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15 Dec 2023, 7:00 am
On 14 December 2023, the European Banking Authority published its roadmap on the EU Banking Package, which implements the final Basel 3 reforms in the EU. [read post]
14 Dec 2023, 9:13 am
In December 2022, the Basel Committee published its standard on the prudential treatment of banks’ exposures to cryptoassets. [read post]
12 Dec 2023, 8:42 am
However, the review did find some differences, including in relation to: The organisational set-up for the supervision of this area, with some competent authorities allocating significant resources exclusively to conduct while others focus primarily on prudential supervision. [read post]
8 Dec 2023, 8:10 am
The Basel Committee took stock of its review of various elements of the prudential standard for banks’ exposures to cryptoassets published in December 2022. [read post]
7 Dec 2023, 8:33 am
On 7 December 2023, the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Bank of England (BoE) jointly published a Consultation Paper (CP) on Operational resilience: Critical third parties to the UK financial sector (PRA CP26/23 and FCA CP23/30). [read post]
6 Dec 2023, 2:35 am
In recent years, diversity and inclusion (D&I) in the financial services sector has become a focus for regulators around the world. [read post]
5 Dec 2023, 8:28 am
On 5 December 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) jointly published a Policy Statement (PS) on Remuneration: Enhancing proportionality for small firms (PRA PS16/23and FCA PS23/17). [read post]
5 Dec 2023, 8:26 am
On 5 December 2023, the Prudential Regulation Authority (PRA) published Consultation Paper CP23/23 – Identification and management of step-in risk, shadow banking entities and groups of connected clients. [read post]
30 Nov 2023, 9:03 am
The Forum is made up of representatives of the Bank of England, the Competition and Markets Authority, the FCA, the Financial Reporting Council, HM Treasury, the Information Commissioner’s Office, the Payment Systems Regulator, the Prudential Regulation Authority and the Pensions Regulator. [read post]
29 Nov 2023, 11:30 am
As numbered Swiss bank accounts and offshore Cayman Island trusts are falling into line with prudential KYC-ALM laws, it’s the United States that makes it really easy to create a company and not disclose ownership or control. [read post]
27 Nov 2023, 5:44 am
Patrick McHenry (R-NC), the Chairman of the House Financial Services Committee, and Senator Cynthia Lummis (R-Wyo) have now reached out to the prudential regulators asking them to take action to clarify that SAB 121 is not enforceable in light of the GAO decision.SAB 121, as issued, requires banks holding crypto assets to recognize a liability and a corresponding offset on their balance sheets, measured at the fair value of the customer custodial digital assets. [read post]
20 Nov 2023, 7:57 pm
The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. [read post]
20 Nov 2023, 9:27 am
On 20 November 2023, the Prudential Regulation Authority (PRA) published the other systemically important institutions (O-SII) buffer rates for ring-fenced banks (RFBs) and large building societies. [read post]
14 Nov 2023, 9:04 am
Mr Enria states that including CASPs in the scope of prudential consolidation of banking groups by modifying the definition of financial institution needs to be considered as a matter of urgency. [read post]
13 Nov 2023, 9:05 pm
On November 3, 2023, the 10 voting members of the Financial Stability Oversight Council (“FSOC” or “Council”)[1] voted unanimously to finalize (1) amendments to its existing interpretive guidance (“2019 Interpretive Guidance”)[2] governing the designation of nonbank financial companies for supervision by the Federal Reserve Board and application of prudential standards (“Interpretive Guidance”)[3]and (2) an “analytic… [read post]
12 Nov 2023, 9:05 pm
While they are formally mutual funds, they function – and are used – more like bank accounts. [read post]
9 Nov 2023, 7:05 am
The consultations form part of the prudential package under the Regulation on Markets in crypto assets (MiCA), in particular Articles 36(4), 38(5), 45(7)(b) and 45(8) MiCA. [read post]
6 Nov 2023, 8:20 am
On 6 November 2023, the Financial Conduct Authority (FCA) and Bank of England (BoE) published discussion papers on their proposed approach to regulating stablecoins, and the Prudential Regulation Authority (PRA) published a Dear CEO letter on innovative uses of deposits, e-money and stablecoins. [read post]
2 Nov 2023, 10:00 pm
In a joint statement on 24 October 2023, the UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) announced the removal of the cap on bonuses that can be paid to material risk takers at banks, building societies, and PRA-designated investment firms. [read post]
2 Nov 2023, 10:00 pm
In a joint statement on 24 October 2023, the UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) announced the removal of the cap on bonuses that can be paid to material risk takers at banks, building societies, and PRA-designated investment firms. [read post]
