The Prudential Regulation Authority (PRA) has published its updated supervisory statement on supervision of international banks. The statement outlines the PRA’s expectations for liquidity reporting by PRA-regulated UK branches
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South Korea: National Assembly approves financial consumer protection bill
The National Assembly of South Korea has approved a financial consumer protection bill for the country. The objective of the bill is to enhance the rights of financial consumers -
Banks and Financial Institutions Regulation
This review captures recent regulatory developments in the banking space. 1. CANADA: i) Department of Finance: Regulations Amending Certain Regulations made under the Proceeds of Crime (Money Laundering) -
Australia: APRA finalizes its cross-industry amendments to margin requirements
The Australian Prudential Regulation Authority (APRA) has published its response to submissions on amendments to its margin requirements for non-centrally cleared derivatives. The changes to Prudential Standard CPS 226 -
The European Banking Authority proposes Framework for STS Synthetic Securitization
The European Banking Authority has published its proposal for developing a simple, transparent and standardized (STS) framework for synthetic securitization. The proposal, which is limited to balance-sheet securitization, includes
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