Featured Product

    FSB Publishes Update on Meeting of RCG for Americas

    May 17, 2019

    FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas. The key topics of discussion included deliverables for the June G20 meeting in Japan, work to be done by the RCG’s working group on non-bank financial intermediation (NBFI), decline in correspondent banking relationships, feedback on the FSB consultation on the evaluation of regulatory reforms, and enhancement of the way that the RCGs provide feedback to FSB. The FSB Chair Randal K. Quarles also joined this meeting, which took place in Buenos Aires.

    The following are the key highlights of the discussion:

    • The group received an update on the FSB work program and the deliverables for the June G20 meetings in Japan. The FSB work program for 2019 is focused on new and emerging vulnerabilities and how they may be addressed.
    • They received an update on the RCG’s working group on non-bank financial intermediation (NBFI), discussed the outcomes of the last meeting of the working group (held on March 19, 2019), and the future work to be undertaken by the working group.
    • The RCG group also discussed global and regional financial market developments and vulnerabilities, their potential impact on the economies in the region, and possible policy responses. The group was briefed on the recent FSB assessment of global vulnerabilities, which stem from loosening in lending standards, elevated asset values, and high private and public debt.
    • The members further discussed the ongoing work on market fragmentation. They discussed the draft report on potential issues around market fragmentation and approaches to address these issues.
    • The group then discussed progress in implementation of the FSB-coordinated action plan to assess and address the decline in correspondent banking relationships and follow-up to the associated recommendations to address remittance service providers’ access to banking services. They emphasized the importance of this issue for many countries in the region.
    • They provided feedback on the FSB’s draft consultation report on its evaluation of the effects of the post-crisis financial regulatory reforms on financing for small and medium-size enterprises (SMEs), which will be published in the coming weeks.
    • Finally, the meeting provided an opportunity for the FSB Chair Quarles to hear suggestions from members on how to enhance the ways that the RCGs provide feedback to FSB. 

     

    Related Link: Meeting Update

     

    Keywords: International, Americas, Banking, NBFI, Financial Stability, RCG, Regulatory Reform, FSB

    Related Articles
    News

    APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness

    APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).

    December 02, 2021 WebPage Regulatory News
    News

    EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance

    The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).

    December 01, 2021 WebPage Regulatory News
    News

    FSB Sets Out Good Practices for Crisis Management Groups

    The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.

    November 30, 2021 WebPage Regulatory News
    News

    APRA Penalizes Heritage Bank for Incorrect Reporting of Capital

    The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Releases Annual Report 2021-2022

    The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Updates Timeline for Implementation of Certain Basel Rules

    Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.

    November 29, 2021 WebPage Regulatory News
    News

    EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR

    EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.

    November 29, 2021 WebPage Regulatory News
    News

    FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR

    The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.

    November 29, 2021 WebPage Regulatory News
    News

    APRA Finalizes Capital Adequacy Standards for Banks

    The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.

    November 29, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.

    November 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7751