On 25 June 2019, HM Treasury published an updated advisory notice regarding the risks posed by unsatisfactory money laundering and terrorist financing controls in a number of jurisdictions.
The notice contains three categories of higher risk jurisdictions:
On 25 June 2019, the Financial Stability Board (FSB) published its chair’s letter to G20 leaders ahead of their summit in Osaka on 28-29 June, together with a progress report on implementation of the G20 financial regulatory reforms.
The letter sets out a number of key themes: addressing new and emerging vulnerabilities; harnessing the benefits
On 25 June 2019, the European Banking Authority (EBA) published the 2020 EU-wide stress test draft methodology, templates and template guidance which will be discussed with the industry. The 2020 exercise will assess EU banks’ resilience to an adverse economic shock and inform the 2020 Supervisory Review and Evaluation Process. The final methodology will be
On 26 June 2019, the Basel Committee on Banking Supervision (Basel Committee) published revisions to leverage ratio disclosure requirements by setting out additional requirements for banks to disclose their leverage ratios based on quarter-end and on daily average values of securities financing transactions. The revisions are applicable to the Pillar 3 disclosure requirements associated with
On 26 June 2019, the Basel Committee on Banking Supervision (Basel Committee) published a document setting out revisions to the leverage ratio standard text that will serve to implement the treatment of client cleared derivatives. This revision will apply to the version of the leverage ratio standard that will serve as the Pillar 1 minimum
On 26 June 2019, the Council of the EU set out its position for a Regulation on European crowdfunding service providers.
The Council position:
On 26 June 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a newsletter with updates relevant for the insurance sector.
The US sanctions landscape keeps changing rapidly. More than ever, both US and non-companies need to understand the various types of US sanctions and their potential influence on the global matrix of business risks, and stay abreast of key developments so that they can nimbly anticipate and prepare their business to respond to emergent US
On 25 June 2019, the PRA published Consultation Paper 14/19: Pillar 2 liquidity: PRA110 reporting frequency threshold (CP14/19).
In CP14/19 the PRA set out proposals to amend the reporting frequency of the PRA110 reporting template, when a firm is in stress. The proposal introduces a further threshold of total assets of £5 billion or above,
On 26 June 2019, the FCA confirmed that it was recognising the following voluntary market codes of best practice under its codes recognition scheme: