…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
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FINTRAC updates its guidance on politically exposed persons
FINTRAC has updated its guidance on politically exposed persons and heads of international organizations, ongoing monitoring and business relationships. Further details are available here. Photo Credit: Pixabay -
Kuwait: Central Bank unveils liquidity management and forecasting dashboard
The Central Bank of Kuwait (CBK) has announced a liquidity management and forecasting dashboard. According to CBK, the dashboard will enhance the ability to forecast liquidity conditions more accurately -
Central Bank of Kenya publishes Credit Reference Bureau Regulations
The Central Bank of Kenya (CBK) has published the Credit Reference Bureau Regulations, 2020 (CRB Regulations). Replacing the Credit Reference Bureau Regulations, 2013, the CRB Regulations authorize the CBK -
New York Fed releases updated FAQs for Commercial Paper Funding Facility
The New York Fed has released updated frequently asked questions for its Commercial Paper Funding Facility (CPFF). The regulator has also added a sign-up for the CPFF daily purchase
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