FDIC and SRB signed a Cooperation Arrangement to further strengthen the close cooperation between the two organizations, in compliance with the legal frameworks in the United States and the EU.
The Cooperation Arrangement is intended to provide a basis for the exchange of information and cooperation in resolution planning and the implementation of such planning for financial institutions with operations in the Banking Union as well as the United States. FDIC and SRB confirm, through this arrangement, their commitment to strengthen cross-border resolvability by enhancing communication and cooperation. This also confirms their commitment to work together in planning and conducting an orderly cross-border resolution. The goal is to facilitate the resolution of banks present across the respective jurisdictions while maintaining financial stability in the United States and the EU.
Many large financial institutions have a global presence. Officials from the SRB and FDIC are continuously coordinating with other resolution authorities, tackling the challenges of bank resolution, and preparing for effective cross-border resolution, if needed. Cooperation among resolution authorities is important to help ensure that global systemically important banks (G-SIBs) can fail without major systemic consequences. Bilateral arrangements signed between resolution authorities to underpin this cooperation are an important ingredient for building resolvability together and for advance planning for resolution. FDIC and SRB have, therefore, concluded a Cooperation Arrangement.
Keywords: Americas, Europe, EU, US, Banking, Cooperation Arrangement, Cross Border, Resolution, SRB, FDIC
Previous ArticleIASB Chairperson on Contribution of IFRS 17 to Financial Stability
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.