{"id":1877,"date":"2020-04-10T15:42:19","date_gmt":"2020-04-10T12:42:19","guid":{"rendered":"https:\/\/www.berkerberker.com\/the-brsa-eases-reporting-requirements-of-financial-institutions\/"},"modified":"2020-05-12T17:38:26","modified_gmt":"2020-05-12T14:38:26","slug":"the-brsa-eases-reporting-requirements-of-financial-institutions","status":"publish","type":"post","link":"https:\/\/www.berkerberker.com\/en\/the-brsa-eases-reporting-requirements-of-financial-institutions\/","title":{"rendered":"The BRSA Eases Reporting Requirements of Financial Institutions"},"content":{"rendered":"<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><span class=\"JsGRdQ\">The Banking Regulatory and Supervisory Authority (<\/span><strong><em class=\"JsGRdQ\">\u201dBRSA\u201d<\/em><\/strong><span class=\"JsGRdQ\">) has introduced new facilitating measures\u00a0in regards to\u00a0financial institutions\u2019 compliance with their reporting requirements through its decision <\/span><strong><span class=\"JsGRdQ\">No. 8976<\/span><span class=\"JsGRdQ\"> dated<\/span><span class=\"JsGRdQ\"> 2nd April 2020.<\/span><\/strong><\/p>\n<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><span class=\"JsGRdQ\">The BRSA has announced that due to measures taken against the spread of the COVID-19 pandemic, the number of staff is conducting operational processes has been limited. In light of such limitations the BRSA has introduced the following measures:<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><strong><span class=\"JsGRdQ\">1. <\/span><\/strong><span class=\"JsGRdQ\">The deadlines stipulated under the following regulations regarding the <\/span><span class=\"JsGRdQ\">year-end<strong> (December 12, 2019) and interim (March 31, 2020)<\/strong> financial reports; independent audit reports; activity reports; and notifications<\/span><span class=\"JsGRdQ\"> which banks, independent audit institutions, rating agencies, <\/span><span class=\"JsGRdQ\">asset management companies<\/span><span class=\"JsGRdQ\">, leasing, factoring and financing companies must submit to the BRSA and other relevant authorities, in accordance with the listed regulations <\/span><span class=\"JsGRdQ\">has been extended for <strong>60 days until 31st December 2020.<\/strong><\/span><\/p>\n<ul>\n<li><span class=\"JsGRdQ\">Regulation on the Credit Transactions of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Procedures and Principles for Accounting Practices and Document Retention of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Principles and Procedures concerning Preparation and Publishing of Annual Report of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on Internal Systems and \u00a0Internal Capital Adequacy Assessment Process of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Independent Audit of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Procedures and Principles regarding Executive Appointment Notifications, Oaths and Declaration of Property, and Keeping of the Minute Books of Banks<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Authorization and Operations of Rating Agencies<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Principles for Establishment and Operations of Asset Management Companies<\/span><\/li>\n<li><span class=\"JsGRdQ\">Regulation on the Principles for Establishment and Operations of Financial Leasing, Factoring and Financing Companies<\/span><\/li>\n<\/ul>\n<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><span class=\"JsGRdQ\"><strong>2.<\/strong> <\/span><span class=\"JsGRdQ\">Banks will be able to submit their <\/span><span class=\"JsGRdQ\">Stress Test Reports<\/span><span class=\"JsGRdQ\"> and <\/span><span class=\"JsGRdQ\">ICAAP Reports<\/span><span class=\"JsGRdQ\"> for <\/span><strong><span class=\"JsGRdQ\">December 31, 2019 <\/span><\/strong><span class=\"JsGRdQ\"><strong>electronically<\/strong>, through their registered e-mail addresses.<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-justify para-style-body\"><strong><span class=\"JsGRdQ\">3. <\/span><\/strong><span class=\"JsGRdQ\">In addition to these, for documents required from <strong>new borrowers<\/strong> as per <\/span><span class=\"JsGRdQ\">Article 11\/A. sub clause 1<\/span><span class=\"JsGRdQ\"> of the <\/span><em class=\"JsGRdQ\">&#8220;Regulation on the Credit Transactions of Banks&#8221;<\/em><span class=\"JsGRdQ\"> (<\/span><em class=\"JsGRdQ\">such as financial statements, compliance reports on corporate governance principles)<\/em><span class=\"JsGRdQ\">, which can not be procured; <\/span><strong><span class=\"JsGRdQ\">A six month period<\/span><\/strong><span class=\"JsGRdQ\"> has been allowed to such borrowers to provide the outstanding documents<\/span><span class=\"JsGRdQ\"> following the loan allocation date<\/span><span class=\"JsGRdQ\"> and in turn banks shall need to keep records of such documents. This period shall be applied as <\/span><em class=\"JsGRdQ\">\u201c<strong>the end of 2020<\/strong>\u201d<\/em><span class=\"JsGRdQ\"> regarding outstanding documents and information of <\/span><span class=\"JsGRdQ\"><strong>existing borrowers<\/strong> <\/span><span class=\"JsGRdQ\">required as per <\/span><span class=\"JsGRdQ\">Article 11\/A. sub clause 2<\/span><span class=\"JsGRdQ\"> of the aforementioned Regulation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Banking Regulatory and Supervisory Authority (\u201dBRSA\u201d) has introduced new facilitating measures\u00a0in regards to\u00a0financial institutions\u2019 compliance with their<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":3,"featured_media":1875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[92,121,53],"class_list":["post-1877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new","tag-banking-law","tag-brsa","tag-covid-19"],"_links":{"self":[{"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/posts\/1877"}],"collection":[{"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/comments?post=1877"}],"version-history":[{"count":1,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/posts\/1877\/revisions"}],"predecessor-version":[{"id":1880,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/posts\/1877\/revisions\/1880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/media\/1875"}],"wp:attachment":[{"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/media?parent=1877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/categories?post=1877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.berkerberker.com\/en\/wp-json\/wp\/v2\/tags?post=1877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}