US
The Cybersecurity and Infrastructure Security Agency (CISA) Launches New Portal to Improve Cybersecurity Incidents Reporting
The CISA launched a new secure platform portal to improve cyber incident reporting as part of an ongoing effort to improve cyber incident reporting with enhanced functionality integrating with login.gov credentials. The portal’s enhanced functionality includes the ability to save and update reports, share submitted reports with colleagues/clients for third-party reporting, searching, and filtering. The new collaboration feature allows users to engage in informal discussions with CISA. CISA released its voluntary cyber incident reporting resource to guide reporters through the process, helping entities understand incident reporting in addition to what to report.
The Federal Reserve Issues Individual Capital Requirements for Large Holding Companies (>=$100 billion in total BHC/IHC/SLHC consolidated assets)
The Federal Reserve has finalized individual capital requirements for all large holding companies, effective beginning 10/1/2024, following the Fed’s stress testing performed earlier in 2024. The results provide a risk-sensitive and forward-looking assessment of needs. The minimum Common Equity Tier 1 (CET1) capital requirement is 4.5%. The stress capital buffer requirement is at least 2.5%. If applicable, a capital surcharge for the largest and most complex banks is updated in Q1 annually to account for overall systemic risk. If a bank’s capital dips below its total requirement, it is subject to certain automatic restrictions.
Canada
The Office of the Superintendent of Financial institutions (C-OSFI) Issues Instructions for Internal Capital Adequacy Assessment Process (ICAAP) Returns
The C-OSFI published instructions to complete the ICAAP data return, which standardized the format for deposit-taking institutions (DTIs) to submit ICAAP information on a regular basis. The ICAAP return is divided into 3 worksheets: ICAAP, ICAAP Comparison, and Climate Risk. The ICAAP Data Return applies to all DTIs (note that this includes federally-regulated non-deposit-taking trust and loan companies but excludes foreign bank branches),and should be completed on a fully consolidated basis by the reporting institution. Domestic Systemically Important Banks (DSIBs) must complete the ICAAP on a quarterly basis and Small and Medium-Sized Banks (SMSBs) are required to complete the ICAAP annually.
Global
The Bank of International Settlements (BIS) Basel Committee Publishes an Executive Summary entitled "The Financial Stability Implications of Multifunction Cryptoasset Intermediaries"
The Basel Committee has published a report entitled “The Financial Stability Implications of Multifunction Cryptoasset Intermediaries (MCIs)” summarizing a report by the Financial Stability Board (FSB). MCIs are individual firms or groups of affiliated firms that offer a wide range of crypto asset services, products, and functions centered around the operation of a trading platform. Most activities and their combinations are not provided by the same entity or only under significant controls to prevent conflicts of interest. Financial stability implications depend on development of the cryptoasset sector and MCIs´ link with traditional finance.
The International Accounting Standards Board (IASB) Proposes International Financial Reporting Standards (IFRS) Accounting Taxonomy Updates
The IASB is proposing changes to the IFRS Accounting Taxonomy (new elements ánd documentation labels) in Update #3 to reflect new and amended IFRS Accounting Standards: (a) IFRS 19 Subsidiaries without Public Accountability: Disclosures, which was issued in 5/2024; (b) Amendments to the Classification and Measurement of Financial Instruments, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and was issued in 5/2024; and (c) Annual Improvements to IFRS Accounting Standards—Volume 11, which was issued in 7/2024. Comments to be received by 10/28/2024.
