Page 30 - QFCRA Annual Report 2014
P. 30
ervision and
Authorisation
Insurance Instructions in their final The following returns have been Please see Annex 1 for a selection
form, with a view to ensuring an designed and tested and will be of graphs highlighting some key
orderly transition of insurers into the added to the Banking iFile system trends and facts relevant to QFC
new regime. for reporting periods ending on or Regulatory Authority authorised
Authorisation’s second major after 31 March 2015: banks, excluding Advisory
project of 2014 was to support the (Category 4) firms, illustrating the
proposed policy changes to the • BR050 – Supplementary data type of information and analysis
approved Individuals (Assessment, disclosures that is now available to supervisors
Training and Competency) Rules and management.
2014. This involved the review and • BR640 – Financial resources Beyond the continued refinement
redesign of the internal processes requirements for INMA firms of graphs and reports, core focuses
pertaining to the approval of in 2015 will be on incorporating
individuals undertaking controlled • BR700 – Group structure – the Liquidity Coverage Ratio
functions. The project concluded supplementary disclosures (LCR), the Net Stable Funding
in December with the release of Ratio (NSFR), the Leverage
new application forms, updates • PR100 – Statement of product/ Ratio, adaptations for Islamic
to internal IT systems and to the fund information Finance products, and finalised
external Electronic Submission Basel III standards in relation to
System and the development of a • PR110 – Statement of product/ counterparty capital requirements,
new, streamlined review process, fund information: Managed securitisation and re-securitisation,
to commence from 1 January 2015 and capital requirements for
in conjunction with the new rules. • PR200 – Fund exposures and risk investments in funds and for
Following the enactment of the new profile information: Managed central counterparties, into
rules, which, in addition to placing additional reporting and prudential
a greater onus on the governing • PR220 – Islamic fund information: requirements.
body for exercising due care and Managed Outcomes of the Basel Committee’s
judgement over the appointment ongoing deliberations will be
of individuals, the customer facing • PR300 – Portfolio analysis: monitored and adopted as
function was removed from the list Managed appropriate in the fundamental
of Controlled Functions, effective review of the trading book; the
31 December 2014, resulting in 234 The Financial Analysis team worked simplicity and comparability
active customer facing function closely with the Policy department project; revision of the standardised
approvals being withdrawn from the to ensure that the new BANK and approaches; and enhancing the
Public Register. INMA Rulebooks, which came into effectiveness of micro and macro-
effect on 1 January 2015, were fully prudential supervision (Standards
Financial Analysis aligned with the prudential returns. Implementation Group work plan).
Revised Insurance Prudential
Redesign of Banking Prudential Using the XBRL submissions, Returns
Returns the Financial Analysis team During 2014 the revised insurance
The parallel run that was launched developed 126 standard graphs prudential returns that had been
in September 2013 and involved across the eight risk areas, distilled developed in 2013 underwent
all authorised firms, culminated in into a core set of 56 graphs, to extensive consultation with
the conversion of all reporting to support the need for enhanced insurance firms, auditors and
the eXtensible Business Reporting financial analysis. The analysis
Language (XBRL)-based iFile system was supplemented by system-
with effect from all reporting periods generated data components
commencing 1 July 2014. for the production of each firms’
Management Information Report
and Risk Review as well as sectoral
fact sheets.
30 ANNUAL REPORT 2014
Authorisation
Insurance Instructions in their final The following returns have been Please see Annex 1 for a selection
form, with a view to ensuring an designed and tested and will be of graphs highlighting some key
orderly transition of insurers into the added to the Banking iFile system trends and facts relevant to QFC
new regime. for reporting periods ending on or Regulatory Authority authorised
Authorisation’s second major after 31 March 2015: banks, excluding Advisory
project of 2014 was to support the (Category 4) firms, illustrating the
proposed policy changes to the • BR050 – Supplementary data type of information and analysis
approved Individuals (Assessment, disclosures that is now available to supervisors
Training and Competency) Rules and management.
2014. This involved the review and • BR640 – Financial resources Beyond the continued refinement
redesign of the internal processes requirements for INMA firms of graphs and reports, core focuses
pertaining to the approval of in 2015 will be on incorporating
individuals undertaking controlled • BR700 – Group structure – the Liquidity Coverage Ratio
functions. The project concluded supplementary disclosures (LCR), the Net Stable Funding
in December with the release of Ratio (NSFR), the Leverage
new application forms, updates • PR100 – Statement of product/ Ratio, adaptations for Islamic
to internal IT systems and to the fund information Finance products, and finalised
external Electronic Submission Basel III standards in relation to
System and the development of a • PR110 – Statement of product/ counterparty capital requirements,
new, streamlined review process, fund information: Managed securitisation and re-securitisation,
to commence from 1 January 2015 and capital requirements for
in conjunction with the new rules. • PR200 – Fund exposures and risk investments in funds and for
Following the enactment of the new profile information: Managed central counterparties, into
rules, which, in addition to placing additional reporting and prudential
a greater onus on the governing • PR220 – Islamic fund information: requirements.
body for exercising due care and Managed Outcomes of the Basel Committee’s
judgement over the appointment ongoing deliberations will be
of individuals, the customer facing • PR300 – Portfolio analysis: monitored and adopted as
function was removed from the list Managed appropriate in the fundamental
of Controlled Functions, effective review of the trading book; the
31 December 2014, resulting in 234 The Financial Analysis team worked simplicity and comparability
active customer facing function closely with the Policy department project; revision of the standardised
approvals being withdrawn from the to ensure that the new BANK and approaches; and enhancing the
Public Register. INMA Rulebooks, which came into effectiveness of micro and macro-
effect on 1 January 2015, were fully prudential supervision (Standards
Financial Analysis aligned with the prudential returns. Implementation Group work plan).
Revised Insurance Prudential
Redesign of Banking Prudential Using the XBRL submissions, Returns
Returns the Financial Analysis team During 2014 the revised insurance
The parallel run that was launched developed 126 standard graphs prudential returns that had been
in September 2013 and involved across the eight risk areas, distilled developed in 2013 underwent
all authorised firms, culminated in into a core set of 56 graphs, to extensive consultation with
the conversion of all reporting to support the need for enhanced insurance firms, auditors and
the eXtensible Business Reporting financial analysis. The analysis
Language (XBRL)-based iFile system was supplemented by system-
with effect from all reporting periods generated data components
commencing 1 July 2014. for the production of each firms’
Management Information Report
and Risk Review as well as sectoral
fact sheets.
30 ANNUAL REPORT 2014
