Featured Product

    FSB Workshop on Continuity of Access to FMIs for Firms in Resolution

    August 28, 2019

    FSB published the summary of key themes that were discussed at its workshop on implementation of the FSB guidance on continuity of access to financial market infrastructures (FMIs) for a firm in resolution. The workshop, which was held in Basel in May 2019, provided an opportunity for industry participants to share their views and experiences in implementing the FSB guidance and to discuss ways to support and enhance the implementation work to facilitate continuity of access to FMIs for a firm in resolution.

    The FSB guidance sets out arrangements and safeguards to facilitate continuity of access to FMIs for a firm in resolution. These arrangements and safeguards apply at the level of the providers of clearing, payment, securities settlement and/or custody services, at the level of FMI service users, and at the level of the relevant resolution and FMI authorities. FSB has committed to monitoring implementation of the guidance and to consider what further actions could be undertaken to assist authorities and firms in their implementation efforts. Thirty-nine participants from banks, FMI service providers, and industry associations as well as forty-one participants from public authorities attended the workshop. The following are the main themes that were discussed at the workshop:

    • Representatives of Novo Banco (Portugal), which was established following the resolution of Banco Espírito Santo in 2014, shared their experiences of seeking continuity of access to FMIs during a resolution.
    • Representatives from firms that are FMI service users described how they have identified critical FMI services and how they engage with the providers of FMI services to discuss challenges in resolution planning from their perspective.
    • Participants discussed challenges in resolution planning from the perspective of FMIs.
    • Participants in the workshop discussed challenges in resolution planning from the perspective of FMI intermediaries that provide clearing, payment, securities settlement, and/or custody services to other firms  to facilitate the firms’ direct or indirect access to an FMI.

    Additionally, workshop participants discussed possible actions that could be taken, including the following:

    • For resolution planning of firms, developing common templates for the collection of certain core information from FMIs by FMI types (payment system, CSD/ICSD, CCP, intermediary service provider)
    • FMIs disclosing publicly certain information, including non-binding "presumptive path" summaries of responses to a member experiencing distress or entering into resolution (and entering into default/ termination of a member, to understand the differences)
    • Sharing relevant resolution contact information
    • Engagement between FMIs and resolution authorities regarding resolution strategies and approaches and regarding the likely communication and information needs during resolution planning as well as in the lead up to, and during, a resolution of a member

     

    Related Links

    Keywords: International, Banking, Securities, FMI, Resolution, Resolution Planning, FSB

    Featured Experts
    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458