FSB Publishes Summary of November Meeting of RCG for MENA Region
FSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA). The meeting was hosted by SAMA in Riyadh. The key topics of discussion included financial regulatory priorities, ongoing work of FSB, effects of post-crisis reforms, transition from London Inter-bank Offered Rate (LIBOR) and other Inter-bank Offered Rate (IBORs), regional financial vulnerabilities, implications of stablecoins, cyber risk, and implementation of G20 regulatory reforms.
The following are the key highlights of the discussion:
- Members received an update from the Saudi Arabian authorities on the financial regulatory priorities for the G20 Presidency starting next month.
- The group also received an update on the ongoing work of FSB and its plans for 2020.
- RCG members discussed the program of evaluation of the effects of post-crisis reforms, including the evaluation of small and medium-size enterprise finance, a report on which is to be published this month.
- Members discussed international work on the transition from LIBOR and other IBORs and underlined the importance of financial and non-financial firms being prepared for the risk that LIBOR will end once official sector support for the benchmark is withdrawn at end-2021.
- Members discussed global and regional financial vulnerabilities and the implications of stablecoins on financial stability and monetary stability.
- Given the increasing risk of cyber incidents, the RCG members discussed work to develop effective practices for cyber incident response and recovery. The FSB toolkit on this is expected to be issued for public consultation in early 2020.
- Members discussed implementation of G20 regulatory reforms in non-G20 jurisdictions and jurisdictions’ experiences in tailoring implementation to the specificities of their financial systems.
- The group expressed support for a set of recommendations developed by a working group of FSB and RCG members and adopted by the FSB Plenary in early November, to enhance the effectiveness of RCGs as an outreach and feedback mechanism.
Related Link: Press Release
Keywords: International, Middle East and Africa, North Africa, Banking, Securities, LIBOR, IBOR, G20, Stablecoins, Cyber Risk, FSB
Previous Article
BoE Updates XBRL Filing Manual for Reporting Under Solvency IIRelated Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
