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  • BIS: Financial Crime In Times Of Covid-19 - AML And Cyber Resilience Measures

    Date 15/05/2020

    Highlights

    • Criminals are exploiting vulnerabilities opened up by the Covid-19 lockdown, increasing the risks of cyber attacks, money laundering (ML) and terrorist financing (TF).
    • Authorities worldwide have responded by drawing financial institutions' attention to these threats and by providing guidance on ways to improve cyber security and mitigate ML and TF risks.
    • Financial authorities are warning financial institutions to be particularly watchful in relation to their IT networks and non-public data; third-party risk; and cyber security incident response plans; and to focus additional effort on staff training and awareness.
    •  Financial authorities also emphasise the need for financial institutions to be vigilant of new ML and TF risks and to continue meeting anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, while using the flexibility built into the AML/CFT risk-based framework, digital customer on-boarding and simplified due diligence processes.
    •  In both areas, the official guidance underscores the trade-offs between expecting financial institutions to enhance or adjust their cyber resilience and AML frameworks and, on the other hand, avoiding imposing an excessive burden that could hinder financial institutions in delivering key financial services.

  • Moscow Exchange: Risk Parameters Change For The Security RU000A1012B3

    Date 15/05/2020

    As per the Securities market risk parameters methodology, on 15.05.2020, 18-30 (MSK) the upper bound of the price band (up to 116.34) and initial margins (up to 23.75 %) for the security RU000A1012B3 were changed. New values are available here

  • EBA: Consultation Paper On Draft Regulatory Technical Standards On The Contractual Recognition Of Stay Powers Under Article 71a(5) Of Directive 2014/59/EU

    Date 15/05/2020

    The European Banking Authority (EBA) launched today a public consultation on its draft Regulatory Technical Standards (RTS) for contractual recognition of stay powers laid down in the Bank Recovery and Resolution Directive (BRRD). These RTS support the effective application of temporary restrictions on early termination rights (resolution stays) in relation to financial contracts governed by the law of a third country. These standards are the first EBA mandate stemming from the revised BRRD and aim at promoting the effective application of recovery and resolution powers to banks and banking groups and to foster convergence of practices between relevant authorities and institutions across the EU. The consultation runs until 15 August 2020.


  • BIS: Covid-19 And Regional Employment In Europe

    Date 15/05/2020

    Key takeaways

    • We construct employment risk indices for European regions that reflect the share of jobs under threat
      from Covid-19. The risk index is based on local employment in sectors that are more exposed to the
      pandemic and on the regional incidence of small firms.
    • Employment in regions in southern Europe and France is shown to have high risk indices, while regions
      in northern Europe have lower risk indices. Eastern and central European regions have intermediate risk
      indices.
    • Regions with a higher risk index have a bigger jump in Google searches for unemployment-related terms.

  • Cappitech Comments Challenges Facing The Regulatory Reporting Industry As A Result Of CME Regulatory Reporting Services Closure - Repercussions From The Closure Will Have Far Reaching Impact On The Regulatory Reporting Community And Industry At Large

    Date 15/05/2020

    Today’s announcement regarding the closure of CME’s regulatory reporting services (Multi-regional network of Trade repositories, Approved Reporting Mechanism and APA) in EU/AU, will have left the market and CME’s clients with real concerns regarding consistency of trade reporting and their ability to transfer to a new TR/ARM with as little impact on their individual businesses as possible. In the current COVID-19 environment, and with a relatively short timeline to find alternative providers, this is potentially even more challenging, particularly as regulators are likely to expect dependable and high-quality trade reporting to continue throughout.


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