National Regulators

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Minimum Requirements on the System of Governance of Insurance Undertakings

BaFin circular sets out minimum governance requirements under the Insurance Supervision Act

Federal Financial Supervisory Authority of Germany (BaFin) circular summarizes minimum requirements based on its interpretation of the Insurance Supervision Act and the European Union's Solvency II Directive. Addresses the overall roles and responsibilities of supervisory boards and management boards.

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

Type: Law, Regulation and Policy

Parent: Insurance Supervision Act: Amendment Promulgated in the Federal Law Gazette, Taking-up and Pursuit of the Business of Insurance and Reinsurance (Solvency II)

Topics: Corporate governance, Risk management

Sectors: Insurance

Proposed Guidance on Supervisory Expectations Related to Risk Management for Large Financial Institutions

FRB consultation to clarify supervisory expectations related to risk management for large financial institutions

US Federal Reserve Board proposed guidance identifies core principles for effective senior management, who are directly accountable to the firm's board of directors for the day-to-day management of the firm. Also identifies core principles for a firm's business line management and independent risk management.

Publisher: National Regulators Release date: Jan 2018 Country: United States

Type: Consultative, discussion and issues paper

Topics: Risk management, Corporate governance

Sectors: Banking

Deadline for comments: Mar 2018

Prudential Standard on Securitisation

APRA standard on management of securitization risks

Australian Prudential Regulation Authority standard aims to ensure than banks adopt prudent practices to manage risks associated with securitization and to ensure sufficient regulatory capital is held against associated credit risk. Key requirements are that an authorized deposit-taking institution must: i) have a risk management framework covering its involvement in a securitization; ii) ensure there is clear and prominent disclosure of nature and limitations of its obligations arising from its involvement in a securitization; iii) not provide implicit support to a securitization; and iv) calculate regulatory capital for credit risk against its securitization exposures.

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

Type: Standard

Topics: Securitization, Risk management, Transparency and disclosure, Capital adequacy, Credit risk

Sectors: Banking

Code on Collective Investment Schemes

MAS amended CIS Code

Monetary Authority of Singapore amended code sets out best practices on management, operation and marketing of collective investment schemes that managers and approved trustees are expected to observe. Intended to enhance transparency and market discipline, improve operational effectiveness, and provide greater clarity to market practitioners.

Publisher: National Regulators Release date: Jan 2018 Country: Singapore

Type: Supervisory Practice

Topics: Corporate governance, Transparency and disclosure, Consumer education and protection

Sectors: Securities

Insurance Distribution Directive Implementation

FCA policy statement sets out near-final rules to implement the EU IDD

Financial Conduct Authority near-final rules to implement the European Union's Insurance Distribution Directive (IDD). Summarizes: i) changes to the FCA's requirements related to the distribution of insurance-based investment products and wider life insurance business; ii) changes to FCA rules to implement requirements in the IDD that applyto life and non-investment insurance business; iii) additional changes to the Handbook; and iv) feedback to quarterly consultations.

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

Type: Implementation

Parent: Insurance Distribution Directive

Topics: Consumer education and protection, Corporate governance, Transparency and disclosure

Sectors: Insurance

Prudential Practice Guide on Securitisation

APRA standard on management of securitization risks

Australian Prudential Regulation Authority guidance on sound practice in relation to the involvement of authorized deposit-taking institutions (ADIs) in securitization. Aims to ensure that banks adopt prudent practices to manage risks associated with securitization and to ensure sufficient regulatory capital is held against associated credit risk. Key requirements are that banks must: i) have a risk management framework covering their involvement in a securitization; ii) ensure there is clear and prominent disclosure of nature and limitations of obligations arising from involvement in a securitization; iii) not provide implicit support to a securitization; and iv) calculate regulatory capital for credit risk against securitization exposures.

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

Type: Sound Practice

Topics: Securitization, Risk management, Transparency and disclosure, Capital adequacy, Credit risk

Sectors: Banking

Proposed Revisions to the Regulatory Framework for Large Exposures of Singapore-incorporated Banks

MAS proposed revisions to rules governing large exposures

Monetary Authority of Singapore proposed revisions to its regulatory framework for the maximum allowable credit exposure to a single counterparty or connected group of counterparties. Proposes to tighten the capital base of the large exposure limit, apply the limit to most interbank exposures, and lower the limit on exposures to globally systemically important banks (G-SIBs), among other changes.

Publisher: National Regulators Release date: Jan 2018 Country: Singapore

Type: Consultative, discussion and issues paper

Parent: Supervisory Framework for Measuring and Controlling Large Exposures

Topics: Credit risk, Systemically important financial institutions (SIFIs)

Sectors: Banking

Deadline for comments: Feb 2018

Minimum Requirement for Own Funds and Eligible Liabilities (MREL) - Buffers and Threshold Conditions

PRA supervisory statement on relationship between MREL and regulatory capital buffers and threshold conditions

UK Prudential Regulation Authority supervisory statement regarding relationship between minimum requirement for own funds and eligible liabilities (MREL) and regulatory buffers. Sets out PRA's expectations regarding relationship between MREL and PRA's Threshold Conditions, the minimum requirements that firms must meet in order to be permitted to carry on regulated activities. Role of MREL is to make resolution strategies workable by ensuring that there are equity and liabilities within the firm that can credibly absorb losses and recapitalize businesses that need to continue operating.

Publisher: National Regulators Release date: Dec 2017 Country: United Kingdom

Type: Supervisory Practice

Parent: Bank Recovery and Resolution Directive (BRRD)

Peer: Minimum Requirement for Own Funds and Eligible Liabilities and Capital Buffers

Topics: Capital adequacy, Recovery and resolution, Licensing

Sectors: Banking

FCA Approach to Competition

FCA consultation on its approach to promoting competition in the interests of consumers

UK Financial Conduct Authority consultation sets out its approach to promoting competition, one of core objectives. Describes the FCA's role in promoting competition and its decision-making framework for identifying potential harm, diagnosing and remedying features of a market that do not work well for consumers, and evaluating the success of those remedies to inform our future decisions. Seeks comments on FCA's approach.

Publisher: National Regulators Release date: Dec 2017 Country: United Kingdom

Type: Consultative, discussion and issues paper

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

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

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Mar 2018

HKMA Supervisory Policy on Competence and Ethical Behaviour

HKMA guideline on expected behaviour of bank staff

Hong Kong Monetary Authority guideline emphasizes the importance of the competence and ethical behaviour of staff at all levels within a bank's organizational structure and provides guidance on measures banks are expected to adopt in monitoring and maintaining the competence levels and ethical behaviour of their staff.

Publisher: National Regulators Release date: Dec 2017 Country: Hong Kong, China

Type: Guideline

Peer: Enhanced Competency Framework for Banking Practitioners

Topics: Conduct, Corporate governance

Sectors: Banking

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Resources

382 records

Minimum Requirements on the System of Governance of Insurance Undertakings

Proposed Guidance on Supervisory Expectations Related to Risk Management for Large Financial Institutions

Prudential Standard on Securitisation

Code on Collective Investment Schemes

Insurance Distribution Directive Implementation

Prudential Practice Guide on Securitisation

Proposed Revisions to the Regulatory Framework for Large Exposures of Singapore-incorporated Banks

Minimum Requirement for Own Funds and Eligible Liabilities (MREL) - Buffers and Threshold Conditions

FCA Approach to Competition

HKMA Supervisory Policy on Competence and Ethical Behaviour

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