{"id":137277,"date":"2026-02-25T08:28:06","date_gmt":"2026-02-25T13:28:06","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-2026-global-regulatory-brief-risk-capital-and-financial-stability\/"},"modified":"2026-02-25T08:30:13","modified_gmt":"2026-02-25T13:30:13","slug":"february-2026-global-regulatory-brief-risk-capital-and-financial-stability","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-2026-global-regulatory-brief-risk-capital-and-financial-stability\/","title":{"rendered":"February Global Regulatory Brief: Risk, capital, and financial stability"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d75643d557d'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">February Global Regulatory Brief: Risk, capital, and financial stability<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/320126413-1.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Office building\" title=\"Office building\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d75643de67c'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">February 25, 2026<\/p>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    \t\t<div class=\"bb-tts\" \n\t\t\tdata-selector=\"main\"\n\t\t\tdata-label=\"Speak this page\"\n\t\t\tdata-custom-play=\"Play\"\n\t\t\tdata-custom-pause=\"Pause\"\n\t\t\tdata-custom-stop=\"Stop\" \n\t\t\tdata-overlay=\"false\" \n\t\t\tdata-invert=\"false\"\n\t\t\tdata-no-time=\"false\"\n\t\t\tdata-no-button-text=\"false\"\n\t\t\tdata-one-button=\"true\"\n\t\t\tdata-one-style=\"true\"\n\t\t\tdata-hide-stop=\"true\"\n\t\t\tdata-voice=\"Gordon\"\n\t\t\tdata-pitch=\"1\"\n\t\t\tdata-speed=\"1\"\n\t\t\tdata-align=\"flex-start\"\n\t\t>\n\t\t<\/div>\n\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d75643e096b'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span style=\"font-weight: 400;\">Recent periods of financial stress and the proliferation of risks across the financial system are fueling the development of regulatory initiatives to strengthen requirements and promote international best practice. The following policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more:<\/span><\/p>\n<ul>\n<li><b>India:<\/b><span style=\"font-weight: 400;\"> RBI consults on review of framework on Credit Derivatives<\/span><\/li>\n<li><b>Singapore:<\/b><span style=\"font-weight: 400;\"> MAS consults on updates to liquidity risk management guidelines for FMCs<\/span><\/li>\n<li><b>EU: <\/b><span style=\"font-weight: 400;\">ECB publishes recommendations to streamline EU banking rules<\/span><\/li>\n<li><b>New Zealand:<\/b><span style=\"font-weight: 400;\"> The RBNZ announces changes in bank capital rules<\/span><\/li>\n<\/ul>\n<p><b>RBI consults on expanded credit derivatives framework introducing TRS and credit index products<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI) has <\/span><a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=62178\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> a draft direction proposing a consolidated and significantly expanded framework for India\u2019s credit derivatives market across OTC and exchange-traded venues. The draft introduces Total Return Swaps (TRS) and enables credit index derivatives (including index CDS and futures on credit indices), alongside stronger participation rules, settlement governance and trade reporting requirements.<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d75643e241d'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4102398209391938819\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d75643e8827'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><b>Detail<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New product: Total Return Swaps (TRS): <\/b><span style=\"font-weight: 400;\">The draft permits TRS as a credit derivative where the total return payer transfers the full economic performance of a reference asset (income + price movement) in exchange for a fixed or floating benchmark-linked payment. TRS may be offered by market-makers to resident entities (excluding individuals) without purpose restrictions, while TRS to non-residents is restricted to hedging.<\/span><\/li>\n<li aria-level=\"1\"><b>Credit index-based instruments enabled: <\/b><span style=\"font-weight: 400;\">The framework allows the underlying for CDS\/TRS to be an index comprising eligible debt instruments, subject to index publication by an authorised benchmark administrator (RBI-authorised or SEBI-authorised, with RBI-authorised administrators required where indices include money market instruments). Exchange-traded products can include CDS on credit indices and futures on credit indices.<\/span><\/li>\n<li aria-level=\"1\"><b>Expanded eligible reference instruments:<\/b><span style=\"font-weight: 400;\"> Eligible reference obligations\/assets include money market debt instruments (e.g., CP\/CD\/NCD \u22641 year), rated INR corporate bonds\/debentures, and unrated INR bonds issued by infrastructure SPVs. Securitised\/structured obligations and various structured\/credit-enhanced instruments remain excluded.<\/span><\/li>\n<li aria-level=\"1\"><b>Participant framework and guardrails: <\/b><span style=\"font-weight: 400;\">Market-maker eligibility is restricted to specified banks, large NBFCs\/HFCs\/SPDs meeting net owned fund thresholds (with RBI approval), and select DFIs, with a requirement that at least one party to every transaction be a market-maker or RBI-authorised CCP. Users are classified as retail vs non-retail, with retail users limited largely to hedging and (for OTC CDS) mandatory physical settlement plus notional\/tenor constraints linked to underlying exposure.<\/span><\/li>\n<li aria-level=\"1\"><b>Settlement governance via determinations committee:<\/b><span style=\"font-weight: 400;\"> FIMMDA must establish a Credit Derivatives Determinations Committee to make binding determinations on credit\/substitution\/succession events and to develop procedures for cash and auction settlement (including conducting auctions to set settlement reference prices).<\/span><\/li>\n<li aria-level=\"1\"><b>Enhanced reporting and oversight:<\/b><span style=\"font-weight: 400;\"> Market-makers must report OTC trades to CCIL\u2019s trade repository within 30 minutes, and also report amendments, novations, settlements and relevant events. The RBI also reserves powers to restrict entities from participation for violations.<\/span><\/li>\n<li aria-level=\"1\"><b>FPI participation and limits in exchange-traded products:<\/b><span style=\"font-weight: 400;\"> FPIs may participate in exchange-traded CDS, and in credit index futures subject to conditions\u2014e.g., long positions counting toward corporate debt investment limits, caps on gross short positions, and restrictions where indices include money market instruments.<\/span><\/li>\n<\/ul>\n<p><b>What\u2019s next<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The draft Directions would apply to new credit derivative contracts once finalised, while existing contracts would continue under earlier directions until maturity. Consultation feedback is open until 27 February 2026.<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>MAS consults on updates to liquidity risk management guidelines for FMCs<\/h2>\n<p><b>Overview<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Monetary Authority of Singapore (MAS) has launched a <\/span><a href=\"https:\/\/www.mas.gov.sg\/publications\/consultations\/2025\/consultation-paper-on-updates-to-the-guidelines-on-liquidity-risk-management-practices\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">consultation<\/span><\/a><span style=\"font-weight: 400;\"> to update its guidelines on liquidity risk management (LRM) practices for fund management companies (FMCs). The revisions aim to align Singapore\u2019s framework with international standards set by IOSCO and the Financial Stability Board (FSB), and to strengthen liquidity preparedness for collective investment schemes (CIS).<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The current LRM guidelines were introduced to ensure FMCs manage liquidity risks effectively. The proposed changes reflect IOSCO\u2019s May 2025 recommendations on liquidity risk management for CIS and FSB\u2019s December 2024 report on liquidity preparedness for margin and collateral calls. MAS also intends to update the Code on Collective Investment Schemes (CIS Code) to reinforce liquidity standards for money market funds.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li><b>Scope adjustment:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Exchange-traded funds (ETFs) will be excluded from the LRM guidelines.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Redemption alignment<\/b><span style=\"font-weight: 400;\">:<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Open-ended CIS established in Singapore and authorised by MAS must ensure redemption terms are consistent with the liquidity profile of underlying assets.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Diversified liquidity tools:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">FMCs should adopt a mix of liquidity management tools, including anti-dilution tools (ADTs) alongside quantitative measures such as suspension or gating.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">At least one ADT is mandatory for funds investing primarily in less liquid assets.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Cost incorporation:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Redemption costs must include explicit and implicit costs, such as market impact during asset sales, to protect investors during stress periods.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Governance and disclosure:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Strengthened governance requirements and enhanced disclosures on the design and use of liquidity management tools.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Holistic risk assessment:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">FMCs must consider all potential liquidity risk sources, including margin calls during adverse market movements and operational delays in converting assets to cash, and integrate these into their LRM framework.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>CIS code update:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Introduces expectations on eligible deposits placed with financial institutions to strengthen portfolio liquidity in money market funds.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consultation Deadline: Feedback is due by 28 February 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Implementation Timeline: Revised guidelines and CIS Code updates will take effect six months after publication.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MAS encourages FMCs to begin preparations early, as some firms have already adopted these practices.<\/span><\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>ECB publishes recommendations to streamline EU banking rules<\/h2>\n<p><span style=\"font-weight: 400;\">The European Central Bank\u2019s (ECB) High-Level Task Force on Simplification (HLTF) has <\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/pubbydate\/2025\/html\/ecb.simplification_supervisory_reporting_framework202512.en.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> 17 recommendations to simplify the EU\u2019s prudential regulatory, supervisory and reporting framework for banks. The aim is to reduce complexity while preserving prudential resilience and harmonisation across the Single Market. The recommendations will directly inform the European Commission\u2019s forthcoming Report on the banking system in the Single Market, expected in Q3 2026.<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The HLTF was created in March 2025 by the ECB\u2019s Governing Council to identify ways to simplify the prudential rulebook without compromising financial stability. The recommendations will support the Commission\u2019s evaluation of competitiveness and regulatory burden, following a public consultation planned for H1 2026.<\/span><\/p>\n<p><b>Key takeaways<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>The 17 recommendations abide by the following principles:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Resilience should be maintained; simplification is not deregulation<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Effectiveness in meeting prudential objectives needs to be maintained<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">European harmonisation and financial integration should be fostered<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">International cooperation should be upheld<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>The recommendations to simplify the regulatory framework are:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce number of capital stack elements<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Adjust design or role of capital instruments<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Dedicated, prudent and simpler regime for smaller banks<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Automatic macroprudential reciprocation<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Align MREL and TLAC frameworks more closely<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Refocus from directives to regulations and streamline level 2\/3 acts<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Simplify EU stress test<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Take a holistic view on overall level of capital<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Finalise savings and investment union and banking union<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>The recommendations to simplify the supervisory framework are:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Increase the risk focus of supervision by changing the level of prescriptiveness of regulation governing supervisory processes<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Strengthen and complete the EU Single Rulebook to simplify and harmonise supervisory practices<\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><b>The recommendations to simplify the reporting framework are:<\/b>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Request once: step up coordination and data sharing among key stakeholders<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Report once: establish an integrated reporting system applicable across domains<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Resubmit less: reduce the number of data resubmissions required from banks<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">More transparency: regular and structured publication of reporting initiatives<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Review regularly: a coordinated, periodic review of reporting requirements<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Reform public disclosure: increase consistency between European reporting and disclosure requirements and extend the Pillar 3 Data Hub<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Process &amp; implementation considerations<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The ECB&#8217;s Governing Council has approved the recommendations. Any move to implementation will require collaboration among the Commission, ESCB, SRB, ESRB, EBA and ECB, with consideration for non-SSM countries. Reporting simplification work will continue with ESAs, SRB, national competent authorities, NCBs and the Joint Bank Reporting Committee.<\/span><\/li>\n<\/ul>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commission\u2019s competitiveness report expected Q3 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Further proposal development by EU authorities before any formal legislative or supervisory changes.<\/span><\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Reserve Bank of New Zealand announces outcome of capital review<\/h2>\n<p><span style=\"font-weight: 400;\">Following the completion of a <\/span><a href=\"https:\/\/www.rbnz.govt.nz\/-\/media\/project\/sites\/rbnz\/files\/regulation-and-supervision\/banks\/capital-review\/2025\/2025-review-of-key-capital-settings-terms-of-reference.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">review<\/span><\/a><span style=\"font-weight: 400;\"> commissioned by the Board of the Reserve Bank of New Zealand (RBNZ) in March, the central bank <\/span><a href=\"https:\/\/www.rbnz.govt.nz\/hub\/news\/2025\/12\/reserve-bank-announces-outcome-of-capital-review\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> &#8216;modernised capital rules that will support an efficient and resilient financial system&#8217;.<\/span><\/p>\n<p><b>Detail<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Between 2017 and 2019, the RBNZ completed an <\/span><a href=\"https:\/\/www.rbnz.govt.nz\/regulation-and-supervision\/oversight-of-banks\/how-we-regulate-and-supervise-banks\/our-policy-work-for-bank-oversight\/capital-review\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">extensive review<\/span><\/a><span style=\"font-weight: 400;\"> of New Zealand\u2019s capital framework. This resulted in the decision to significantly improve the quantity and quality of capital that banks are required to hold to improve the resilience of the banking system. These requirements were set to gradually phase in until 2028.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given that the environment had changed since the capital settings were decided in 2019, the RBNZ considered 2025 to be an appropriate time to reassess key capital settings: there had been changes in the legislative and broader environments since it had last reviewed capital requirements between 2017 and 2019. In addition, stakeholders had expressed views that the bank capital requirements were unreasonably conservative and undermining competition and growth in the New Zealand economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In August of this year, the central bank published a <\/span><a href=\"https:\/\/consultations.rbnz.govt.nz\/prudential-policy\/review-of-key-capital-settings\/user_uploads\/consultation-paper-review-of-key-capital-settings.pdf?_gl=1*5sqnus*_ga*Njk4MTgwNjAwLjE3NjYzNTM3ODc.*_ga_51JCWD9FGD*czE3NjYzNTM3ODYkbzEkZzEkdDE3NjYzNTU4NjckajU4JGwwJGgw\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">consultation paper<\/span><\/a><span style=\"font-weight: 400;\"> seeking feedback on its proposals for key capital settings of deposit takers. It received <\/span><a href=\"https:\/\/consultations.rbnz.govt.nz\/prudential-policy\/review-of-key-capital-settings\/?_gl=1*1ydhkmb*_ga*Njk4MTgwNjAwLjE3NjYzNTM3ODc.*_ga_51JCWD9FGD*czE3NjYzNTM3ODYkbzEkZzEkdDE3NjYzNTU5NjgkajI1JGwwJGgw\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">submissions<\/span><\/a><span style=\"font-weight: 400;\"> from 43 submitters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The announced <\/span><a href=\"https:\/\/www.rbnz.govt.nz\/-\/media\/project\/sites\/rbnz\/files\/regulation-and-supervision\/banks\/capital-review\/2025\/20251212-capital-review-faqs-formatted-version.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">key decisions<\/span><\/a><span style=\"font-weight: 400;\"> on capital settings for deposit takers include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The introduction of Loss Absorbing Capacity (LAC) for the largest deposit takers \u2013 a new tool that can help recapitalise a distressed deposit taker.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A variety of technical adjustments summarised in the decision document, and following Australia in eliminating Additional Tier 1 (AT1) capital.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Greater proportionality into capital requirements relative to current settings, particularly by introducing more granular and lower risk weights in the standardised approach used by mid-sized and smaller deposit takers.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.rbnz.govt.nz\/hub\/news\/2025\/12\/reserve-bank-announces-outcome-of-capital-review\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Stated<\/span><\/a><span style=\"font-weight: 400;\"> RBNZ Governor Anna Breman: &#8220;These new settings will reduce the overall cost of deposit takers\u2019 funding, which we expect to see passed on as benefits to New Zealanders through increased lending and reduced rates, which we will monitor closely&#8221;.<\/span><\/p>\n<p><b>Next steps<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">More detailed information will be published in February 2026, including a response to submissions.<\/span><\/li>\n<li>The final decisions on key capital settings will be incorporated into the Capital Standard under the Deposit Takers Act 2023, which is scheduled to take effect in 2028.<\/li>\n<li>The RBNZ plans to consult on an exposure draft of the Capital Standard alongside other standards in 2026.<\/li>\n<li>It intends to introduce some changes, in particular, changes to risk weights, earlier in 2026.<\/li>\n<li>It will not proceed with any further increases under the 2017 to 2019 Capital Review implementation schedule.<\/li>\n<\/ul>\n\t\t\t<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  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