Global Banking Regulation Review (GBRR) is a trusted source for news, analysis, and data on global wholesale banking regulation, providing comprehensive insight into compliance, conduct, and prudential regulation. It is now available to subscribers of Lexology PRO, a premium legal research offering that combines GBRR's critical insights with Lexology's advanced research resources, including AI search and automated regulatory updates, to offer comprehensive coverage of legal and regulatory issues relevant to the banking industry.

Global Banking Regulation Review (GBRR) provides comprehensive news, analysis, and data on global wholesale banking regulation, focusing on compliance, conduct, and prudential regulation. It is a critical resource for in-house counsel, private practitioners, regulators, and consultants in the banking regulation community. Now available to Lexology PRO subscribers, it offers insights into emerging issues like fintech, crypto, and climate change, combined with premium research resources such as AI search and automated regulatory updates.

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Global Banking Regulation Review (GBRR) provides comprehensive news, analysis, and data on global wholesale banking regulation, focusing on compliance, conduct, and prudential regulation. It is now available to Lexology PRO subscribers, offering critical insights into emerging issues like fintech, cryptocurrency, and climate change, combined with premium research resources such as AI search and automated regulatory updates.

An international body of central banks and financial ministries has stated that the EU and UK need to maintain progress with money market fund regulation reforms.

The German financial regulator BaFin has revised its banking risk management handbook to implement a specific approach for overseeing credit spread risks, aligning with the European Banking Authority's 2023 CSRBB guidelines.

The chair of the Financial Stability Oversight Council has defended its decision to reintroduce the systemically important designation for non-banks, countering criticism from House Republicans.

Switzerland’s financial regulator, FINMA, has proposed guidelines for managing nature and climate-related financial risks, highlighting a lack of preparedness within the country's financial industry.

The US Securities and Exchange Commission (SEC) has approved multiple spot Bitcoin ETFs for trading on national exchanges, despite ongoing doubts about the agency's approval process for crypto-related funds.

Australia introduces supervisory expectations on pre-hedging approaches, while Japan provides further details on asset management reforms and consults on new special zones for the industry, among other key updates.

The European Union and United Kingdom have announced their initial steps towards implementing the final package of Basel III reforms. The UK anticipates a smaller impact on capital requirements compared to the EU and the US.

The Financial Stability Board has finalized its recommendations for managing risks associated with third-party service providers for financial institutions and regulators. The emphasis is on ensuring consistency across borders and proportionality in regulation.

The international body of securities regulators, IOSCO, has issued 21 draft principles aimed at ensuring orderly and transparent creation and trading of carbon credits in voluntary carbon markets.

The IAIS publishes its global annual report, the UK FCA prepares to launch its VFM framework consultation, and EIOPA releases updates on Solvency II calculation methods, among other key updates in the insurance sector.

The International Organization of Securities Commissions (IOSCO) has called for regulators to accelerate their efforts in regulating ESG ratings and data providers, emphasizing the need to address emerging malpractices in the sustainability market. This call comes as COP28 is taking place in Dubai.

The Bank of Japan is reviewing various countries' experiments with distributed ledger technology (DLT) and central bank digital currencies (CBDC). Indonesia's regulator has released an AI code of ethics, and Singapore has launched a whitepaper on the use of generative AI in fintech. These updates highlight significant regulatory and technological advancements in the fintech sector across the Asia-Pacific region.

The UK's financial regulator, the FCA, has introduced finalized rules and criteria for funds to make sustainability claims for their products, with potential plans to extend these requirements to other financial products.

A government-backed independent review criticized the UK payments landscape for lacking vision and clarity of priorities, urging the government to take advantage of the post-Brexit context to simplify regulatory frameworks.

Singapore has introduced guidelines for financial service transition planning, Japan has outlined its strategy for reducing carbon emissions, and New Zealand has provided an update on its scenario analysis information sheet. These are part of the key updates in the Asia-Pacific region regarding ESG and green financing for November 2023.

The Financial Conduct Authority (FCA) has identified that UK fund managers need to improve to meet disclosure expectations for ESG and sustainable funds, as the UK prepares to finalize its anti-greenwashing rules and guidance.

Australia's prudential regulator is proposing new liquidity requirements for the country's small to medium banks, which will involve reflecting unrealised losses in their liquidity accounting and disqualifying some assets as eligible liquid assets. This follows recent bank collapses in the United States.

The three US federal banking regulators have finalized the first major revision of the Community Reinvestment Act rule in a quarter century, introducing four new performance tests and a simplified grading system.

The US CFPB fines Citi $25.9 million for credit card application discrimination, the UK FCA publishes new guidance on crypto marketing, and China warns of fraud through AI, highlighting key regulatory updates and risks in the financial services sector.

Australia imposes penalties on an insurer and pension fund for non-compliance and governance weaknesses. Hong Kong initiates anti-corruption measures. Singapore and Indonesia unveil development plans for their insurance sectors, alongside other significant updates in the APAC region.

The United States’ three federal banking regulators have finalized joint risk-based principles for a climate management framework. However, Republicans argue that this move distracts from other emerging risks and the needs of impoverished communities.

Australia imposes fines on a company for misleading cryptocurrency promotion, Hong Kong's Securities and Futures Commission (SFC) labels crypto exchange JPEX as uncooperative in a high-profile case, and Indonesia commits to enhancing digital-based Sharia finance, among other significant updates.

The Basel Committee has proposed standardised disclosures for banks' exposure to cryptoassets to support the new crypto prudential standard it finalized last year.

The UK's prudential regulator and finance ministry have issued a coordinated set of proposed changes to the ring-fencing regime for the overseas operations of regulated banks.

Japan’s banks are offering compensation following the first breakdown in half a century of the country’s interbank settlement system. The country’s financial regulator is now demanding answers to understand the cause of the failure.

The head of the European Commission’s financial services section acknowledged a widespread reluctance among regulators to utilize the bank resolution framework during crises. He advocated for an evolved framework that would extend the availability of resolution funding, with support from the European Central Bank.

The United States' consumer finance protection chief, Chopra, has pledged new rulemaking and enforcement actions against excessive surveillance and financial exclusion. He warns that the development of commerce and payment infrastructures in the United States could lead to outcomes similar to those seen in China.

Four APAC central banks are collaborating on a common cross-border transaction protocol, Taiwan is simplifying requirements for high-asset investors and banks, and China is mandating reforms in capital market and equity funds.

The Dutch financial markets regulator has finalized guidelines for companies making sustainability claims on their operations or products. Concurrently, the European Commission is launching a review of its own ESG disclosure regime.

EU financial regulators have released their annual agenda, focusing on the implementation of the Sustainable Finance Disclosure Regulation (SFDR) and the Digital Operational Resilience Act (DORA) in 2024. The agenda also includes initiatives around sustainable and digital finance policies and ongoing assessment of financial stability risks from banking sector turmoil and global political developments.

The European Central Bank has urged banks to revise their interest rate risk strategies after identifying net unrealised losses of approximately €73 billion in bonds during the second quarter of 2023. The ECB cautioned that these losses could escalate significantly under adverse market conditions.

The US consumer protection regulator has instructed lenders to provide specific reasons for denying or reducing customers' credit applications when using complex algorithms.

A sustainability-focused network of central banks and regulators, NGFS, has introduced a draft handbook outlining a high-level, principle-based approach to address nature risk, marking a significant step in regulatory attention towards sustainability.

China’s three stock exchanges have introduced new reporting obligations for investors engaged in algorithm trading to enhance supervision over abnormal and high-frequency trading activities.

The UK and European Union have released new guidance to enhance companies' implementation of international sanctions, aiming to counter Russia's increasingly complex and opaque attempts to evade them.

Switzerland's financial regulator, FINMA, released new guidance on money laundering risk analysis after identifying deficiencies in the risk monitoring of over 30 Swiss banks. This comes in anticipation of a major legislative update to the country's anti-money laundering framework.

A Swiss government panel reviewing the 'too big to fail' regime after Credit Suisse's collapse recommends expanding regulatory tools and increasing public-funded emergency liquidity. The report highlights concerns about future bank rescues with only one G-SIB remaining in the market.

Switzerland is proposing reforms to its anti-money laundering framework, including a non-public ownership register and new due diligence rules, in response to international pressure and criticism of being a 'weak link' in sanctions enforcement.

Indonesia launches a new carbon exchange, Hong Kong announces a significant voluntary carbon credit sale, and the EIB and AIIB pledge capital into the region’s transition finance, highlighting key updates in ESG and green financing in the APAC region.

China issues new cybersecurity insurance guidelines, New Zealand focuses on liquidity and governance, and Indonesia releases a new Sharia spin-off regulation, highlighting key regulatory updates in the APAC region.

The article provides key updates on fintech developments in the Asia-Pacific region for August 2023, including a landmark ruling by the Singaporean court on the nature of cryptocurrency, the issuance of Hong Kong's first retail crypto exchange licenses, and the introduction of a new fintech development roadmap in Taiwan.

The European Central Bank (ECB) has outlined its expectations for identifying concentration risk and transactions within financial service groups headed by significant banks, releasing a draft guide to aid in risk reporting.

The Financial Conduct Authority has specified its expectations for UK cryptoasset companies to comply with the FATF Travel Rule, which requires them to start gathering information within a few days.

The UK is moving towards reorganising its securitisation rules, with proposed reforms by the Financial Conduct Authority and Prudential Regulation Authority expected to largely preserve existing standards.

Singapore introduces new monitoring obligations for single family offices, Australia establishes a new register for foreign-owned local assets, and China proposes measures to combat insider trading, among other key asset management updates in the Asia-Pacific region for August 2023.

Japan issues draft impact investment guidelines, Singapore consults on environmental collaborations guidance regarding competition, and Australia’s securities regulator sues one of the world’s largest investment managers for alleged greenwashing, highlighting key ESG and green financing updates in the APAC region for August 2023.

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has proposed unifying its authorisation exemptions for single family offices regardless of their structures to enhance anti-money laundering monitoring.

The chief executive of NatWest Group has resigned following a decision by its subsidiary Coutts to close an account belonging to Brexit campaigner Nigel Farage. This incident has prompted the UK government to issue new policy statements addressing the debanking of politically-exposed persons and the relationship between banking and free speech.

The UK government has dismissed a recommendation from a parliamentary committee to regulate cryptocurrencies in a manner similar to gambling, stating that the gambling regulator lacks the expertise to handle risks associated with financial markets.

Australia’s APRA releases new prudential standards for operational risk and confirms policy and supervisory priorities, while New Zealand’s FMA finalises intermediated distribution conduct guidance. The article provides key updates on insurance and prudential regulations in the APAC region.

The derivatives sector’s trade organization, ISDA, has introduced principles for banks to conduct scenario analysis on the impacts of climate events on trading books. The initiative emphasizes the need for a common methodology and reliable data availability.

With increasing calls for regulation in the UK's expanding buy-now-pay-later sector, Lexology PRO examines potential regulatory measures as authorities plan to address the rapidly growing market of short-term interest-free loans.

A UK industry group has proposed voluntary rules for ESG rating agencies and data providers as the government concludes its consultation on potential regulation.

Germany’s financial services regulator, BaFin, has amended its bank risk management regulation in line with the latest EBA lending guidelines and to address emerging risks in the real estate market.

Two Southeast Asian countries have reviewed their measures against money laundering and terrorist financing risks. Singapore has confirmed its timeline for implementing Basel III reforms, and China has established a new national financial regulator. These updates highlight significant regulatory changes and measures in the APAC region.

The European Banking Authority has called for improved adherence to its anti-money laundering guidelines by financial supervisors and firms, citing deficiencies in their risk management and understanding.

Brazil’s government has designated its central bank as the country’s virtual asset supervisor, with its financial market regulator overseeing tokenised securities. Detailed regulatory proposals are still forthcoming.

UBS is set to initiate 'cultural maintenance' following its merger with Credit Suisse, emphasizing that it will not tolerate any problematic employees. The merger, described as a 'shotgun marriage,' is accompanied by delayed new capital requirements.

Three US federal banking regulators have unified their guidance documents on third-party risk management into a new set of principles, stressing the importance of banks customizing their risk management practices.

Australia initiates a multi-commission effort to address greenwashing and greenhushing, Hong Kong seeks feedback on its prototype green taxonomy, and GFANZ issues guidance on financing the phaseout of coal plants, among other significant updates in green financing across the APAC region.

EU regulators are targeting misleading naming rules and obscure data methodologies in a new joint effort to combat greenwashing. They recognize that rapid regulatory changes have posed implementation challenges for market participants.

The Office of the Comptroller of the Currency (OCC) has indicated that large US banks with ongoing problems should anticipate stricter enforcement actions as it updates its enforcement handbook.

Hong Kong's regulatory framework for crypto exchanges has been implemented, addressing AML, customer protection, and prudential control issues comprehensively. However, a regulatory framework for other crypto actors is still pending.

The EU’s executive body has proposed an overhaul of its existing rules for consumer participation in capital markets, which practitioners note mirrors concepts from the UK's new Consumer Duty.

Australia is consulting on a new insurance capital and reporting framework, China has introduced a new registration system for debt investment products, and Hong Kong is set to include a risk-based capital regime for insurers, among other key updates.

The European Banking Authority has completed its investment firm regulatory roadmap by proposing new standards for the prudential consolidation of investment firm groups. These standards outline the requirements for consolidation methods and the establishment of internal control mechanisms and organizational structures within consolidated groups.

The Bank of England has announced plans to unify its enforcement approach, offering incentives for early cooperation and considering larger fines for regulatory infringements by big firms.

The Federal Deposit Insurance Corporation (FDIC) has announced a US$16 billion charge to the US banking sector for rescuing depositors of SVB and Signature Bank in March 2023. The FDIC is considering further guarantees for large deposits of specific account types to provide reassurance during liquidity stress while limiting moral hazard.

A senior official from DG-FISMA has indicated that no major new ESG legislation is expected from the European Commission until after the next European elections, as the financial markets continue to adapt to recent taxonomy and disclosure regulations.

The latest edition of Updata, produced by Eversheds Sutherland, covers key privacy and cybersecurity developments from April to June 2023. It includes scrutiny of AI by governments and regulators, new guidance from the EDPB, studies on GDPR enforcement, progress in EU legislation for AI and digital markets, resources for supply-chain cybersecurity, and various national and international updates. The report also introduces Eversheds Sutherland's new 'Metaverse' tool and discusses the extension of the EU's cyber sanctions regime, among other topics.