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

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory 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

    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

    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

    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

    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
    RESULTS 1 - 10 OF 8521