India
RBI Discontinues Liberalised Reporting Scheme - Monthly Return
On September 6, 2024, RBI discontinued the Liberalised Remittance Scheme (LRS) – monthly return. As of the reporting month of September 2024, AD Category-I banks shall not submit the LRS monthly return (return code: R089). Going forward, the only requirement is to upload only transaction-wise information under the LRS daily return (CIMS return code: R010) on CIMS at the close of business on the next working day. If there is no data to report, banks should upload a ‘NIL’ report.
Australia
AST GVT Publishes Updated Versions of Reporting Standards for Capital Framework
On September 10, 2024, the Australian Government and Treasury registered new versions of the following reporting standards: ARS 110.0 (Capital Adequacy), ARS 112.0 (Capital Adequacy: Standardised Approach to Credit Risk), ARS 113.0 (Capital Adequacy: Internal Ratings-based Approach to Credit Risk), and ARS 115.0 (Capital Adequacy: Standardised Measurement Approach to Operational Risk). The changes are minor and technical. These updated reporting standards came into effect on September 11, 2024.
Korea
FSS Publishes Draft FSS B2325 Template
On September 11, 2024, the FSS released a draft template, FSS B2325 (Status on regulation abidance by capital ratio), for public consultation. The FSS has introduced a stress buffer capital system, which requires banks and bank holding companies to accumulate additional capital based on the results of stress tests. This measure aims to enhance their ability to absorb losses. The consultation period is open until September 21, 2024.
