The U.S. bank regulatory agencies have finalized updates to the management interlock rules. Previously, the management interlock rules prohibited a management official working at a depository institution or holding
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United States: Six financial institutions fined over $6 million for reporting failures
The U.S. Commodity Futures Trading Commission (Commission) has fined six financial institutions over $6 Million for reporting failures. The sanctioned financial institutions include HSBC Bank USA, N.A., Société Générale -
Ireland: New lending rules for credit unions
The Central Bank has issued new lending rules for credit unions. The rules remove the existing lending maturity limits which cap the percentage of credit union lending which may -
Germany: Guidance on outsourcing to cloud service providers
BaFin and the Deutsche Bundesbank’s joint assessment of outsourcing to cloud service providers, the guidance applies to regulated entities including financial services institutions, credit institutions, insurance undertakings, payment institutions, and -
Canada: OSFI expectations on using Pillar II capital buffers during COVID-19 Pandemic
OSFI has announced that deposit-taking institutions can use their Pillar II capital buffers to absorb unexpected losses arising from the impact of the COVID-19 disruption. This flexibility, the regulator
October 22, 2019
Bank of Mauritius ratifies MoU on banking supervision
The Bank of Mauritius and the Bank Al-Maghrib have signed a Memorandum of Understanding (MoU) on banking supervision. The MoU establishes a collaborative framework to facilitate the sharing of supervisory information and documents. The MoU also addresses substantive issues with any bank operating in the home and the Africa
October 21, 2019
The Netherlands: Banks to hold more capital for their mortgage portfolios
The DNB has indicated it will introduce a floor for risk weights of domestic mortgage loan portfolios of Dutch banks. According to the regulator, the floor will increase with the loan to value ratio of the underlying mortgage loans. Due to this proposed measure, the risk weights of mortgage Europe
October 21, 2019
Regulator clarifies forex trading in Namibia
The Bank of Namibia has clarified forex trading in Namibia. According to the regulator, the exchange or conversion of the Namibia Dollar into any foreign currency is regulated to control the use of Namibia’s foreign currency reserves in the best interest of the economy. Further details are available Africa
October 21, 2019
British Columbia: Proposed changes to Financial Institutions Framework
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 framework, better protecting consumers and helping to maintain public confidence in the province’s financial institutions. The proposed amendments to North America
October 20, 2019
Financial Stability Board reports on Market Fragmentation
Financial Stability Board (FSB) has updated on its work on market fragmentation. In its earlier update, in June 2019, the FSB had identified four key areas to address market fragmentation. The areas are deference, pre-positioning of capital and liquidity, regulatory and supervisory coordination and information-sharing, and market fragmentation Other