Featured Product

    FSB Publishes Update on Meeting of RCG for Europe

    May 09, 2019

    FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Europe. The meeting was hosted by National Bank of Romania on May 07, 2019 in Bucharest. The key topics of discussion were innovation in financial industry, possible policy responses to the identified financial vulnerabilities, an update on the FSB work program for 2019, and strengthening of the FSB outreach through RCGs.

    The following are the key highlights of the discussions:

    • The RCG members discussed implications of the growing use of artificial intelligence, machine learning, and big data for the regulation and supervision of the financial system. Members explored risks and opportunities that these innovations could entail for financial stability.
    • They examined the potential impact of the global and regional financial vulnerabilities on European economies. The group also exchanged views on possible policy responses, including assessments of potential vulnerabilities linked to high global indebtedness and more specifically to the markets for leveraged loans and collateralized loan obligations (CLOs). The meeting considered the steps authorities are taking to address the identified risks.
    • The group also received an update on the work program of FSB and the deliverables to the June G20 meetings in Japan. The work program in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and from fintech and how these issues may be addressed.
    • Finally, members discussed ways to enhance the effectiveness of RCG groups. As part of the broader efforts by FSB to strengthen external stakeholder outreach, the discussion will help to identify the ways in which non-member jurisdictions of FSB can effectively contribute to the work of FSB and provide feedback on its direction.

    The RCG Europe is co-chaired by Luigi Federico Signorini, Deputy Governor, Bank of Italy and Marek Mora, Deputy Governor, Czech National Bank. The membership of RCG for Europe includes financial authorities from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom and the Group of International Finance Center Supervisors. EC, ECB the ECB Banking Supervision also attended the meeting.

     

    Related Link: Meeting Update

     

    Keywords: International, Europe, Banking, RCG, Fintech, Regtech, Work Program, Financial Stability, FSB

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681