The new regulations and general guidelines contain rules and instructions for how a firm shall identify, measure, steer, report internally and exercise control over its credit risks. They also contain rules for how the firms shall conduct credit assessments, make credit decisions and manage credits to related parties.
The provisions regarding credit assessments and credit decisions apply to credits for borrowers other than consumers and to mortgages for consumers.
The new regulations and general guidelines target primarily credit institutions. A few mor general provisions apply to securities companies.
The new regulations and general guidelines enter into force on 1 March 2019 and replace the general guidelines in FFFS 2004:6 regarding credit risk management in credit institutions and investment firms.