BIS published the annual report and the annual economic report for 2018–19. BIS also published speeches by the General Manager Agustín Carstens, the Economic Adviser and Head of Research Hyun Song Shin, and the Head of the Monetary and Economic Department Claudio Borio, who presented on the occasion of the BIS Annual General Meeting in Basel.
The annual report provides a description of its activities, governance, and organization, along with its annual financial statements for 2018–19. The BIS General Manager Agustín Carstens presented the new BIS Annual Report and highlighted the core activities of BIS in three main areas: economic analysis and research, banking activities, and cooperation among central banks and other financial authorities. Further, the report provides information on the BIS Innovation Hub 2025. The report notes that the role of the Hub will be to identify and develop in-depth insights into the critical technology trends affecting central banking, to develop public goods in the technology space for improving the functioning of the global financial system, to and serve as a focal point for a network of central bank experts on innovation.
The annual economic report highlights that monetary policy can no longer be the main engine of economic growth and that other policy drivers need to kick in to ensure the global economy achieves sustainable momentum. BIS calls for a better balance between monetary policy, structural reforms, fiscal policy, and macro-prudential measures. The report mentions that macro-prudential policies complement the monetary policy framework as an integral element of the wider macro-financial stability framework. They are targeted at addressing risks to financial stability, which arise from domestic financial imbalances. The report also features a chapter on big tech and financial services, which was released on June 23, 2019.
Keywords: International, Banking, Annual Report, Annual Economic Report, Macro-Prudential Measures, Innovation Hub, Fintech, BIS
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The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.