Featured Product

    FSB Publishes Work Program for 2021

    January 20, 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment. The work program details the planned work of FSB and provides an indicative timeline of the main publications for 2021. FSB will reinforce the forward-looking monitoring of developments to identify, assess, and address new and emerging risks to global financial stability and continue to assess the functioning of the regulatory framework put in place after the 2008 global financial crisis. The work program aims to maximize the value of FSB work to foster global financial stability while preserving the capacity of FSB to respond to new issues that may emerge.

    As explained in the work program for 2021, the following are the key areas of work during the year:

    • International cooperation and coordination related to COVID-19. FSB, through its cross-sectoral membership, continues to promote financial stability during market stress related to COVID-19. Work on COVID-19 responses will continue to be in a flexible mode, including on specific COVID-19 related vulnerabilities and policy issues, and be adjusted as needed. As a new project, FSB will work with standard-setting bodies to assess initial lessons learnt from COVID-19 for financial stability, and report them to the G20.
    • Central counterparty (CCP) resilience, recovery, and resolvability. FSB will, in cooperation with CPMI and IOSCO, consider the need for, and develop as appropriate, international policy on financial resources in recovery and resolution to further strengthen the resilience and resolvability of CCPs. This would include assessing whether any new types of prefunded resources would be necessary to enhance CCP resolvability.
    • Cross-border payments. In 2021, FSB will have to complete a number of actions in the roadmap, including the development of quantitative targets for the roadmap; it will also take stock of the data frameworks and explore the scope for, and obstacles to develop, a global digital Unique Identifier. Moreover, FSB will continue discussions on regulatory and supervisory approaches with respect to global stablecoins.
    • Climate change and sustainable finance. FSB will explore ways to promote globally comparable, high-quality, and auditable standards of disclosure based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD); it will also work on regulatory and supervisory approaches to addressing climate risks at financial institutions. Moreover, FSB will report to the G20 Finance Ministers and Central Bank Governors meeting on progress in the area of the financial implications of climate change and sustainable finance in July 2021. 
    • Interest rate benchmarks. FSB will continue to support transition away from LIBOR to more robust benchmarks by the end of 2021 and report on progress to the G20. 
    • Cyber and operational resilience. FSB will explore the scope for convergence in the regulatory reporting of cyber incidents and the need for revisions to the FSB Cyber Lexicon. FSB will take stock of current practices across sectors and jurisdictions regarding the reporting of cyber incidents for regulatory purposes and explore if and where greater convergence of reporting practices could be achievable. The Standing Committee on Supervisory and Regulatory Cooperation (SRC) will hold a virtual outreach with external stakeholders on its November 2020 discussion paper on regulatory and supervisory issues related to outsourcing and third-party relationships in early 2021.
    • Financial stability surveillance framework. FSB will resume the project to develop a comprehensive and methodical surveillance framework for assessing financial system vulnerabilities, including by identifying new and emerging risks to financial stability, which was suspended as part of the reprioritization of work in light of COVID-19 crisis.

     

    Related Links

    Keywords: International, Banking, Work Program, COVID-19, Climate Change Risk, Sustainable Finance, ESG, Interest Rate Benchmark, Cyber Resilience, CCP, Resolution Framework, FSB

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    EBA Report Notes Loan Origination Should Remain in Supervisory Focus

    EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    IOSCO Sees Support for Mandatory Sustainability Reporting

    The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6967