CFTC announced members of the new Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee (MRAC). The subcommittee was established to provide a report to the MRAC that will identify and examine the climate-related financial and market risks. Among others, the Subcommittee will work on issues related to disclosures, reporting, and stress testing of climate risks.
Bob Litterman, the founding partner and Risk Committee Chairman of Kepos Capital, will chair this 35-member Climate Subcommittee. The Climate Subcommittee comprises experts from the financial markets, the banking and insurance sectors, the agricultural and energy markets, the data and intelligence service providers, the environmental and sustainability public-interest sector, and the academic disciplines singularly focused on climate change, adaptation, public policy, and finance. Topics and issues this Subcommittee may consider include, but are not limited to, the following:
Previous ArticleBCBS Consults on Revised Disclosures for Market Risk Framework
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.