Featured Product

    G20 Publishes Communiqué on Its February Meeting in Saudi Arabia

    February 24, 2020

    G20 published an official statement, also known as Communiqué, summarizing developments at the February meeting of the finance ministers and central bank governors in Riyadh, Saudi Arabia. As per the statement, G20 remains committed to the full, timely, and consistent implementation of the agreed financial reforms. It will continue to evaluate the effects of these reforms and welcomes the FSB evaluation of the effects of too-big-to-fail reforms. G20 will continue to identify, monitor and, as necessary, address vulnerabilities and emerging risks to financial stability, including those related to non-bank financing.

    As per the statement, G20 will continue to work to address unintended, negative effects of market fragmentation, including through regulatory and supervisory cooperation. It will also continue its efforts to enhance cyber resilience and look forward to the FSB toolkit of effective practices for cyber-incident response and recovery. G20 will continue to monitor and address the causes and consequences of the withdrawal of correspondent banking relationships, along with the issues in remittance firms’ access to banking services. Mobilizing sustainable finance and strengthening financial inclusion are important for global growth and stability. G20 welcomes private-sector participation and transparency in these areas.

    The Communiqué states that G20 emphasizes that markets need to transition away from LIBOR to alternative reference rates before the end of 2021. Therefore, urgent work is needed by the private sector, with supported from the public sector, to manage this transition, given the risks that may arise if parties are insufficiently prepared for the expected discontinuation of the widely used LIBOR benchmarks. Given the short time remaining for this transition to take place, substantial progress is needed in 2020 to address the potential financial stability risks. G20 has requested FSB to identify the remaining challenges to benchmark transition by July 2020 and to explore ways to address them.

    G20 welcomes the inclusive approach of utilizing the regional consultative groups of FSB, also involving the respective financial regulation standard-setters, to consider implications associated with the growing entry of bigtech in finance. It also asks the FSB to report on the different approaches to technology-enabled-solutions for regulation and supervision (regtech and suptech). G20 supports the FSB efforts to develop regulatory recommendations with respect to global stablecoins and other similar arrangements. G20 also asks FSB, in coordination with the CPMI and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020.

     

    Related Link: G20 Communiqué (PDF)

    Keywords: Middle East and Africa, Saudi Arabia, Banking, LIBOR, Bigtech, Regtech, Sustainable Finance, Stablecoins, Cyber Risk, Suptech, G20

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514