IFSB Summarizes Feedback on Exposure Drafts of TN-2 and IFSB-19
IFSB released the Summaries of public consultation comments received for the Exposure Drafts of Technical Note on Stress Testing for Institutions offering Islamic Financial Services (TN-2) and Guiding Principles for Disclosure Requirements for Islamic Capital Market Products (IFSB-19). The comments are summarized based on their main themes and segregated by the sections of the respective Standard/Technical Note. The corresponding IFSB response/actions to the comments are also listed alongside.
The public consultation period for the Exposure Draft of TN-2 was March 21 to June 21, 2016, while consultation period for the Exposure Draft of IFSB-19 was October 31 to December 31, 2016. The release of these summaries of comments, along with the corresponding IFSB Secretariat actions in the respective Standard/Technical Note, is in line with the revised “Guidelines and Procedures for the Preparation of Standards and Guidance/Technical Notes – April 2016,” which stipulate that the Secretariat may publish on the IFSB’s website a summary of the feedback received during the public consultation period, along with any responses by the Secretariat. Commenting on this release, Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher, stated that, “These initiatives are part of the ongoing efforts by the IFSB to further enhance transparency and inclusiveness in its standards-setting process. In selecting a style of releasing these summaries, the IFSB has benchmarked to the style-preferences of its counterpart international standard-setting bodies.”
Related Links
Consultation Summary of Exposure Draft TN-2 (PDF)
Consultation Summary of Exposure Draft IFSB-19 (PDF)
Keywords: International, IFSB, Banking, Securities, Islamic Finance, Stress Testing, Disclosure Requirements
Featured Experts
Emil Lopez
Credit risk modeling advisor; IFRS 9 researcher; data quality and risk reporting manager
James Partridge
Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting.
Nihil Patel
Data scientist; SaaS product designer; credit portfolio analyst and product strategist; portfolio modeler; correlation researcher
Previous Article
SNB Releases Reporting Forms for SIBs Under Basel IIINext Article
EBA Publishes Work Program for 2018Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
