Financial Stability: New Rules for Nonbank Company Oversight
New rules change how large financial companies that are not banks are supervised. Before such a company is placed under strict oversight, authorities must first check if other, less intrusive actions are enough to prevent threats to financial stability. This aims to ensure that oversight is proportionate to the risk, which may indirectly affect the availability and cost of financial services for citizens.
Key points
Requires considering alternative solutions before placing a nonbank company under strict supervision.
Supervisory bodies must consult with the company and its primary regulator before deciding on oversight.
Aims to ensure supervision is applied only when other measures are insufficient to protect financial stability.
Status:
Expired
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