This review highlights regulatory interventions by supervisory authorities from around the world. 1) UNITED STATES The Office of the Comptroller of the Currency – Appraisal Threshold for Commercial
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Central Bank of Nigeria issues a Framework for Regulatory Sandbox Operations
The Central Bank of Nigeria has issued a framework for regulatory sandbox operations. According to the Bank, the Framework will enable it to ‘stay abreast of innovations while promoting -
Regulatory Interventions in the Banking Space: The Week of September 18, 2017
September 19, 2017: 1. United Kingdom: European Banking Authority – Consultation on significant risk transfer in securitization The European Banking Authority (EBA) launched a public consultation on its -
Financial Stability Board reports on Market Fragmentation
Financial Stability Board (FSB) has updated on its work on market fragmentation. In its earlier update, in June 2019, the FSB had identified four key areas to address market -
South Korea: National Assembly approves financial consumer protection bill
The National Assembly of South Korea has approved a financial consumer protection bill for the country. The objective of the bill is to enhance the rights of financial consumers
July 21, 2019
Banking: Recent Regulatory Developments
…a review of recent regulatory developments across the globe. REGULATORY CHANGES i) Canada: Advisory Committee on Open Banking The Government of Canada launched Advisory Committee on Open Banking (Committee). The Committee, according to the Government, is the first step in a review of potential merits of open Africa, Asia & South America
July 21, 2019
Moody’s, Transamerica and Sound Model Risk Management Framework
Introduction Financial institutions routinely use models for a broad range of activities, including underwriting credits; valuing exposures, instruments, and positions; measuring risk; managing and safeguarding client assets; determining capital and reserve adequacy; and many other activities. Given the increasing regularity with which financial institutions deploy models, it is Other
July 21, 2019
Financial Institutions Regulation: Major Developments This Week
…regulatory developments across the globe this week that may be of interest. REGULATORY CHANGES 1. Switzerland: Pillar 3 Disclosure Requirements – Regulatory Treatment of Accounting Provisions The Basel Committee on Banking Supervision released a technical amendment on additional Pillar 3 disclosure requirements for jurisdictions implementing an expected Africa, Asia & South America, Europe, North America
July 21, 2019
Proposed Modernization of Canada’s Unclaimed Balances Regime
Background In many jurisdictions globally, a financial asset is considered unclaimed when there has been no customer-initiated activity or contact for a certain period, usually for a few years. After this period, a designated body takes over custody of the unclaimed asset. The body administers a central registry through Other
July 21, 2019
Banks and Financial Institutions Regulation
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) and Terrorist Financing Act, 2018 The Department of Finance published draft amendments to regulations under the Proceeds of Crime Africa, Asia & South America, Europe, North America, Oceania & Antarctica