The BIS Board of Directors appointed Benoît Cœuré (a member of ECB Executive Board) as Head of the new BIS Innovation Hub, which has been set up to foster international collaboration among central banks on innovative financial technology. Mr. Cœuré will start his new role on January 15, 2020 for a five-year term. Mr. Cœuré has since 2013 chaired CPMI. He also led the Group of Seven working group on global stablecoins and co-chairs a related FSB working group. Additionally, the central bank governors meeting at the BIS made a number of appointments to lead key central bank groups.
The following key appointments were made at the meeting of the central bank governors:
- Jerome Powell, the FED Chair has been appointed as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations with members of the GEM. The GEM and the ECC are among the principal meetings held at the BIS every two months. The appointment takes effect on February 01, 2020 for a three year-term. Mr. Powell succeeds Mark Carney, the BoE Governor, who has chaired the two groups since December 2017.
- The BIS Board also appointed John Williams, President and Chief Executive Officer of the New York FED, as Chair of the BIS Consultative Council for the Americas (CCA), an advisory committee to the Board. His two-year term starts on January 09, 2020.
- Central bank Governors of the GEM appointed Sir Jon Cunliffe, Deputy Governor of BoE, as Chair of the CPMI. His three-year term starts on January 01, 2020. Sir Jon succeeds Benoît Cœuré, a member of the Executive Board of ECB, who has been CPMI Chair since September 2013.
- Separately, the Group of Governors and Heads of Supervision (GHOS), the BCBS governing body, has selected François Villeroy de Galhau, Governor of the Bank of France, as its new Chair after consultations among its members. His three-year term starts immediately. He succeeds Mario Draghi, the ECB President until October 31, 2019, who had chaired the GHOS since July 2013.
- The BIS Board elected ECB President Christine Lagarde as a member, replacing Mr. Draghi.
Keywords: International, Europe, Americas, EU, US, UK, Leadership Changes, CPMI, BCBS, BIS
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EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.