BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities. The BIS board of directors decided to invite the central banks of Kuwait, Morocco, and Vietnam to become members of BIS. This is the first such expansion since 2011 and will take the number of members to 63. Also, convening in Basel, the Global Economy Meeting agreed to expand the membership of two of the central bank committees based at the BIS—the Committee on the Global Financial System and the Markets Committee.
The Committee on the Global Financial System, a central bank forum for monitoring and analyzing broad financial system issues, will invite Argentina, Russia, Saudi Arabia, South Africa, and Thailand to join. This will take the number of central bank members in this committee to 28. The Markets Committee, which monitors financial market developments, will invite Indonesia, Malaysia, Russia, South Africa, and Turkey to join, thus taking the number of its central bank members to 27. The Global Economy Meeting Chair Mark Carney said that the emerging market economies would make up about two-fifth of the membership of each committee, following this expansion.
Keywords: International, Vietnam, Kuwait, Morocco, Banking, Central Bank Membership, Committee on Global Financial System, Markets Committee, BIS
Previous ArticleEC Launches Cybersecurity Projects to Boost Collaboration in EU
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.