The Central Bank of The Bahamas (Bank) proposes to liberalize exchange controls (EC) on residential property transactions (both purchases and sales) involving non-residents effective October 1, 2019. The EC
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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 -
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 -
United States: OCC amends stress testing rule for national banks and federal savings associations
The Office of the Comptroller of the Currency has amended stress testing requirements for national banks and federal savings associations. The amendment, through a final rule, impacts stress testing
October 17, 2019
Prudential Regulation Authority consults on supervision of funding liquidity risk
The Prudential Regulation Authority (PRA) is consulting on proposals to update its approach to supervising liquidity and funding risk. The exercise is aimed at: i) reflecting relevant updates to the Bank of England’s Market Operations Guide; and ii) reiterating relevant expectations set out in SS9/17 ‘Recovery Planning.’ The Europe
October 15, 2019
Australia: Regulator consults on strengthening capital protection for bank depositors
The Australian Prudential Regulation Authority (APRA) has launched a review of the capital treatment of authorised deposit-taking institutions’ (ADIs’) investments in their banking and insurance subsidiaries. To ensure deposit holders continue to be protected where the major banks hold significant investments in subsidiaries, APRA is proposing changes to Prudential Oceania & Antarctica
October 14, 2019
United States: OCC fines Citibank $30 million over control deficiencies
The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies. The violations, according to the regulator, resulted from deficient processes and controls the bank had implemented to identify and monitor the statutory holding period of other real North America
October 14, 2019
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 the ability of policymakers and market participants to assess financial stability risks and economic developments in a timely and accurate Other
October 11, 2019
Canada: Consultation on policy proposals for new high-value payments system
Payments Canada is seeking feedback on policy proposals that will shape a new by-law for Canada’s new high-value payments system, Lynx. The proposals touch on key requirements including membership eligibility, payments finality and service charges deduction. Stakeholders are to provide feedback by November 15, 2019. Image by Jan North America