In May 2019, the Australian Securities and Investments Commission (ASIC) wrote to the CEOs of selected major Australian financial institutions regarding the end of the London Interbank Offered Rate (LIBOR).
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Banking Regulation: The Week of April 16, 2018
This review highlights regulatory interventions by supervisory authorities from around the world. 1. Canada: i) Office of the Superintendent of Financial Institutions – Final Total Loss Absorbing Capacity -
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 -
FSB releases report on international cooperation to address COVID-19 implications
The Financial Stability Board has published a report on international cooperation and coordination to address the financial stability implications of COVID-19. The report outlines principles that underpin the official -
COVID-19: Bank of Uganda issues credit relief measures to mitigate economic impacts
The Bank of Uganda has introduced credit relief measures to mitigate the adverse effects of the COVID-19 pandemic. The relief measures are also aimed at promoting financial and operational resilience
October 28, 2019
Australia: Consultation on capital treatment of government guaranteed mortgages
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed revision to the capital treatment for eligible mortgages covered by the Government’s First Home Loan Deposit Scheme (FHLDS). APRA is proposing to adjust its capital requirements for authorised deposit-taking institutions (ADIs) to support the FHLDS. The Oceania & Antarctica
October 27, 2019
New AML rules for private businesses in British Columbia
Effective May 1, 2020, amendments to B.C. Business Corporations Act will require private businesses in the province to keep and maintain transparency records of beneficial owners. Information to be collected from a beneficial owner will include full legal name, date of birth, citizenship and last known address. According North America
October 24, 2019
Review of capital regime for UK credit unions
The Prudential Regulation Authority (PRA) is proposing changes to the capital requirements that apply to credit unions. For credit unions with more than £10m of total assets, the PRA proposes to provide a greater degree of flexibility and remove barriers to growth by replacing the current regime with a Europe
October 23, 2019
SRB consults on its ‘Expectations for Banks’
The Single Resolution Board (SRB) has launched a consultation on its ‘Expectations for Banks.’ The document outlines best practices on key aspects of resolvability. The document sets out the capabilities the SRB expects banks to demonstrate in order to show that they are resolvable. It outlines benchmarks for assessing resolvability and Europe
October 22, 2019
United States: Proposed Guidance for Credit Risk Review Systems
The FDIC, the Federal Reserve, the Office of the Comptroller of the Currency, and the National Credit Union Administration are seeking comment on proposed guidance for credit risk review systems. The proposed guidance discusses sound management of credit risk, a system of independent and ongoing credit review, and appropriate North America