NBB Circular on Calculation of Contributions to Resolution Fund
NBB published a circular on the calculation and collection of contributions to the Resolution Fund owed by companies not subject to the Single Resolution Fund. The Resolution Fund Act provides that the Resolution Board of NBB shall determine the amount and method of payment of contributions to the Resolution Fund that is owed by companies not subject to the Single Resolution Fund. This circular replaces another circular dated September 18, 2017. The amendments result from the insertion of modified definitions introduced by an earlier law dated May 02, 2019 and the addition of the modalities application for newly audited companies.
This circular applies to the branches of credit institutions or investment firms of third countries and to the brokerage firms that are established in Belgium, under the Belgian law, and are not subject to the ECB supervision on a consolidated basis of their business, in accordance with the Council Regulation (EU) No 1024/2013. Bank recovery and resolution Directive, or BRRD (Directive 2014/59/EU), specifies that member states shall establish one or more financing arrangements for the effective application of resolution tools and powers by resolution authorities. For the Resolution Fund to have sufficient financial resources for the performance of its tasks, the Resolution Fund Act provides that, from 2016, an annual contribution will be collected from companies not subject to the Single Resolution Fund.
Related Link (in French): Circular
Keywords: Europe, Belgium, Banking, BRRD, SRMR, Resolution, Single Resolution Fund, NBB
Previous Article
Dubai FSA Updates Several Modules of Its RulebookRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
