The Central Bank of Ireland has launched Guidelines to assist regulated entities to meet their anti-money laundering and countering the financing of terrorism obligations. Speaking at the launch, Director
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Canada: Capital treatment of federal programs to support COVID-19 efforts
The Office of the Superintendent of Financial Institutions (OSFI) has directed on how deposit-taking institutions (DTIs) should treat new capital they make available to small and medium-sized enterprises through recently -
New Brunswick: Financial regulator launches unclaimed property program
The provincial government has introduced a new Unclaimed Property Act, which includes the creation of an unclaimed property program. The program, to be administered by the Financial and Consumer -
Bank of Canada publishes Financial System Review for 2020
The Bank of Canada has published its Financial System Review (FSR) for 2020. The FSR focuses exclusively on COVID-19 impact on the Canadian financial system. It details the results -
FSB report: risks to financial stability from LIBOR transition must reduce
The Financial Stability Board (FSB) has published its annual progress report on the implementation of recommendations to reform major interest rate benchmarks. The report outlines the risks to financial
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