Featured Product

    FSB Issues Summary of its Plenary Meeting in June

    June 25, 2018

    The FSB Plenary met in Basel to discuss risks and vulnerabilities from market developments in the global financial system and progress against its 2018 workplan for delivery to the Argentine G20 Summit in November. Plenary members noted the considerable progress made over the last decade in strengthening the resilience of the financial system, but stressed the importance of monitoring financial markets during the transition away from a very low interest rate environment.

    The key highlights of the meeting are as follows:

    • The Plenary discussed progress on crypto-assets deliverables and agreed on a framework to monitor potential emerging financial stability risks of crypto-assets. Members also received an update on the ongoing work by BCBS, CPMI, and IOSCO on their work on crypto-assets, including monitoring bank exposures, work on applications of the underlying technologies and use in payments, and considering issues stemming from initial coin offerings and crypto-asset exchanges that could impact investor or consumer protection. FSB will publish a summary of its work and that of the standard-setting bodies on crypto-assets, ahead of the July meeting of G20 Finance Ministers and Central Bank Governors.
    • The Plenary approved for publication, in July, a consultation paper on the common cyber lexicon that FSB has developed. The cyber lexicon is intended to support FSB, standard-setting bodies, authorities, and private-sector participants in addressing cyber security issues and enhancing cyber resilience in the financial sector.
    • FSB discussed preliminary results from two ongoing evaluations of the effects of reforms: on the financing of infrastructure investment and on the incentives to centrally clear over-the-counter derivatives. Public consultations on both evaluations will be issued in the next two months. The final reports will be delivered to the G20 Leaders’ Summit and published in November. Two other evaluations agreed on by FSB will be launched in the coming months. These are an evaluation of the effects of reforms on the financing of small and medium-size enterprises, which will be delivered under the Japanese G20 Presidency, along with an evaluation of the effects of policies to address too-big-to-fail, which will be completed in 2020.
    • IOSCO updated the Plenary on its work to develop consistent leverage measures for investment funds, as part of its work to implement the FSB policy recommendations on structural vulnerabilities from asset management activities. IOSCO plans to publish the consultative document on funds’ leverage measures in the autumn.
    • To ensure effective engagement with non-FSB jurisdictions, the Plenary, at its October 2017 meeting, had asked each of the six FSB Regional Consultative Groups (RCGs) to consider whether to recommend any changes to the jurisdictions in their membership. Based on recommendations from RCGs, the Plenary has agreed to invite several new jurisdictions to join the RCGs.
    • The Plenary received an update on the ongoing work of the Task Force on Climate-Related Financial Disclosures (TCFD) to promote and monitor adoption of its voluntary recommendations to companies for effective disclosure of climate-related financial risks. The TCFD will publish its monitoring report in September.

     

    Related Link: Summary of Plenary Meeting

    Keywords: International, Banking, Securities, TCFD, FinTech, Implementation Monitoring, Shadow Banking, FSB

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5469