The Government of British Columbia has proposed changes to the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA). The changes are aimed at modernizing the legislative
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Nigeria: Central Bank extends commencement dates for minimum capital requirements
In light of the COVID-19 pandemic, the Central Bank of Nigeria has extended by one year, commencement dates for revised minimum capital requirements for microfinance banks (MFBs) in the country. -
Australia: Regulator consults on further amendments to leverage ratio requirement
The Australian Prudential Regulation Authority (APRA) has released for consultation draft prudential standard on the leverage ratio requirement for authorised deposit-taking institutions. The consultation sets out APRA’s response to -
US Justice Department Moves Against Piling On
The US Justice Department (Department) this week announced a policy against piling on – repeated punishments by multiple enforcement authorities for the same misconduct that may exceed what is necessary -
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
November 17, 2019
FSB discusses regional vulnerabilities, stablecoins and other challenges
The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met recently to discuss substantial issues on global and regional financial vulnerabilities. Vulnerabilities x-rayed include incessant search for better yield and continued pressures on the profitability of European banks. During the meeting, the RCG members discussed interest Other
November 13, 2019
Bank of Canada to introduce a Standing Term Liquidity Facility
The Bank of Canada (Bank) has announced that it intends to introduce a new liquidity facility, the Standing Term Liquidity Facility (STLF). The STLF will complement the Bank’s current tools for the provision of liquidity and will strengthen its role as lender of last resort. Under the North America
November 12, 2019
US: Wells Fargo fined over $14 Million for swap requirements violation
The Commodity Futures Trading Commission (CFTC) has sanctioned Wells Fargo Bank, N.A. for violating swap dealer business conduct standards. CFTC noted that Wells Fargo failed to deal with a counterparty in a fair and balanced manner based on principles of fair dealing and good faith. The bank also North America
November 12, 2019
Financial Services Authority as single real estate regulator in British Columbia
The BC Financial Services Authority (BCFSA) has taken its first steps toward becoming the single regulator for real estate. As the single regulator, a change expected to assist in combating money laundering, the BCFSA will take responsibility for real estate licensing, conduct, investigations, and discipline. Since 2016, the North America
November 11, 2019
Finland: Updated guidelines on management of operational risk
The FIN-FSA Financial Supervisory Authority has updated Regulations and Guidelines 8/2014 Management of Operational Risk in supervised entities of the financial sector. The updated guidelines cover incident reporting of network and information security breaches. The guidelines also address fraud reporting concerning payment services. The document outlines certain European Banking Europe