Earlier today, Ben Gully, Assistant Superintendent (Regulation Sector) OSFI spoke to the work the prudential regulator is doing to create the basis for sound prudential decisions on climate-related risks.
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United States: Federal agencies update management interlock rules
The U.S. bank regulatory agencies have finalized updates to the management interlock rules. Previously, the management interlock rules prohibited a management official working at a depository institution or holding -
US federal agencies announce changes to the Community Bank Leverage Ratio
The federal bank regulators have announced the issuance of two interim final rules to provide temporary relief to community banking organizations. The rules will modify the community bank leverage -
National Bank of North Macedonia releases FAQs on crypto assets
The National Bank of North Macedonia has published answers to the most frequently asked questions on crypto assets. The details are available here. Photo Credit: Pixabay -
Nigeria gazettes its Banks and Other Financial Institutions Act
Nigeria has gazetted its Banks and Other Financial Institutions Act (BOFIA), 2020. The country’s National Assembly enacted BOFIA recently. A copy of the gazette is available here. Photo
April 10, 2020
Australia: Feedback on Financial Institutions’ Preparation for LIBOR Transition
In May 2019, the Australian Securities and Investments Commission (ASIC) wrote to the CEOs of selected major Australian financial institutions regarding the end of the London Interbank Offered Rate (LIBOR). The initiative – supported by the Australian Prudential Regulation Authority, and the Reserve Bank of Australia – requested information Oceania & Antarctica
April 9, 2020
HM Treasury and Bank of England extend Ways and Means Facility
HM Treasury and the Bank of England (the Bank) have agreed to extend temporarily the use of the government’s long-established Ways and Means (W&M) facility. As a temporary measure, this will provide a short-term source of additional liquidity to the government, if needed, during the pandemic. The W&M Europe
April 8, 2020
The European Central Bank introduces package of temporary collateral easing measures
The European Central Bank (ECB) has adopted a package of temporary collateral easing measures to facilitate the availability of eligible collateral for Eurosystem counterparties to participate in liquidity providing operations. The package is complementary to the ECB’s other recent measures, including additional longer-term refinancing operations and the Pandemic Emergency Europe
April 8, 2020
Singapore: Guidelines on Margin Requirements for Non-Centrally Cleared OTC Derivatives Contracts
The Monetary Authority of Singapore has published guideline requirements for the margining of non-centrally cleared OTC derivatives contracts. The guidelines address key areas including the scope of products and entities, margin calculations and methodologies, and eligible collateral and haircuts. Photo Credit: Pixabay Asia & South America
April 7, 2020
South Africa: Treatment of restructured credit exposures due to Covid-19 Pandemic
The Prudential Authority (PA) indicates it is supportive of Covid-19 relief initiatives, such as payment holidays being offered by banks in order to provide relief to certain borrowers in the retail sector in an effort to mitigate the impact of the pandemic. To further drive home its support, the Africa