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    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

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