PRA Publishes Second Policy Statement on Basel 3.1
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Your trusted source for the latest regulatory updates across the world.
In this edition, we cover the latest updates from the following:
Europe
EBA Issues Revised List of Validation Rules 12 September 2024
The European Banking Authority (EBA) updated its list of validation rules for supervisory reporting, deactivating certain rules due to inaccuracies or IT issues. Authorities should avoid validating data submissions against these deactivated rules.
ESAs Warn of Risks from Economic and Geopolitical Events 10 September 2024
The European Supervisory Authorities (EBA, EIOPA, and ESMA) highlighted economic and geopolitical uncertainties, especially around credit risk and inflation, as potential threats to financial stability. Supervisors are advised to remain alert to these risks, which include cyber challenges and conflicts in Ukraine and the Middle East.
EBA Launches 2024 EU-wide Transparency Exercise 9 September 2024
EBA initiated a transparency exercise involving over 100 EU banks to assess their resilience. The results will be part of the November 2024 Risk Assessment Report and will provide insights into the sector’s health regarding capital positions, risk exposures, and profitability.
EBA Opinion on Dutch Macroprudential Measure 29 August 2024
The EBA supported the extension of the Dutch Central Bank’s macroprudential measure to manage risks in the residential real estate market. This measure will remain in place until 2026 and targets high-risk housing loans.
ESMA Publishes 2024 Risk Monitoring Report 29 August 2024
ESMA identified ongoing risks in EU financial markets, such as rising credit concerns and geopolitical tensions. Corporate bond issuance has slowed, and equity markets remain volatile, while IPO activity has shown some improvement.
UK
PRA Publishes Second Policy Statement on Basel 3.1 12 September 2024
The Prudential Regulation Authority (PRA) has released its second policy statement on Basel 3.1, setting new rules for capital requirements and credit risk management. Implementation has been pushed to January 2026, with reduced burdens for SME lending and trade finance.
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Bank of England Opens Statistical Reporting Testing 11 September 2024
The Bank of England is reopening its user acceptance testing environment for software houses to validate statistical reporting submissions. The testing window will run from 16 to 27 September 2024.
US
FED Issues FOMC Statement 18 September 2024
The Federal Reserve announced a half-point reduction in the federal funds rate to 4.75-5%, citing steady economic activity and gradual progress towards its 2% inflation target.
Agencies Extend Comment Period for Bank-Fintech Arrangements 13 September 2024 The federal bank regulatory agencies extended the public comment period on bank-fintech arrangements to 30 October 2024. They aim to gather insights on effective risk management and implications of such collaborations.
SEC Adopts Amendments to Enhance Market Transparency 18 September 2024
The SEC has introduced amendments under Regulation NMS to improve transparency and lower transaction costs. The changes will take effect 60 days after publication, with compliance deadlines extending into 2026.
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