Risk and Regulation MonthlyJanuary 20201
ContentsCONTENTSHIGHLIGHTSBREXITBANKINGCAPITAL MARKETSINSURANCEINVESTMENT MANAGEMENTOTHERCONTACTSHighlightsWelcome to the latest edition of Risk and Regulation Monthly.January was an opportunity for supervisory and regulatory bodies to set out their future priorities,as well as a time for reflection on achievements.The IOSCO Board agreed to continue its focus, in 2020, on crypto-assets; artificial intelligence andmachine learning; market fragmentation; passive investing and index providers; and retaildistribution and digitalization. In addition, it identified a further priority: rising levels of corporatedebt and the potential resulting risks in capital markets.In Europe, the Commission’s 2020 work programme is focused on the delivery of six headlineambitions including a European Green Deal; ensuring that Europe is fit for the digital age; and adeveloping an “economy that works for people”. The work programme includes a review of theeconomic governance framework and new Action Plan on Anti-Money Laundering.In the UK, the FCA issued several Dear CEO letters outlining the key risks of harm in a number ofsectors and its supervisory strategy in relation to these. Firms receiving the letters includepersonal and commercial lines insurers, financial advisors, asset managers, benchmarkadministrators and alternative investment firms.Finally, as he prepares to leave his post as Chief Executive, Andrew Bailey took part in a finalpodcast reflecting on his time at the FCA and calling on large technology companies to work withthe regulator to help protect consumers.
BrexitOtherUKCMA Guidance on the functions of the CMA under theWithdrawal Agreement.Link Speech by Nausicaa Delfas, Executive Director ofInternational at the FCA, on the approach to internationalregulation and next steps on Brexit.Link Information for firms during the Brexit implementationperiod.LinkUpdate on governance and reporting obligations followingthe UK’s withdrawal from the European Union.LinkFCAEUESMA EUECB Central Bank Speech by Luis de Guindos, Vice-President of the ECB, onforging a new relationship between the UK and the EU.LinkSRB statement on UK withdrawal from the EU.LinkSRB Back to topBankingPrudentialUKPRA Dear CFO Letter on the liquidity positions of the largestand most systemically important banks and investmentfirms active in the UK.Link
Policy statement on updates to the Pillar 2 capitalframework.Link Consultation paper on RTS on the treatment of nontrading book positions subject to foreign-exchange risk orcommodity risk under the FRTB framework.Link EBA Board of Supervisors select Gerry Cross as new EBAExecutive Director.Link Consultation on the future of the EU-wide stress testframework.LinkEUEBAECB - SSM Consultation on the draft ECB guideline on materialitythreshold for credit obligations past due for lesssignificant institutions.Link Speech by Andrea Enria, Chair of the Supervisory Boardof the ECB, on the results of the 2019 SREP.Link Speech by Andrea Enria, Chair of the Supervisory Boardof the ECB, on the need for deeper integration of the EUbanking sector and some of the options the ECB isconsidering in order to achieve it.Link2019 SREP results, individual Pillar 2 Requirements, andmethodology.Link ECB Central Bank Recommendation on dividend distribution policies. Press conference with Christine Lagarde, President of theECB, and Luis de Guindos, Vice-President of the ECB, onthe decision to keep ECB interest rates unchanged.Speech by Christine Lagarde, President of the ECB, onhow a united Europe can meet the challenges of a fastpaced global environment by demonstrating thesustainability of a political and economic integration;leveraging the single market; and addressing issues,such as climate change, that are beyond the remit of asingle country. LinkLinkLinkSRB Int'lBISArticle on resolution, from basics to readiness.Link
Interview with Christine Lagarde, President of the ECB,on the outlook of the global economy and some of thework of the ECB.Speech by Pablo Hernandez de Cos, Chair of the BCBSand Governor of the Bank of Spain, on the need toimplement Basel III.LinkLinkFSB Annual report on non-bank financial intermediation.LinkConductUKFCA FCA publishes data that demonstrates 7 out of 10overdraft users will be better off or see no change as aresult of changes introducing a simple annual interestrate on overdrafts.Request for further information about how firms arrivedat their new overdraft rates in response to upcomingrules requiring them to use a simple annual interest rate.LinkLink Consultation on the introduction of a Single Easy AccessRate for cash savings.Link Publication of a performance scorecard to help customerscompare metrics for personal current accounts.LinkLetter from Sajid Javid to Lord Forsyth on the launch dateof the upcoming joint consultation on the calculation ofthe Retail Prices Index.LinkHMT Back to topCapital MarketsPrudentialEUESMA Strategic orientation document setting out key areas offocus for 2020 – 2022 including supervisory convergenceand retail investor protection.Link Consultation paper on guidelines on securitisationrepository data completeness and consistency thresholds.LinkConduct
UKBoE BoE, FCA and Working Group on Sterling Risk-FreeReference Rates (RFRWG) publications on priorities andmilestones for LIBOR transition in 2020.LinkStatement on the requirement for firms annually toupdate or confirm their details.Link Final Report on membership criteria and due diligence bycentral counterparties (CCPs) towards their clearingmembers.Link Common Supervisory Action (CSA) on the supervision ofUCITS managers’ liquidity risk management.Link Consultation on draft technical standards on the provisionof investment services and activities in the EU by thirdcountry firms under MiFID II/MiFIR.LinkFCA EUESMAInt'lIOSCO IOSCO published its annual work programme for 2020.LinkBack to topInsurancePrudentialUKPRA Policy Statement on Solvency II: Longevity risk transfers- simplification of PRA’s pre-notification expectations.Link Call for feedback on the content and format of regular,aggregated data relating to the UK Insurance market.LinkEUEIOPA
Instructions and technical specifications for firms oncompleting the data request for the market and creditrisk comparative study for year-end 2019.LinkConductUKCMA Report on the progress made in tackling the “loyaltypenalty” in the mobile phone, broadband, householdinsurance, cash savings and mortgage markets.Link Dear CEO letter on non-financial misconduct in wholesalegeneral insurance firmsLink Published data and analysis to help firms betterunderstand the “mortgage prisoner” population andencourage them to offer modified affordabilityassessments based on a borrower’s track record ofmaking mortgage payments.Statement on intention to review the market for pensionsand investment advice for a second time – the AssessingSuitability Review 2.FCA LinkLinkBack to topInvestment ManagementPrudentialUKFCA Multi-firm review findings on how firms in the assetmanagement sector select and use risk modelling andportfolio tools.LinkFinal Report on guidelines on reporting under SFTR.LinkReport on mitigating the pro-cyclicality of margins andhaircuts in derivatives markets and securities financingtransactions.LinkEUESMA ESRB
Int'lIOSCO IOSCO recommends synchronising clocks used fortimestamping with coordinated universal time.LinkConductUKFCA Occasional Paper on high-Frequency trading.LinkBack to topOtherPrudentialUKPSR Call for input on competition and innovation in the UK'snew payments architecture.LinkUpdated guidelines on fraud reporting under PSD2.LinkEUEBA ConductUKFCA A number of Dear CEO/Dear Board of Directors letterswere published setting out the FCA’s supervisory strategyfor the following sectors:i.Financial Advisersii.Alternative Investment Firmsiii.Asset Managersiv.Benchmark Administratorsv.Personal and Commercial Lines InsurersLinkLinkLinkLinkLink
Andrew Bailey, CEO of the FCA, took part in a podcastcalling on tech giants to collaborate with the FCA to helpprotect consumers.LinkTechnical consultation on the Fifth Money LaunderingDirective and Trust Registration Service.LinkRemarks by John C Williams, President and CEO of theFederal Reserve Bank of New York, on establishing apositive culture in financial services firms.LinkHMT Int'lBIS FintechUKBoE Discussion paper on data collection from the UK financialsector.LinkUpdated data strategy setting out how the FCA will usedata and advanced analytics to support its approach toregulation.Link Viability assessment on digital regulatory reporting.Link FCA/BoE Financial Services AI Public Private Forum(AIPPF) established to better understand the use andimpact of AI.LinkBlog post sharing internal analysis on banks’ andinsurers' reliance on Cloud outsourcing.LinkConsultation paper on a proposal to vary the SpecificDirection 10 on Confirmation of Payee.LinkReport on trends of big data and advanced analytics.LinkFCA PRA PSR EUEBA Int'l
BIS Central bank group to assess potential cases for centralbank digital currencies in their home jurisdictions.LinkSustainable FinanceUKBoE Mark Carney appointed the Prime Minister’s FinanceAdviser for UN Conference of Parties 26.LinkEUECOFIN Results from the Economic and Financial Affairs Council,21 January 2020. Topics of conversation included digitaltaxation and the European green deal.LinkConsultation on its 2020/21 annual plan.LinkSpeech by Chris Hemsley, Managing Director, on how thePSR is acting on feedback from stakeholders across itskey projects including access to cash and the newpayments architecture.LinkPublished its 2020 work programme, including measuresto ensure that Europe is fit for the digital age and thedevelopment of the European Green Deal.LinkOtherUKCMA PSR EUEC ECB - SSMEuropean Parliament Int'lBriefing on ECON-related priorities and programme of theCroatian Presidency, the EU Green Deal and the EU2020strategy for growth.Link
IMF Opening remarks by Kristalina Georgieva, ManagingDirector, on the world economic outlook for 2020 and2021 and the steps policymakers can take to manage“tentative stabilisation and sluggish recovery”.Back to topLink
GlossaryAFMs Authorised Fund ManagersAI Artificial IntelligenceAIFMD Alternative Investment Fund Managers DirectiveALMD Anti Money Laundering DirectiveAMF Autorité des Marchés FinanciersAML Anti-Money LaunderingAPA Approved Publication ArrangementAUM Assets under managementBCBS Basel Committee on Banking SupervisionBEAR Banking Executive Accountability RegimeBIS Bank for International SettlementsBMR Benchmarks RegulationBRRD Bank Recovery and Resolution DirectiveBTS Binding Technical StandardBoE Bank of EnglandCBI Central Bank of IrelandCCP Central CounterpartyCP Consultation PaperCTF Counter Terrorist FinancingCISO Chief Information Security OfficerCMA Competition and Markets AuthorityCMU Capital Markets UnionCNMV Comisión Nacional del Mercado de ValoresCQS Credit Quality StepCRD Capital Requirements DirectiveCRR Capital Requirements RegulationCROE Cyber Resilience Oversight ExpectationsCSSF Commission de Surveillance du Secteur FinancierCTP Consolidated Tape ProviderDB Defined BenefitDC Defined ContributionDP Discussion PaperDPA Data Protection AgencyDRR Digital Regulatory ReportingEBA European Banking AuthorityECB European Central BankECOFIN Economic and Financial Affairs CouncilEIOPA European Insurance & Occupational Pensions AuthorityEMEA Europe, Middle East and AfricaEMIR European Market Infrastructure RegulationEONIA Euro Over Night Index AverageESAs European Supervisory AuthoritiesESG Environmental, Social, and GovernanceESMA European Securities & Markets AuthorityESRB European Systemic Risk BoardESTER Euro Short-Term Rate
EU European UnionEuribor Euro Interbank Offered RateFAMR Financial Advice Market ReviewFCA Financial Conduct AuthorityFinPro Financial ProtectionFGCA Financial Guidance and Claims Act 2018FMIs Financial Market InfrastructuresFOS Financial Ombudsman ServiceFPC Financial Policy CommitteeFRTB Fundamental Review of the Trading BookFS Financial ServicesFSB Financial Stability BoardGBP British pound sterlingGDP Gross Domestic ProductGDPR General Data Protection RegulationGSIBs Global Systemically Important BanksHMT Her Majesty’s TreasuryIAIS International Association of Insurance SupervisorsIASB International Accounting Standards BoardIBOR Interbank Offered RateICAAP Internal Capital Adequacy Assessment ProcessICO Information Commissioners OfficeICS Insurance Capital StandardIDD Insurance Distribution DirectiveIFD Investment Firms DirectiveIFR Investment Firms RegulationIFRS International Financial Reporting StandardsILAAP Internal Liquidity Adequacy Assessment ProcessIM Initial MarginIOSCO International Organization of Securities CommissionsIPU Intermediate Parent UndertakingIRB Internal Ratings BasedIRRBB Interest Rate Risk in the Banking BookISAs Individual Savings AccountsIT Information TechnologyJST Joint Supervisory TeamsKID Key Information DocumentLEI Legal Entity IdentifierLIBOR London Interbank Offered RateLTV Loan to ValueM&A Mergers and AcquisitionsMAR Market Abuse RegulationMI Management InformationMiFID Markets in Financial Instruments DirectiveMiFIR Markets in Financial Instruments RegulationMLD Money Laundering DirectiveMoU Memorandum of UnderstandingMREL Minimum requirement for own funds and eligible liabilities
MTF Multilateral Trading FacilityNCA National Competent AuthorityNED Non-Executive DirectorNGFS Network for Greening the Financial SystemNPLs Non-performing LoansNSFR Net Stable Funding RatioOCIR – Operational Continuity in ResolutionORSA Own Risk and Solvency AssessmentOTF Organised Trading FacilityOTC Over the counterPPI Payment Protection InsurancePRA Prudential Regulation AuthorityPRIIPs Packaged Retail Investment and Insurance ProductsPS Policy StatementPSD2 Revised (second) Payment Services DirectiveRDR Retail Distribution ReviewRFRs Risk-Free RatesRRM Risk Reduction MeasuresRTGS Real Time Gross SettlementRTS Regulatory Technical StandardRW Risk WeightSA Standardised ApproachSFTR Securities Financing Transactions RegulationSI Systematic InternaliserSIPPs Self Invested Personal PensionsSM&CR Senior Managers and Certification RegimeSONIA Sterling Overnight Index AverageSRB Single Resolution BoardSRF Single Resolution FundSREP Supervisory Review and Evaluation ProcessSS Supervisory StatementSSM Single Supervisory MechanismTCA Total Capital AdequacyTCFD Task Force on Climate-related Financial DisclosuresTIBER Threat Intelligence-based Ethical Red TeamingTLAC Total Loss-Absorbing CapitalTMTP Transitional Measure on Technical ProvisionsTPP Third-Party ProvidersTPR Temporary Permissions RegimeTRIM Targeted Review of Internal ModelsTRR Temporary Recognition RegimeUCITS Undertakings for Collective Investments in Transferable Securities
ContactsAndrew BulleyPartner, Centre for Regulatory Strategy 44 (0)20 7303 8760Rod HardcastleDirector, Centre for Regulatory Strategy 44 (0)20 7007 1640This publication has been written in general terms and we recommend that you obtain professionaladvice before acting or refraining from action on any of the contents of this publication. Deloitte LLPaccepts no liability for any loss occasioned to any person acting or refraining from action as a result ofany material in this publication.Deloitte LLP is a limited liability partnership registered in England and Wales with registered numberOC303675 and its registered office at 1 New Street Square, London, EC4A 3HQ, United Kingdom.Deloitte LLP is the United Kingdom affiliate of Deloitte NWE LLP, a member firm of Deloitte ToucheTohmatsu Limited, a UK private company limited by guarantee (‘DTTL’). DTTL and each of its memberfirms are legally separate and independent entities. DTTL and Deloitte NWE LLP do not provideservices to clients. Please see www.deloitte.com/about to learn more about our global network ofmember firms. 2020 Deloitte LLP. All rights reserved.
Consultation paper on RTS on the treatment of non-trading book positions subject to foreign-exchange risk or commodity risk under the FRTB framework. . EBA European Banking Authority ECB European Central Bank ECOFIN Economic and Financial Affairs Council EIOPA European Insurance & Occupational Pensions Authority
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XSEDE HPC Monthly Workshop Schedule January 21 HPC Monthly Workshop: OpenMP February 19-20 HPC Monthly Workshop: Big Data March 3 HPC Monthly Workshop: OpenACC April 7-8 HPC Monthly Workshop: Big Data May 5-6 HPC Monthly Workshop: MPI June 2-5 Summer Boot Camp August 4-5 HPC Monthly Workshop: Big Data September 1-2 HPC Monthly Workshop: MPI October 6-7 HPC Monthly Workshop: Big Data
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Billings Clinic Cost Total Monthly Cost Billings Clinic Cost Total Monthly Semi-Monthly Monthly Monthly Semi-Monthly Monthly Monthly Cost Employee Only 99.45 198.90 419.52 618.42 128.01 256.02 415.75 671.77 Preventive Care The Billings Clinic medical plans cover in-network preventive care at 100%. This includes routine screenings and .
average monthly income or net operating loss. Small Business Startup Eligibility Calculation Reduction in Average Monthly Income Net Operating Loss 1.2 X Average Monthly Income (Prior to March 1, 2020) Average Monthly Income (March 1, 2020 to August 31st 2020) Monthly Cash Flow ( ) Monthly Cash Flow (-) Monthly Cash Flow (-) Monthly Cash Flow ( )
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