Featured Product

    FSB Issues Update on Meeting of Regional Consultative Group for Asia

    May 11, 2018

    FSB published an update on the meeting of its Regional Consultative Group (RCG) for Asia. BNM hosted this meeting of the RCG in Kuala Lumpurm, with the key topics of discussion being cross-border resolution, effects of G20 reforms, fintech and regtech, and efforts to reduce misconduct risk.

    Members of the RCG for Asia began by considering vulnerabilities in the global financial system, noting in particular the high levels of debt. They examined the reasons and possible implications of the increasing share of cross-border lending to Asia, which is being undertaken by Asian banks. Members received an update on the current and planned activities of FSB, which are intended to reinforce the G20 objective of strong, sustainable, and balanced growth. Another topic of consideration was the resolution of large systemic banks and other financial institutions, particularly in a cross-border context. RCG members discussed challenges being faced in the implementation of the FSB key attributes of effective resolution regimes for financial institutions, in addition to the information-sharing arrangements and other cross-border arrangements.

    Members turned their attention to the regulatory treatment of sovereign exposures and the effects of G20 reforms. They discussed the role that sovereign exposures play in the banking system, financial markets, and the broader economy, along with the risks that they may pose. Members discussed the role that fintech and regtech can play in improving the effective implementation of anti-money laundering and countering the financing of terrorism (AML/CFT) measures. They discussed steps that the official sector could take to promote innovation that mitigates money laundering and terrorist financing risks. The meeting concluded with a discussion on reducing the risk of misconduct. Members discussed the extent of involvement of the supervisory authorities in defining individual roles and responsibilities in a firm and the methods that are most effective to hold individuals accountable. 


    Related Link: Meeting Update for Asia

    Keywords: Asia Pacific, Banking, Insurance, Securities, Misconduct Risk, G20, Regulatory Reforms, Fintech, Regtech, RCG, FSB

    Related Articles
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    FASB Simplifies Accounting for Certain Financial Instruments

    FASB issued a new Accounting Standards Update (2020-06) to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5642