Featured Product

    FSB Sets Out Work Priorities for 2021

    February 25, 2021

    In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021. In accordance with the FSB work program for 2021, the key priorities for the year involve addressing COVID-19 related vulnerabilities, enhancing resilience of non-bank financial intermediation, improving understanding of climate risks, enhancing cross-border payments (includes approach to regulation of stablecoins), and addressing other financial stability topics of ongoing importance. Other important financial stability topics include transition away from LIBOR, policy framework for central counterparties, and addressing cyber-security issues.

    The key expected outcomes in terms of the prioritized work in 2021 are as follows:

    • FSB plans to explore initial lessons learned from the COVID-19 event and report, in April 2021, on factors needed for an orderly unwinding of support measures, as part of its work to support international coordination on COVID-19 policy responses. In April 2021, FSB also plans to publish the final version of its evaluation of the too-big-to-fail reforms for banks.
    • As part of its work in the area of nonbank financial intermediation, in July 2021, FSB plans to deliver policy proposals to enhance the resilience of money market funds, with a final report expected in October 2021. Other work will entail examining the frameworks and dynamics of margin calls in centrally cleared and uncleared markets and the liquidity management preparedness of market participants to meet margin calls.
    • FSB plans to assess the availability of data through which climate-related risks to financial stability could be monitored, with aim of identifying existing data gaps. FSB also intends to coordinate with other standard-setting bodies to promote globally comparable, high-quality, and auditable standards of disclosure and to review the regulatory and supervisory approaches to addressing climate-related risks at financial institutions.
    • FSB plans to issue an update on the regulatory and supervisory approaches to global stablecoins and to deliver a final set of quantitative targets for making cross-border payments cheaper, faster, more transparent, and more inclusive. 

     

    Related Links

    Keywords: Keywords: International, Banking, COVID-19, G20, Stablecoins, Cyber Risk, Climate Change Risk, Non-Bank Financial Intermediation, Work Priorities, Resolution Framework, Benchmark Reforms, FSB

    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7293