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non-financial firms being prepared for the risk that LIBOR will end once official sector support for the benchmark is withdrawn at end-2021.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
IASB Publishes Summary of October 2019 Meeting of Advisory ForumNext Article
APRA Releases Details of Superannuation HeatmapRelated Articles
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB Proposes to Delay Implementation of Insurance Contracts Standard
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB Set Out Recommendations for Benchmark Transition
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS Sets Out Recommendations for Benchmark Transition for Insurers
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB Guideline on Materiality Threshold for Credit Obligations Past Due
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.
