The Swiss Financial Market Supervisory Authority (FINMA) has announced it will be implementing small banks regime (regime) starting January 1, 2020. The regime seeks to increase efficiency in regulation
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United Kingdom: Update to Pre-Issuance Notification Requirements
The Prudential Regulation Authority (PRA) has published a consultation paper, outlining proposals for amendments to Pre-Issuance Notification (PIN) regime applicable to PRA-authorised Capital Requirements Regulation (575/2013) firms. The PRA’s -
US: Consultation on interest rate restrictions launches
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 -
US Federal Regulators issue FAQs on AML Requirements
The US federal regulators have issued responses to Frequently Asked Questions regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports. -
Goldman Sachs to pay $1 million for violating CFTC’s record keeping requirements
The U.S. Commodity Futures Trading Commission (CFTC) has fined Goldman Sachs & Co. LLC (Goldman) $1 Million. The penalty was over Goldman’s failure to make and keep certain audio
December 19, 2019
Bank of England proposes to stress test financial stability implications of climate change
The Bank of England is consulting on its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise, in relation to climate-related risks. The objective of the BES is to test the resilience of the largest banks and insurers (firms) to the physical and transition risks associated with different Europe
December 19, 2019
Iceland: Central Bank amends liquidity coverage requirements for credit institutions
The Central Bank of Iceland has amended the rules on liquidity coverage requirements for credit institutions. Currently, credit institutions’ liquidity ratio in all currencies combined is required to be at least 100% at all times. In addition, their liquidity ratio in all foreign currencies must similarly be at least Europe
December 18, 2019
Australia: Prudential regulator modernizes standard on banking credit risk management
The Australian Prudential Regulation Authority (APRA) has released an updated prudential standard on credit risk management requirements for authorised deposit-taking institutions. The updated standard addresses recommendation 1.12 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. As recommended by Oceania & Antarctica
December 16, 2019
Switzerland: FINMA updates Guidelines on Financial Market Regulation
The Swiss Financial Market Supervisory Authority (FINMA) has updated its Guidelines on Financial Market Regulation. The Guidelines highlight how FINMA ensures a transparent and efficient regulatory process. They reflect the new Ordinance to the Financial Market Supervision Act. Further details are available here. Photo Credit: Pixabay Europe
December 6, 2019
United Kingdom: PRA consults on outsourcing and third party risk management
The Prudential Regulation Authority (PRA) is inviting comments on its proposals to modernize the regulatory framework on outsourcing and third-party risk management. The proposals are outlined in the draft Supervisory Statement on Outsourcing and third-party risk management. The objectives include complementing the policy proposals on operational resilience in CP29/19 Europe