The Central Bank of Nigeria has published final Regulation for the Operations of Mortgage Guarantee Companies in Nigeria (Guideline). The Guideline prescribes the basic requirements for the business of
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Nigeria: Implementation of Cashless Policy
In a circular to all Deposit Money Banks in Nigeria, the Central Bank of Nigeria (CBN) has stated that charges will apply on cash deposits made in select states in -
United States: Federal agencies update management interlock rules
The U.S. bank regulatory agencies have finalized updates to the management interlock rules. Previously, the management interlock rules prohibited a management official working at a depository institution or holding -
Switzerland: FINMA is set to implement small banks regime
The Swiss Financial Market Supervisory Authority (FINMA) has announced it will be implementing small banks regime (regime) starting January 1, 2020. The regime seeks to increase efficiency in regulation -
The Bahamas: Central Bank relaxes exchange controls on residential real estate transactions
The Central Bank of The Bahamas (Bank) proposes to liberalize exchange controls (EC) on residential property transactions (both purchases and sales) involving non-residents effective October 1, 2019. The EC
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