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April 26, 2018

The FSB Secretary General Dietrich Domanski updated the audience on the planned work of FSB for 2018, while speaking at the Eurofi Seminar in Sofia. He emphasized that the "new global regulatory framework is now largely in place," with the finalization of Basel III. For financial institutions and market participants, this means clarity and certainty about the key elements of international regulatory standards. For authorities, the emphasis is shifting toward the full, timely, and consistent implementation of the reforms, along with the evaluation of their effects. This shift in focus is also visible in the FSB agenda.

He then outlined the focus areas for FSB for the remainder of this year:

  • Completion of the outstanding financial reform priorities of G20. On market-based finance, one priority is operationalizing the 2017 recommendations to address the structural vulnerabilities from asset management. To this end, in July, IOSCO will issue a consultation with proposals for developing comparable leverage measures for funds. On central clearing, FSB will deliver to the Buenos Aires summit an assessment to determine whether there is a need for any additional guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. He also mentioned the misconduct toolkit that FSB published in April 2018.
  • Post-implementation reforms. He emphasized the importance of rigorous evaluation of implemented reforms, to ensure that the reform program is efficient, coherent, and effective. The basis for this work is the Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms, which FSB submitted to the G20 Summit in Hamburg last July. In this regard, two evaluations are underway. The first is looking at the effects of the reforms on financial intermediation. The focus this year, during the Argentine Presidency, is on how regulatory reforms may have affected the cost and availability of infrastructure finance. The second evaluation is on incentives for market participants to centrally clear over-the-counter derivatives. This is taking place in coordination with the relevant standard-setting bodies and in particular the BCBS review of the effects of the leverage ratio on client clearing. FSB plans to publish consultations on both evaluations this summer, with the final reports delivered to the Buenos Aires G20 Summit. Looking ahead, FSB will soon start looking into the effects of reforms on financing for small and medium-size enterprises, as one of the FSB priorties under the Japanese G20 Presidency. Additionally, FSB plans to evaluate the effects of the reforms aimed at ending “too-big-to-fail” by 2020.
  • Continued work to assess vulnerabilities. He outlined the importance of vigilant monitoring to identify, assess, and address new and emerging risks. In this context, he discussed the risks posed by fintech and crypto-assets, along with the FSB work to address these issues.

He concluded that, "FSB is at the start of a new phase... in which we expect to finish more than we start... . To make sure it is fit for the next phase, FSB’s membership is undertaking a thorough review of how FSB works. The review will consider FSB transparency, consultation, mechanisms for setting our strategic agenda, and how to ensure efficiency in our member-led groups."

 

Related Link: Speech (PDF)

Keywords: International, Banking, Securities, CCP Resolution, Post-Implementation Evaluation, Fintech, Regulatory Reform, FSB

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