Update on credit union regulatory reporting from PRA

The PRA has updated its webpage on credit union, setting out the next steps for regulatory reporting. This follows on from a consultation on proposals which suggested quarterly or annual returns and regulatory data being entered electronically. The online system is intended to go live on 3 January 2017 and the PRA will further update credit unions on the following:

  • Final policy following the consultation which closed on 5 September 2016
  • System login details
  • Accessing the new system and support available 

PRA, 24 October 2016

Review of large exposures regime under Capital Requirements Regulation under EBA

The EBA has published its response to the European Commission's consultation on the review of the large exposures regime under the CRR. There are three sections to the report as follows:

  • Alignment with the BCBS large exposures framework
  • Exemptions to the large exposures regime
  • Additional issues

EBA, 24 October 2016

Publication of the Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016

The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016 was published with an explanatory memorandum on 24 October 2016. This amends secondary legislation as a result of changes to section 66 of FSMA, in particular 66A and 66B relating to the senior managers regime.  The Order will come into force on 21 November 2016., 24 October 2016

EC adopts Delegated Regulation on RTS on benchmarking portfolio assessment standards and assessment of sharing procedures under CRD IV

Delegated Regulation regarding RTS on benchmarking portfolio assessment standards and assessment sharing procedures under the CRD IV Directive has been adopted by the European Commission.

European Commission, 24 October 2016

Financial Action Task Force guidance on correspondent banking services

The FATF has published guidance on correspondent banking services which addresses the issue of de-risking and clarifies how money laundering and terrorist financing risks should be managed. The guidance states that any enhanced due diligence measures should be commensurate to the degree of risk, and an accompanying webpage looks at how "de-risking" has negatively impacted correspondent banking.

Financial action Task Force, 21 October 2016