The European Central Bank (ECB) has issued a consultation on its draft Guide on Climate-related and Environmental Risks (Guide). Current prudential rules require European banks to identify, manage, and
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The Bank of Lithuania issues Guidelines on Security Token Offering
The Bank of Lithuania has issued Guidelines on Security Token Offering (STO), becoming one of the first market regulators in the world to do so. The Guidelines focus on -
Ireland: New lending rules for credit unions
The Central Bank has issued new lending rules for credit unions. The rules remove the existing lending maturity limits which cap the percentage of credit union lending which may -
FSB publishes UPI governance arrangements
The Financial Stability Board has published a report on the governance arrangements for the globally harmonised Unique Product Identifier (UPI). The UPI will uniquely identify the product involved in -
United States: OCC fines Citibank $30 million over control deficiencies
The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies. The violations, according to the regulator, resulted
January 4, 2021
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 details are available here. Picture Credit: Pixabay North America
December 31, 2020
Central Bank of Egypt announces measures to offset the impact of COVID-19
The Central Bank of Egypt has introduced measures to offset the impact of COVID-19. These measures include: i) cutting interest rates; ii) deferring all credit dues for all customers for a period of 6 months; and iii) exempting banks for one year from calculating additional risk weights on total Africa
December 29, 2020
The PRA’s Approach to Supervising International Banks – Liquidity Reporting
The Prudential Regulation Authority (PRA) has published its updated supervisory statement on supervision of international banks. The statement outlines the PRA’s expectations for liquidity reporting by PRA-regulated UK branches of third-country, and non-EU European Economic Area, credit institutions and designated investment firms. Initially published in February 2017, the Europe
December 28, 2020
FINRA Sanctions Transamerica Financial Advisors, Inc.
FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products – variable annuities, mutual funds, and 529 plans. Further details are available here. Photo Credit: Pixabay North America
June 29, 2020
UK’s Climate Financial Risk Forum publishes guide on addressing climate-related risks
The Climate Financial Risk Forum has published a guide to help firms address climate-related financial risks. The guide provides recommendations on disclosure of climate-related financial risks; effective risk management; scenario analysis, and opportunities for innovation in the interest of consumers. Established in March 2019, the forum’s aim is Europe