FSB published a summary of the Plenary meeting in Paris. At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020. The timelines for the publication of certain reports related to the ongoing FSB work were also announced.
The following are the key highlights and conclusions of the meeting:
- FSB plans to publish, by the end of the year, a report that assesses vulnerabilities associated with leveraged loans and collateralized loan obligations (CLOs).
- Members reviewed progress on the development of a new surveillance framework and discussed the key parameters of the new framework, which FSB plans to complete in mid-2020.
- FSB will publish a consultative report on regulatory issues of stablecoins in April 2020.
- Members discussed the ongoing work on market developments and potential financial stability implications from the entry of bigtech firms into finance and from third-party dependencies in cloud services. FSB will publish initial reports on these key topics in the coming weeks.
- The Plenary welcomed the completion of the final version of the holistic framework for assessment and mitigation of systemic risk in the insurance sector, which IAIS will publish next week, following an earlier stakeholder consultation.
- FSB work program for 2020 will be published toward the end of 2019 and the priorities of the work program include addressing new and emerging vulnerabilities in the financial system, harnessing the benefits of financial innovation while containing risks, finalizing and operationalizing post-crisis reforms, and monitoring the implementation and evaluating the effects of the reforms.
Related Link: Press Release
Keywords: International, Banking, Insurance, Fintech, Collateralized Loan Obligations, Financial Stability, Systemic Risk, Work Program, IAIS, FSB
Across 35 years in banking, Blake has gained deep insights into the inner working of this sector. Over the last two decades, Blake has been an Operating Committee member, leading teams and executing strategies in Credit and Enterprise Risk as well as Line of Business. His focus over this time has been primarily Commercial/Corporate with particular emphasis on CRE. Blake has spent most of his career with large and mid-size banks. Blake joined Moody’s Analytics in 2021 after leading the transformation of the credit approval and reporting process at a $25 billion bank.
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