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
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FSB and the IMF update on G20 Data Gaps Initiative
Financial Stability Board (FSB) and the International Monetary Fund (IMF) have updated on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). Data gaps limit -
Iceland: Central Bank finalizes agreement on guarantee of supplemental loans to businesses
The Central Bank of Iceland and the Ministry of Finance and Economic Affairs have sealed an agreement on Treasury guarantees of credit institutions’ supplemental lending to businesses in response to -
FINRA Sanctions Transamerica Financial Advisors, Inc.
FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different -
Nordic-Baltic countries engage the IMF on the region’s AML/CTF Risks
The Nordic-Baltic countries have requested the International Monetary Fund to analyze the most pertinent money laundering/terrorist financing (ML/TF) risks in the region. The request is due to the ML/TF
December 3, 2019
United States: Use of alternative data in credit underwriting
Four U.S. federal regulatory agencies have issued the “Interagency Statement on the Use of Alternative Data in Credit Underwriting.” Developed in response to a U.S. Government Accountability Office recommendation, the statement focuses on consumer protection implications of the use of alternative data in underwriting. Through the statement, the North America
December 2, 2019
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 draft law with stakeholders in the financial services industry. Further details on the draft law are available. Europe
December 2, 2019
South Korea: National Assembly approves financial consumer protection bill
The National Assembly of South Korea has approved a financial consumer protection bill for the country. The objective of the bill is to enhance the rights of financial consumers and improve the overall public trust in the financial industry. The bill is to become effective one year from Asia & South America
December 2, 2019
Basel Committee: Guiding principles to operationalize a sectoral countercyclical capital buffer
The Basel Committee on Banking Supervision (Committee) has published guiding principles to operationalize a sectoral countercyclical capital buffer (SCCyB). The SCCyB is a tool that can be used to complement the Basel III countercyclical capital buffer. While a bank’s additional capital requirements following the activation of the CCyB Other
December 2, 2019
Basel Committee proposes revisions to the CVA risk framework
The Basel Committee on Banking Supervision (Committee) has published a consultative document on revisions to the credit valuation adjustment (CVA) risk framework. The paper seeks the views of stakeholders on a set of limited adjustments to the CVA risk framework published in December 2017. The first set of Other