US federal agencies have proposed to change the swap margin rules to facilitate the implementation of prudent risk management strategies at certain banks and swap entities. The swap margin rule
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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 -
Regulatory Interventions in the Banking Space: The Week of September 18, 2017
September 19, 2017: 1. United Kingdom: European Banking Authority – Consultation on significant risk transfer in securitization The European Banking Authority (EBA) launched a public consultation on its -
Ireland: Central Bank launches guidance on enforcement sanctions
The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. The ASP Sanctions Guidance increases -
New Zealand: Reserve Bank releases independent analysis of Capital Review
The Reserve Bank has released three independent international experts’ assessments of its Capital Review. The proposals aim to protect the public from the personal, social, and economic impacts of
November 27, 2019
Citi to pay £44 million for regulatory reporting governance and controls weaknesses
The UK Prudential Regulation Authority (PRA) has imposed a combined fine of £43.9 million on Citigroup Global Markets Limited, Citibank N.A. London branch and Citibank Europe Plc UK branch (CEP UK) (together, Citi). The fine was over Citi’s failings in relation to their internal controls and governance arrangements underpinning Europe
November 27, 2019
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 recordings as required under CFTC regulations for swap dealers, as detailed below. Goldman began using recording hardware to record North America
November 27, 2019
Switzerland: FINMA is set to implement small banks regime
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 and supervision for small institutions. FINMA’s goal is to reduce the regulatory burden on such institutions without jeopardizing their Europe
November 25, 2019
Philippines: Monetary Board amends the definition of deposit substitutes
The Monetary Board has approved a revision to the definition of a deposit substitute. The purpose is to align with the provisions of the Bangko Sentral ng Pilipinas (BSP) Charter. Under the BSP Charter, a deposit substitute means a form of obtaining funds from the public, other than deposits, Asia & South America