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

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    News

    APRA Reduces Committed Liquidity Facility, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.

    May 09, 2022 WebPage Regulatory News
    News

    CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks

    The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.

    May 06, 2022 WebPage Regulatory News
    News

    PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down

    The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.

    May 06, 2022 WebPage Regulatory News
    News

    EBA Updates Standards for 2023 Benchmarking of Internal Approaches

    The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.

    May 06, 2022 WebPage Regulatory News
    News

    EIOPA Responds to Stakeholder Views on Blockchain in Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.

    May 06, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8179