BCBS published an update on the policy and supervisory issues discussed in its February meeting in Basel. The participants discussed the ongoing and planned work in the areas of non-centrally cleared derivatives, interest rate benchmarks, crypto-assets, proportional application of prudential standards among various jurisdictions, and the implementation of Basel III standards.
In its meeting, BCBS agreed to publish the following in March:
- Joint statement with IOSCO to clarify certain implementation aspects of the margin requirements framework
- High-level supervisory expectations related to crypto-assets
- Summary of different practices among jurisdictions to proportionately apply the global minimum prudential standards
- Follow-up reports and actions by member jurisdictions on the implementation of certain Basel III standards
In addition, BCBS reiterated its support for reforms of interest rate benchmarks, approved a work plan to look at the interactions with supervisory requirements, and reviewed the assessment reports on the implementation of the net stable funding ratio and large exposures standards in Brazil and India. Also discussed was the BCBS work program for evaluating the impact of its post-crisis reforms; the work program includes planned evaluations on cross-cutting policy issues, the countercyclical capital buffer framework, and the global systemically important banks framework. The next meeting of the Basel Committee has been tentatively scheduled for June 19-20, 2019.
Related Links: Press Release
Keywords: Global, Banking, Interest Rate Benchmarks, Crypto Assets, Basel III, Post Crisis Reforms, Margin Requirements, BCBS
Previous ArticleESMA Publishes Report on Trends, Risks, and Vulnerabilities in EU
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.