Featured Product

    FSB Chair Reports to G20 on Implementation of Financial Reforms

    June 25, 2019

    FSB published the letter to G20 Leaders and the opening statement from an FSB briefing by the FSB Chair Randal K. Quarles. The letter, which the FSB Chair sent to G20 Leaders ahead of the Summit in Osaka on June 28-29, 2019, sets out progress by FSB over the past year in enhancing global financial stability and furthering the goals of G20. The key themes covered in the letter relate to the focus on new and emerging vulnerabilities, monitoring of risks resulting from financial innovation, and review of the implementation of regulatory reforms.

    The letter states that there has been remarkable progress in building a more resilient global financial system. However, promoting global financial stability is a continuous task that requires vigilance to the emerging risks. Annex to the letter contains status of implementation of reforms in priority areas by FSB jurisdictions (as of June 2019). The following are the key highlights of the letter:

    • Addressing new and emerging vulnerabilities—FSB will remain vigilant in identifying emerging risks, including increase in level of corporate and public debt. FSB is closely monitoring leveraged loan and collateralized loan obligation markets to obtain a fuller picture of the pattern of exposures to these assets globally.
    • Harnessing the benefits of financial innovation while containing risks—A deep and early understanding of how technological innovation may transform financial institutions and markets is the key to harness benefits while containing risks. One such example is crypto-assets. FSB and standard-setting bodies will monitor risks very closely and in a coordinated fashion, and consider additional multilateral responses as needed.
    • Completing implementation of the agreed reforms and ensuring that the reforms work as intended—FSB assessment highlights that, despite continued progress, implementation is not complete and remains uneven across reform areas. G20 Leaders’ continued support in implementing the agreed reforms is needed. Finalizing post-crisis reforms and monitoring their effective implementation remains a focus of FSB work.
    • Promoting an integrated global financial system—An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth. Introduction of the global Legal Entity Identifier (LEI) is a concrete step toward promoting integrated markets. 1.4 million entities are now identified by an LEI in more than 200 countries, though LEI still has far to go to meet the G20 objective of a truly global LEI adoption and FSB has published recommendations to deliver on this fundamental post-crisis reform.
    • Strengthening FSB’s outreach and accountability— Reaching out beyond its membership is key for FSB to achieve its mandate of promoting global financial stability. FSB is taking steps to improve communication and transparency, to facilitate wider input to its work, and to increase understanding of what it does.

    In 2019, FSB deliverables align with the G20 Presidency’s priorities and demonstrate their refocused mission, including increased attention to new vulnerabilities specifically in areas where technological innovations are playing an increasing role in financial services and are bringing new challenges to the global regulatory community. In conclusion of the letter, Mr. Quarles asked for G20 Leaders’ continued support, both to complete implementation of the agreed reforms and to cooperate to identify and, where identified, address new vulnerabilities.

     

    Related Links

    Keywords: International, Banking, Securities, Financial Stability, Accountability, Fintech, Regulatory Reforms, LEI, FSB

    Related Articles
    News

    OSFI Consults on Revisions to BCAR and Leverage Requirements Returns

    OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.

    May 04, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Revisions to Nonperforming Loan Data Templates

    EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.

    May 04, 2021 WebPage Regulatory News
    News

    Bundesbank Updates Requirements Documentation for AnaCredit Reporting

    Bundesbank updated AnaCredit reporting requirements for banks, with reference to the Notice 8001/2020.

    May 03, 2021 WebPage Regulatory News
    News

    CBUAE Issues Regulation for Low-Risk Specialized Banks

    CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.

    May 01, 2021 WebPage Regulatory News
    News

    APRA Proposes Guidance to Support Prudential Standard on Remuneration

    APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.

    April 30, 2021 WebPage Regulatory News
    News

    MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions

    MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.

    April 30, 2021 WebPage Regulatory News
    News

    PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules

    PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Launches Consultation on Interbank Offered Rate Transitions

    EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.

    April 30, 2021 WebPage Regulatory News
    News

    IFRS Issues Proposals Related to New Sustainability Standards Board

    The Trustees of the IFRS Foundation proposed amendments to the Constitution of the IFRS Foundation to accommodate the potential formation of the new International Sustainability Standards Board within the governance structure of the organization.

    April 30, 2021 WebPage Regulatory News
    News

    BCB Amends Rules on Open Banking and Proposes ESG Disclosure Rules

    BCB amended the resolution that establishes technical requirements and operational procedures for the implementation of open banking in Brazil, with the amended resolution entering into force on its publication date.

    April 30, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6925