The Consumer Financial Protection Bureau has published a final rule covering remittances transfers (Rule). The Rule imposes requirements on entities that send international money transfers on behalf of consumers.
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LIBOR Transition: US regulator publishes a self-assessment tool for banks
The Office of the Comptroller of the Currency (OCC) has issued a bulletin that provides a self-assessment tool for banks to evaluate their preparedness for the expected cessation of the -
US: Federal agencies propose rule to amend the swap margin rule
US federal agencies have proposed to change the swap margin rules to facilitate the implementation of prudent risk management strategies at certain banks and swap entities. The swap margin rule -
The Central Bank of Bahrain launches eKYC as part of digital transformation strategy
The Central Bank of Bahrain has announced the launch of eKYC by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. Bahrain’s -
Central Bank of Morocco to introduce a new risk-free rate
Bank Al-Maghrib plans to reform its new risk-free rate – the London Inter-bank Offered Rate. The bank is also considering the launch of a new money market benchmark in Morocco.
September 25, 2019
European Banking Authority consults on its STS framework for synthetic securitization
The European Banking Authority has launched a public consultation on its proposals for a simple, transparent and standardized (STS) framework for synthetic securitization. The consultation paper examines the rationale of the STS synthetic product and assesses positive and negative implications of its possible creation and label as “STS.” Europe
September 24, 2019
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 on payment of commission to financial intermediaries, aim to ensure transparency of commission arrangements between financial intermediaries (brokers and financial Europe
September 24, 2019
New Zealand: Policy on banks’ reporting of breaches
The Reserve Bank of New Zealand has issued a policy on reporting and publication of breaches by banks, in an effort to improve transparency and market discipline. The policy will require a bank to report promptly to the regulator when there is a material breach or possible breach of Oceania & Antarctica
September 24, 2019
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 e-money institutions. Its purpose is to foster awareness among supervised enterprises on best practices for dealing with cloud service Europe
September 18, 2019
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 Margining and risk mitigation for non-centrally cleared derivatives (CPS 226) will apply to all authorised deposit-taking institutions, general insurers, life Oceania & Antarctica