National Regulators

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HKMA Mystery Shopping Program

HKMA mystery shopping program on banks' selling practices in respect of investment products and insurance products

Hong Kong Monetary Authority mystery shopping program to ascertain the practices of banks in customer risk profiling, financial needs analysis (as applicable to life insurance products), suitability of recommendations, and product and risk disclosure. A good example of an effective supervisory technique for promoting consumer protection and improved corporate governance.

Publisher: National Regulators Release date: Aug 2018 Country: Hong Kong, China

Type: Supervisory Practice

Topics: Consumer education and protection, Conduct, Financial inclusion, Transparency and disclosure

Sectors: Banking

Global Financial Innovation Network (GFIN)

FCA consultation sets out plan for a new "global sandbox" to enable innovative firms to interact with regulators around the world

UK Financial Conduct Authority consultation to create a global sandbox or Global Financial Innovation Network (GFIN) to provide a more efficient way for innovative firms to interact with regulators. Three main functions of the proposed GFIN would be: i) to act as a network of regulators to collaborate and share experiences of innovation in respective markets, including emerging technologies and business models; ii) to provide a forum for joint policy work and discussions; and iii) to provide firms with an environment in which to trial cross-border solutions .

Publisher: National Regulators Release date: Aug 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Cross-border cooperation, FinTech, Financial inclusion

Sectors: Banking, Insurance, Securities

Prudential Standard on Public Disclosure by Banks

APRA standard sets out disclosure standards for banks

Australian Prudential Regulation Authority standard sets out requirements for public disclosure by locally incorporated banks. Key reporting requirements: i) composition of regulatory capital in a standard form; ii) reconciliation between composition of regulatory capital and audited financial statements; iii) full terms and conditions of its regulatory capital instruments and the main features of these instruments in a standard form; iv) quantitative and qualitative information about its capital adequacy, credit and other risks; v) quantitative and qualitative information on its liquidity coverage ratio and net stable funding ratio; vi) quantitative and qualitative information about its leverage ratio; vii) quantitative and qualitative information on its approach to remuneration; and viii) quantitative information on the global systemically important banks indicators.

Publisher: National Regulators Release date: Jul 2018 Country: Australia

Type: Standard

Topics: Capital adequacy, Liquidity risk and rules, Transparency and disclosure

Sectors: Banking

Open API Framework for the Hong Kong Banking Sector

HKMA approach to Application Programming Interfaces for the banking industry

Hong Kong Monetary Authority finalized framework and related implementation plan for the Open Application Programming Interface (API). Comprises a selection of Open API functions and deployment time frames, technical standards, third-party service provider guidelines, facilitation measures and maintenance models.

Publisher: National Regulators Release date: Jul 2018 Country: Hong Kong, China

Type: Supervisory Practice

Topics: Consumer education and protection, FinTech, Cyber risk, Operational risk

Sectors: Banking

FCA Mission: Approach to Consumers

FCA report on its approach to regulating for benefit of consumers

Financial Conduct Authority report sets out its approach to regulating for consumers and its desire for markets where: i) high-quality, good value products and services that meet consumers' needs are available; ii) consumers can buy the products and services they need and the way in which they are sold is clear, fair and not misleading; and iii) the needs of vulnerable consumers are taken into account.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Peer: FCA Mission: Approach to Authorization, FCA Approach to Competition

Topics: Consumer education and protection, Transparency and disclosure, Financial inclusion

Sectors: Banking, Insurance, Pensions, Securities

Big Data Meets Artificial Intelligence

BaFin consultation sets out challenges and implications for the supervision and regulation of financial services

Federal Financial Supervisory Authority of Germany (BaFin) consultation: i) addresses technological developments of big data analytics and artificial intelligence; ii) elaborates scenarios outlining the potential impact these technologies might have on the financial market and market players; and iii) highlights potential implications for financial supervisory authorities. Consultation aims to initiate discussion on the impact of digitalization on established market and supervisory structures.

Publisher: National Regulators Release date: Jul 2018 Country: Germany

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Consumer education and protection, Operational risk, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Sep 2018

Corporate Governance: Board Responsibilities

PRA supervisory statement identifies areas of governance that are of greatest importance

UK Prudential Regulation Authority supervisory practice statement sets out areas of governance that are most important to PRA and to which its will give most attention. Preferred outcome is an effective board that: i) establishes sustainable business model and clear strategy consistent with that model; ii) oversees clear and measureable statement of risk appetite against which major business options are actively assessed; and iii) meets its regulatory obligations, is open with regulators and creates culture that supports prudent management.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Supervisory Practice

Peer: Financial Management and Planning by Insurers

Topics: Corporate governance

Sectors: Banking, Insurance

Strengthening Individual Accountability in Banking

PRA sets out how firms and individuals should comply with its Senior Managers Regime

UK Prudential Regulation Authority supervisory statement sets out the PRA's expectations of how firms should comply with the regulatory framework of: i) the Senior Managers Regime (SMR); ii) the Certification Regime; iii) assessment of fitness and propriety; and iv) Conduct Rules.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Supervisory Practice

Topics: Supervisory framework, Corporate governance

Sectors: Banking, Securities

Strengthening Individual Accountability in Insurance

PRA supervisory statement sets out expectations of how firms should comply with its Senior Insurance Managers Regime

UK Prudential Regulation Authority supervisory statement sets out expectations of how firms should comply with the regulatory framework of the Senior Insurance Managers Regime (SIMR) including: i) compliance with the SIMR; ii) application of conduct standards and associated notifications; and iii) assessing fitness and propriety.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Supervisory Practice

Topics: Conduct, Corporate governance

Sectors: Insurance

Extending the Senior Managers & Certification Regime to FCA Firms

FCA consultation to extend the Senior Managers & Certification Regime to most regulated firms

UK Financial Conduct Authority policy statement reports on main issues arising from consultations to strengthen individual accountability in regulated firms by extending the Senior Managers & Certification Regime (SM&CR) to almost all regulated firms in order to reduce harm to consumers and increase accountability. Also incorporates near-final rules.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Parent: FCA's Senior Managers Regime

Topics: Supervisory framework, Corporate governance, Conduct

Sectors: Banking, Insurance, Pensions, Securities

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Resources

382 records

HKMA Mystery Shopping Program

Global Financial Innovation Network (GFIN)

Prudential Standard on Public Disclosure by Banks

Open API Framework for the Hong Kong Banking Sector

FCA Mission: Approach to Consumers

Big Data Meets Artificial Intelligence

Corporate Governance: Board Responsibilities

Strengthening Individual Accountability in Banking

Strengthening Individual Accountability in Insurance

Extending the Senior Managers & Certification Regime to FCA Firms

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