Bank Negara Malaysia has issued a policy document on Fair Treatment of Financial Consumers. The policy document aims to foster high standards of responsible and professional conduct in a
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Philippines: Monetary Board amends the definition of deposit substitutes
The Monetary Board has approved a revision to the definition of a deposit substitute. The purpose is to align with the provisions of the Bangko Sentral ng Pilipinas (BSP) Charter. -
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 -
EBA proposes to further strengthen depositor protection in the EU
The European Banking Authority has published its second opinion on implementing the Deposit Guarantee Schemes Directive in the EU. The opinion focuses on payouts by deposit guarantee schemes (DGSs) -
US: Wells Fargo fined over $14 Million for swap requirements violation
The Commodity Futures Trading Commission (CFTC) has sanctioned Wells Fargo Bank, N.A. for violating swap dealer business conduct standards. CFTC noted that Wells Fargo failed to deal with a
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