Fernando Restoy, Chairman of the Financial Stability Institute (FSI) of BIS, spoke at the 20th anniversary conference of FSI. He briefly reviewed key achievements in the FSI history and discussed the ongoing work and the priorities in the years to come. Fernando Restoy highlighted that FSI has been constantly adapting to the needs of the financial supervisory community, with the aim to contribute to the financial stability mission of BIS.
Mr. Restoy mentioned that financial sector authorities must now pursue a wider range of policy goals. In addition to safeguarding financial stability and market integrity, supervisors are often expected to contribute to other objectives, such as competition, technological innovation, or financial inclusion. All of these add complexity to their role, thus increasing the demand from central banks and supervisory authorities for capacity-building. In this new world, it was felt that there's a need to adjust both the services and products offered by FSI and the way it interacts with its main stakeholders, basically the supervisory community.
He added that FSI will be guided by the Innovation BIS 2025 Strategy, as approved by the Board of Directors of BIS last November. BIS 2025 provides that the core business of FSI will continue to be support for the implementation of global financial standards and for the adoption of sound policies in the new institutional, regulatory, and technological environment. The following main initiatives are part of the strategy:
- Playing a more active role in addressing regulatory and supervisory developments related to technology and innovation. To this end, FSI will be creating a repository of technology-related regulatory developments and it will further develop a recently created informal network of experts on enhancing supervisory work through technology.
- Providing support for financial crisis management through a library of previous crisis episodes and the coordination of exercises that test the performance of existing crisis management frameworks in a cross-border context.
- Continuing to expand FSI Insights series with new comparative studies on regulatory and supervisory approaches and a special focus on technology and crisis management.
- Expanding the offering of online training courses to cover more advanced topics and cross-sectoral themes such as fintech and cyber-security.
Related Link: Speech
Keywords: International, Banking, Fintech, Financial Stability, Regulation and Supervision, Crisis Management, FSI, BIS
Next ArticleIFRS Foundation Publishes IFRS Taxonomy 2019
FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides.
EC published draft of a delegated regulation amending liquidity coverage rules for covered bond issuers.
ESMA published an update to its March 2019 statement on the endorsement of credit ratings from UK.
PRA published Version 2 of the questions and answers (Q&A) on the Branch Return form.
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.