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Items tagged with "Regulation"

Thirty Recommendations on Regulation, Innovation and Finance

 The opportunities (and risks) presented by fintech are creating undeniable and unavoidable changes to economies worldwide – but how should regulators respond? The Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG) was set up by the European Commission in June 2018 to explore this question. Recently it published its recommendations, both identifying regulatory obstacles […]

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India extends XBRL to Co-operative Banks

As part of a number of regulatory requirements established in recent months, this week the Reserve Bank of India (RBI) mandated regular XBRL reporting for urban co-operative banks (UCBs). UCBs are co-operatively owned, usually formed around communities or small groups with a common interest and used to finance small businesses within that community. They have […]

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US Federal Regulators Accept Alternative Data

Five US Federal financial regulatory agencies have issued a joint statement outlining their thoughts on the use of alternative data in underwriting and credit analysis by banks, credit unions and financial firms. The statement, issued by the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the […]

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EU Adopts Changes to Supervisory Framework

As the year draws to a close the EU is going through the process of adopting the first review of the European system of financial supervision (ESFS) since it was established in 2011. The ESFS was established in 2011 in response to the 2008 financial crisis. It consists of the three European supervisory authorities (ESAs); […]

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PRA Publish Solvency II Supervisory Approach

On 14 November, the UK’s Prudential Regulation Authority (PRA) published a public disclosure of Solvency II related regulations, the PRA’s supervisory approach and supervisory disclosures applicable to the year-end 2018. These are regulations primarily relevant to PRA authorised insurance companies and other insurance regulators. Designed to foster transparency and accountability between supervisory authorities, the extensive […]

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Big Data, Regulation and Policy

What role does personal data play within digital financial innovation? And how can policy facilitate the use of big data while taking account of data protection requirements? Mr Agustín Carstens, General Manager of the Bank of International Settlements, gave a thought-provoking keynote speech on these topics at the 55th SEACEN Governors’ Conference in Singapore. The […]

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SRB Publish 2020 Taxonomy

Europe’s Single Resolution Board (SRB) is taking steps to protect taxpayers from having to bail out the banks. This week they have published a taxonomy extension in order to facilitate their shift to full XBRL reporting in 2020. The SRB was formed in response to the ‘too big to fail’ problem revealed by the 2008 financial crisis. In […]

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Trust, Access and Expansion

In a powerful keynote speech at Data Amplified, Leslie Seidman, former Chair of the FASB and now an independent board member and Audit Committee Chair made some key recommendations for regulators around the world.

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XBRL US Comments on Modernisation of S-K

XBRL US has submitted a comment letter strongly recommending that the SEC adopts financial data standards for information affected by the Modernization of Regulation S-K proposals. As previously reported, the SEC recently submitted a proposal to amend regulation S-K, including various changes to disclosure requirements designed to improve the readability of disclosures, discourage repetition and discourage […]

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News Item

EBA Extends EU-Wide Deadline for New Payment Security Rules

The European Banking Authority (EBA) have pushed back the deadline for the migration to Strong Customer Authentication (SCA) standards across Europe until 31 December 2020, giving national authorities a 15-month extension to implement the new rules. EBA have acknowledged a lack of clarity around the complex requirements and the importance of a harmonised approach across […]

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