In search for yield during the low interest rate environment, banks have increased the volume of capital market services provided to riskier and less transparent counterparties, including non-bank financial institutions (NBFIs), such as hedge funds and family offices. The European Central Bank (ECB) is concerned about the counterparty credit risk (CRR) involved in these activities […]
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The Swiss Financial Market Supervisory Authority FINMA published the fully revised circular on operational risks at banks in December 2022. The circular has been adapted to include new technological developments and has integrated the principles of the Basel Committee on Banking Supervision (BCBS) on operational resilience. Through the new circular the FINMA clarifies its supervisory practice regarding […]
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The European Banking Authority (EBA) launched the 2023 EU-wide stress test and released the macroeconomic scenarios. This year’s stress test is designed to assess the resilience of the European banking sector in the current uncertain and changing macroeconomic environment. The adverse scenario is based on a narrative of heightened geopolitical tensions (e.g., no Russian gas to Europe), leading to high inflation and […]
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In November 2022, the Council of the EU approved the Corporate Sustainability Reporting Directive (CSRD). The CSRD requires companies to disclose information on the way they operate and manage social and environmental challenges. They need to do so in compliance with European Sustainability Reporting Standards (ESRS). Under the CSRD, the European Financial Reporting Advisory Group (EFRAG) was requested to […]
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On 31 January 2023, the European Banking Authority (EBA) opened the consultation on the amendment of the Implementing Technical Standards (ITS) on supervisory reporting with respect to Interest Rate Risk in the Banking Book (IRRBB)1. Together with the consultation, the EBA has published the proposed reporting templates, including the reporting instructions. With the consultation, EBA […]
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