…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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Bank of England proposes to stress test financial stability implications of climate change
The Bank of England is consulting on its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise, in relation to climate-related risks. The objective of the BES is -
Australia: Feedback on Financial Institutions’ Preparation for LIBOR Transition
In May 2019, the Australian Securities and Investments Commission (ASIC) wrote to the CEOs of selected major Australian financial institutions regarding the end of the London Interbank Offered Rate (LIBOR). -
FSB report: risks to financial stability from LIBOR transition must reduce
The Financial Stability Board (FSB) has published its annual progress report on the implementation of recommendations to reform major interest rate benchmarks. The report outlines the risks to financial -
Romania: Central Bank revises rules on determining the ROBID and ROBOR reference rates
The National Bank of Romania (NBR) has revised the Rules on determining the ROBID and ROBOR reference rates. The NBR indicates that the amendments will give additional impetus to
May 14, 2020
United States: CFPB Issues Final Remittance Rule
The Consumer Financial Protection Bureau has published a final rule covering remittances transfers (Rule). The Rule imposes requirements on entities that send international money transfers on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must disclose the exact exchange rate, the amount North America
May 14, 2020
Bank of Canada publishes Financial System Review for 2020
The Bank of Canada has published its Financial System Review (FSR) for 2020. The FSR focuses exclusively on COVID-19 impact on the Canadian financial system. It details the results of policy actions introduced to assist Canadians and businesses through this extremely challenging period. To date, the Bank’s policy North America
May 11, 2020
South Korea: Margin requirements for non-centrally cleared derivatives
The Financial Services Commission (FSC) has postponed implementation of margin requirements for non-centrally cleared derivatives by one year. The postponement, noted the FSC, is aimed at easing compliance burdens on South Korea-based financial institutions due to the COVID-19 pandemic. In April, both Canada and Australia similarly extended their Asia & South America
May 7, 2020
Australia: Prudential Regulator publishes FAQs on loan repayment deferrals and residential mortgage lending
The Australian Prudential Regulation Authority (APRA) has released a set of FAQs on its expectations for regulated deposit-taking institutions during the period of disruption due to COVID-19. The FAQs cover the regulatory capital approach for loan repayment deferrals. The page also clarifies APRA’s guidance for serviceability assessments in Prudential Oceania & Antarctica
May 7, 2020
The European Banking Authority proposes Framework for STS Synthetic Securitization
The European Banking Authority has published its proposal for developing a simple, transparent and standardized (STS) framework for synthetic securitization. The proposal, which is limited to balance-sheet securitization, includes a list of criteria to be considered when labeling synthetic securitization as STS. Among the regulator’s proposed criteria are requirements Europe