Featured Product

    FSB Publishes Questionnaire on Access to FMIs for Firms in Resolution

    August 14, 2020

    FSB published a questionnaire template to gather information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The questionnaire covers general information on the FMI and its legal structure, information on the rulebook or contractual provisions regarding termination, the phase prior to resolution (during signs of distress at the FMI participant), the resolution phase, and the arrangements and operational processes to facilitate continued access in resolution. FSB encourages FMIs to consider the indicative timeline for providing a standardized set of responses.

    All FMIs are encouraged to complete the questionnaire and to publish their responses, or to make them available in other ways to FMI service users and resolution authorities to inform their resolution planning. The questionnaire should help authorities and firms to understand and anticipate, to an extent, the potential action that FMIs could take in a resolution or in the lead-up to resolution and to understand how FMIs can support resolution actions, where necessary and possible. The information collected should serve as a basis for, and supplement, an appropriate level of direct engagement between firms and/or resolution authorities and FMIs regarding actions in recovery and resolution of firms, or any other resolution planning requirements for firms in any jurisdiction.

    FSB will hold a webinar for stakeholders on September 23 to explain the questionnaire and answer any questions. Finalization of the questionnaire responses, submission to authorities and FMI participants, and publication of the responses or "presumptive path" summaries is expected to take place in November or December 2020. This questionnaire is a living document. The experience with the use of the questionnaire will be evaluated after the first iteration, in the course of 2021. FMIs and banks, as well as other stakeholders, will then have the opportunity to provide feedback and suggestions on the questionnaire and the process. 

    The questionnaire follows from a workshop held in May 2019 with stakeholders about the implementation of the FSB guidance on continuity of access to FMIs for a firm in resolution. The guidance sets out arrangements and safeguards to facilitate continued access to critical clearing, payment, settlement, custody, and other services provided by FMIs in cases where firms need to be resolved. In the second half of 2019, the Cross-border Crisis Management Working Group of FSB for banks, in consultation with FMIs and banks, developed a draft questionnaire and consulted relevant FMI oversight authorities with the assistance of CPMI-IOSCO Secretariats. FSB had then finalized the questionnaire.

     

    Related Links

    Keywords: International, Banking, Securities, FMI, Resolution Framework, Resolution Planning, Questionnaire, Continuity of Access, Basel, FSB

    Featured Experts
    Related Articles
    News

    PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK

    PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.

    April 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Standards on Methods of Prudential Consolidation

    EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).

    April 15, 2021 WebPage Regulatory News
    News

    EBA Updates List of Other Systemically Important Institutions in EU

    EBA updated the list of other systemically important institutions (O-SIIs) in EU.

    April 15, 2021 WebPage Regulatory News
    News

    BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks

    BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.

    April 14, 2021 WebPage Regulatory News
    News

    UK Authorities Welcome FSB Review of their Remuneration Regime

    UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.

    April 14, 2021 WebPage Regulatory News
    News

    PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators

    PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.

    April 14, 2021 WebPage Regulatory News
    News

    MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5

    MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.

    April 14, 2021 WebPage Regulatory News
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Proposes to Enhance Assurance Expectations for Basel Returns

    OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.

    April 13, 2021 WebPage Regulatory News
    News

    ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks

    ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.

    April 13, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6858