This review highlights regulatory interventions by supervisory authorities from around the world. 1. UNITED STATES: i) The Bureau of Consumer Financial Protection – ‘Know Before You Owe’ Mortgage
-
Capital treatment of Canada’s Highly Affected Sectors Credit Availability Program
The Office of the Superintendent of Financial Institutions (OSFI) has issued direction on capital treatment of the recently launched Highly Affected Sectors Credit Availability Program (HASCAP). Federally regulated lenders -
Consumer Protection: Bank of Russia discusses draft law
The Bank of Russia has indicated that the protection of retail investors in the financial market needs to be enhanced. In moving this forward, the Bank recently discussed a -
US: Regulatory agencies simplify capital calculation for community banks
US federal bank regulatory agencies have issued a final rule simplifying capital requirements for community banks by allowing them to adopt a simple leverage ratio to measure capital adequacy (leverage -
COVID-19: The ECB provides temporary relief for capital requirements for market risk
The European Central Bank (ECB) has announced a temporary reduction in capital requirements for market risk, by allowing banks to adjust the supervisory component of these requirements. As well
April 7, 2020
Singapore: Measures to help regulated institutions focus on supporting customers
The Monetary Authority of Singapore (MAS) will adjust selected regulatory requirements and supervisory programs in response to the COVID-19 pandemic. According to MAS, the adjustment is designed to enable banks to focus on dealing with issues related to the pandemic and supporting their customers during this period. The Asia & South America
April 7, 2020
Switzerland: Regulator publishes additional guidance in response to COVID-19
The Swiss Financial Market Supervisory Authority (FINMA) has published further guidance in response to the COVID-19 pandemic. The FINMA guidance informs supervised financial institutions about exemptions and clarifications related to the regulator’s supervisory practice in the context of the COVID-19 crisis. Photo Credit: Pixabay Europe
April 7, 2020
Australia: Regulator issues guidance on capital management to deposit-taking institutions
The Australian Prudential Regulation Authority has released guidance on capital management by regulated deposit-taking institutions during the COVID-19 pandemic. During this period, the regulator expects these institutions to limit discretionary capital distributions in the months ahead, including deferrals or prudent reductions in dividends. Photo Credit: Pixabay Oceania & Antarctica
April 6, 2020
Botswana: Guidance on the regulatory treatment of IFRS 9 in the context of COVID-19
The Bank of Botswana has released two circulars to address IFRS 9 requirements during the COVID-19 pandemic. The first circular is on Guidance on the Regulatory Treatment of IFRS 9 in the Context of COVID-19. The second circular focuses on an amendment of the Revised Directive on International Convergence Africa
April 6, 2020
United Arab Emirates: Guidance for banks on the application of IFRS 9 during COVID-19 Pandemic
The Central Bank, the Financial Services Regulatory Authority of Abu Dhabi Global Market and the Dubai Financial Services Authority have issued joint guidance for banks regarding the application of IFRS 9 during the COVID-19 pandemic. Further details are available here. Photo Credit: Pixabay Asia & South America