The Federal Deposit Insurance Corporation (FDIC) has issued a Notice of Proposed Rulemaking seeking comment on proposed revisions to its regulations on interest rate restrictions applicable to insured depository institutions
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United Kingdom: Bank of England publishes financial sector resilience exercise findings
The Bank of England (BoE) has published high level findings of financial sector cyber simulation exercise that took place in November 2018. Commissioned by the Cross Market Operational Resilience -
Ireland: New requirements for financial intermediaries to disclose commission arrangements
The Central Bank of Ireland (Central Bank) has published rules on payment of commission to financial intermediaries. The new rules, to be included in the Consumer Protection Code 2012 -
Canada: Consultation on policy proposals for new high-value payments system
Payments Canada is seeking feedback on policy proposals that will shape a new by-law for Canada’s new high-value payments system, Lynx. The proposals touch on key requirements including membership -
US Justice Department Moves Against Piling On
The US Justice Department (Department) this week announced a policy against piling on – repeated punishments by multiple enforcement authorities for the same misconduct that may exceed what is necessary
May 2, 2020
Nigeria: Central Bank extends commencement dates for minimum capital requirements
In light of the COVID-19 pandemic, the Central Bank of Nigeria has extended by one year, commencement dates for revised minimum capital requirements for microfinance banks (MFBs) in the country. According to the prudential regulator, the revised capital requirements for the different categories of MFBs in the country will Africa
May 1, 2020
Canada: OSFI expectations on using Pillar II capital buffers during COVID-19 Pandemic
OSFI has announced that deposit-taking institutions can use their Pillar II capital buffers to absorb unexpected losses arising from the impact of the COVID-19 disruption. This flexibility, the regulator hopes, will assist financial institutions to continue supporting Canadians and Canada-based businesses through these extraordinary times. OSFI expects these North America
April 30, 2020
Sustainable Finance: Basel Committee reports on climate-related financial risk initiatives
The Basel Committee on Banking Supervision (Committee) has published a stocktake report on its members’ existing regulatory and supervisory initiatives on climate-related financial risks. Prepared by the Committee’s high-level Task Force on Climate-related Financial Risks (TFCR), the report suggests that the majority of Committee members are undertaking a number Other
April 29, 2020
Implementation of the Principles for Effective Risk Data Aggregation and Reporting
The Basel Committee on Banking Supervision has published its progress report on banks’ implementation of the Principles for effective risk data aggregation and reporting (Principles). Issued in 2013, the Principles aim to strengthen banks’ risk data aggregation and risk reporting with a view to improving their risk management, decision-making Other
April 23, 2020
Sustainable Finance: European Supervisory Authorities consult on ESG Disclosures
European Supervisory Authorities have issued a Consultation Paper on Environmental, Social and Governance (ESG) disclosure standards. The joint consultation paper seeks input on proposed ESG disclosure standards for financial market participants, advisers, and products. Developed under the EU Regulation on sustainability-related disclosures in the financial services sector, the Europe, Other