Tag: Banking

OSFI issues final versions of the capital adequacy requirements and the leverage requirements guidelines

The Office of the Superintendent of Financial Institutions (OSFI) has issued its final version of the Capital Adequacy Requirements (CAR) guideline and Leverage Requirements (LR) guideline. OSFI updates its CAR guideline periodically to ensure capital requirements reflect the underlying risks and developments in the financial industry. The LR guideline supplements this by setting out the … Continue Reading

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading

Royal Commission into Misconduct in Financial Services

The much anticipated Royal Commission was no surprise to the Australian banking industry.  What was surprising was the extension of its terms of reference to local and foreign deposit-taking institutions, life and general insurers, superannuation funds, as well as asset managers, financial planning businesses and all other holders of Australian financial services licences.  Let there … Continue Reading

Financial services regulatory: 7 developments to watch in 2017

Happy 2017! Financial services regulation continued to be busy in Canada in 2016. We have prepared this shortlist of pending changes, developments and consultations to watch as we start 2017. 1.  New draft OSFI guideline: enterprise-wide model risk management OSFI released a new draft Guideline E-23 – Enterprise-Wide Model Risk Management on December 21, 2016. … Continue Reading

Bank Act Financial Consumer Protection Framework passes third reading in House of Commons

Bill C-29, Budget Implementation Act, 2016, No. 2, (Bill C-29) passed third reading in the House of Commons on December 6, 2016. Once passed by the Senate and brought into force, Bill C-29 will amend the Bank Act (Canada) (the Bank Act) to enact the long awaited Financial Consumer Protection Framework that was promised by … Continue Reading

Federal Budget 2016 – Financial Services Regulatory Update

On March 22nd, the recently elected Liberal Government introduced its first budget since being elected last October.  In the Budget Plan, the Government has promised certain measures that will be relevant to banks, insurance companies and other providers of financial services and products.  Most of the proposed measures are similar to proposals that were raised … Continue Reading

Potential SIFI fights back

Metlife is contesting a preliminary designation as a nonbank financial company posing a risk to the financial stability of the United States. Such a designation would subject it to supervision by the Federal Reserve Board and additional standards with which it would have to comply. One of the major objectives of The Dodd-Frank Wall Street … Continue Reading

US agencies re-propose margin and capital requirements for certain swap dealers and participants

On September 3, 2014, the US banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of Comptroller of the Currency), along with the Federal Housing Finance Agency (FHFA) and the Farm Credit Administration (FCA), issued for comment a proposed rule that would implement the sections of the Dodd-Frank Wall Street … Continue Reading

US banking regulators finalize liquidity coverage ratio rules

On September 3, 2014, the US federal banking regulators (the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of Comptroller of the Currency) announced the final adoption of the liquidity coverage ratio for large financial institutions under their supervision. The liquidity coverage ratio, or LCR, requires that covered banking organizations maintain sufficient … Continue Reading

Agencies finalize changes to supplementary leverage ratio requirements

On September 3, 2014, the US banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of Comptroller of the Currency) issued a final rule adjusting the calculation of the supplementary leverage ratio in order to conform to recently adopted recommendations of the Basel Committee of the Bank for International Settlements, … Continue Reading

CFTC staff allows UK investment firms licensed as banks to hold US customer margin on foreign futures as bank deposits

Staff of the Commodity Futures Trading Commission (CFTC) has issued an Interpretation permitting futures commission merchants (FCMs) to deposit US customer funds margining foreign futures and options positions with UK investment firms that are licensed deposit-taking banks as bank deposits. CFTC customer protection rules Part 30 of the CFTC’s regulations governs the offer and sale … Continue Reading
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