on a rotating selection of topics year after year.

     

    Related Link: Press Release

    Comment Due Date: January 31, 2018

    Effective Date: January 01, 2019

    Keywords: Europe,Switzerland, Banking, Securities, Accounting, Regulatory Auditing, Circular 2013/03, FINMA

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681