Featured Product

    FSB Publishes Work Program for 2020

    December 17, 2019

    FSB published its work program for 2020, which outlines work priorities for the coming year, including the key deliverables to the G20 Saudi Arabian Presidency. FSB will continue its work to finalize and operationalize the remaining elements of post-crisis reforms; monitor and assess the implementation of reforms; and evaluate their effects to ensure that reforms work as intended. FSB will also reinforce its forward-looking monitoring of developments to identify, assess, and address new and emerging vulnerabilities. The FSB Standing Committee on the Assessment of Vulnerabilities will, among other tasks, examine the financial stability implications of climate change.

    The FSB work program items, which include key deliverables to the G20 Saudi Arabian Presidency, are:

    • Fintech. FSB will continue to monitor financial innovation developments and assess their potential implications for financial stability. Complementing the recent report on bigtech in finance, FSB will report on the perspective of emerging market and developing economies on this topic. FSB will also take stock of the range of practices on the use of regtech and suptech. Additionally, FSB will finalize a toolkit of effective practices to assist financial institutions, supervisors, and authorities in supporting financial institutions for cyber incident response and recovery.
    • Global stablecoins. The introduction of global “stablecoins” could pose a host of challenges to the regulatory community, including for financial stability. FSB will issue a public consultation on addressing regulatory issues of stablecoins in April.
    • Cross-border payment systems. Digital innovation could improve the efficiency and inclusiveness of cross-border payment services, which are often considered to be slow and costly. In coordination with the Committee on Payments and Market Infrastructures and other relevant international organizations and standard-setting bodies, FSB will develop and deliver to the G20 a roadmap for how to enhance global cross-border payments.
    • Interest rate benchmarks. Continued reliance of global financial markets on LIBOR poses risks to financial stability. Transition away from LIBOR by the end of 2021 requires significant commitment and sustained effort from both financial and non-financial firms across many jurisdictions. To improve understanding and increase awareness of the importance of ensuring timely transition, FSB will take stock of the implementation of benchmark reforms and report on remaining challenges to benchmark transition.
    • Ongoing evaluation and resolution-related work. FSB will take forward its multi-year program for evaluating the effects of reforms under its Evaluation Framework. In 2020, this includes the completion of an evaluation of the effects of too-big-to-fail (TBTF) reforms for banks and the launch of an evaluation of the effects of money market fund reforms. FSB will also develop further guidance on financial resources to support central counterparty resolution, including on addressing non-default loss resolution scenarios and the treatment of CCP equity in resolution.

     

    Related Links

    Keywords: International, Banking, Insurance, Securities, Regtech, Suptech, Too Big to Fail, Climate Change Risks, Cyber Risk, Benchmark Reforms, Stablecoins, FSB

    Featured Experts
    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488