Nigeria has gazetted its Banks and Other Financial Institutions Act (BOFIA), 2020. The country’s National Assembly enacted BOFIA recently. A copy of the gazette is available here. Photo
-
Ireland: New requirements for financial intermediaries to disclose commission arrangements
The Central Bank of Ireland (Central Bank) has published rules on payment of commission to financial intermediaries. The new rules, to be included in the Consumer Protection Code 2012 -
FINRA Sanctions Transamerica Financial Advisors, Inc.
FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different -
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). -
New reporting requirements: FINTRAC’s implementation delivery schedule
FINTRAC has published a delivery schedule for the implementation of new reporting obligations related to the amended Regulations that will come into force on June 1, 2021. The schedule
October 1, 2019
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 a potential bank failure. The independent experts were required to consider the analysis and advice underpinning the proposals. The Oceania & Antarctica
October 1, 2019
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 International Limited, Bank of New York Mellon, and The Northern Trust Company. In addition to reporting failures, the regulator North America
September 29, 2019
United States: New rule exempts RRE transactions of $400,000 or less from appraisal requirements
The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have adopted a final rule that increases the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. The rule incorporates the appraisal exemption for rural residential properties provided North America
September 29, 2019
United Kingdom: Bank of England publishes financial sector resilience exercise findings
The Bank of England (BoE) has published high level findings of financial sector cyber simulation exercise that took place in November 2018. Commissioned by the Cross Market Operational Resilience Group, jointly chaired by BoE and UK Finance, the exercise explored the financial sector’s resilience to a major cyber incident Europe
September 25, 2019
Australia: Reporting Standard ARS 117.1 Interest Rate Risk in the Banking Book
The Australian Prudential Regulation Authority (APRA) has remade the Reporting Standard ARS 117.1 Interest Rate Risk in the Banking Book (IRRBB) (ARS 117.1), which was due to expire on October 1, 2019. The new reporting standard has updated references to APS 117 Capital Adequacy: Interest Rate Risk in the Oceania & Antarctica