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)
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Financial Services Authority as single real estate regulator in British Columbia
The BC Financial Services Authority (BCFSA) has taken its first steps toward becoming the single regulator for real estate. As the single regulator, a change expected to assist in -
Belarus: National Bank approves a legal framework for carrying out rating activities
The National Bank of the Republic of Belarus (National Bank) has approved Regulation on the Procedures for Organizing and Carrying out Rating Activities (Regulation). The Regulator similarly approved Requirements -
Canada: FINTRAC updates its Risk Assessment Guidance
FINTRAC has updated its Risk Assessment Guidance. The update covers legislative amendments from June 2017 and legislative amendments that will come into force on June 1, 2021. Further -
Australia: APRA updates its Enforcement Approach
The Australian Prudential Regulation Authority (APRA) has updated its Enforcement Approach to provide clarity around how it plans to increase transparency and data reporting. The revised document, according to
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