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

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

FASB published a summary of the tentative decisions taken at its Board meeting in July 2019.

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476