The federal agencies have finalized a rule that modifies their resolution plan requirements for larger financial firms while reducing the same requirements for smaller firms that present less financial risk
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United States: Financial regulators release accountability report on fintech initiatives
The Conference of State Bank Supervisors has published an accountability report on financial technology companies (fintechs) initiatives. The report outlines progress made on a series of initiatives to streamline -
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 -
Finland: Updated guidelines on management of operational risk
The FIN-FSA Financial Supervisory Authority has updated Regulations and Guidelines 8/2014 Management of Operational Risk in supervised entities of the financial sector. The updated guidelines cover incident reporting of -
Sustainable Finance: Basel Committee reports on climate-related financial risk initiatives
The Basel Committee on Banking Supervision (Committee) has published a stocktake report on its members’ existing regulatory and supervisory initiatives on climate-related financial risks. Prepared by the Committee’s high-level
January 19, 2021
Singapore issues Revised Guidelines to Combat Heightened Cyber Risks
The Monetary Authority of Singapore has issued revised Technology Risk Management Guidelines (Guidelines). Intended to keep pace with emerging technologies and shifts in the cyber threat landscape, the Guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, Asia & South America
January 18, 2021
Australia: New FAQ on Measurement of Credit Risk-Weighted Assets
The Australian Prudential Regulation Authority has published a new frequently asked question (FAQ) on how authorized deposit-taking institutions are to measure credit risk-weighted assets relating to insurance stand-by letters of credit. The FAQ addresses appropriate credit conversion factor to be used in determining the regulatory capital of insurance stand-by Oceania & Antarctica
January 17, 2021
OSFI consults on climate-related risks
OSFI has launched a three-month consultation on addressing climate-related risks in the financial sector. The consultation will be via a discussion paper, ‘Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks.’ According to OSFI, the paper focuses on risks arising from climate change that can North America
January 17, 2021
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 a safe, reliable and efficient payments system to foster innovation without compromising on the delivery of its mandate.’ This Africa
January 17, 2021
Data Breach Investigation: Reserve Bank of New Zealand reiterates its full commitment
The Reserve Bank of New Zealand (Bank) has assured a recent data breach is receiving its full attention. According to the Bank, a detailed forensic cyber investigation is underway. The Bank indicates it is working directly with stakeholders whose information may have been compromised. The breach was first Oceania & Antarctica