Featured Product

    FSB Issues Statement on LIBOR Cessation, Finalizes 2022 Work Program

    November 22, 2021

    The Financial Stability Board (FSB) recently published a summary of its plenary meeting in Basel as well as a statement to support preparations for LIBOR cessation. Despite the significant progress in transitioning to risk-free rates, market participants still need to finalize preparations to cease new use of LIBOR by end-2021. Considering the significant use of USD LIBOR globally, FSB believes it is important to reinforce the message and timeline from supervisors globally to ensure there is no interruption to new business and financing. FSB also considers engagement with emerging markets and developing economies to be a key part of LIBOR transition globally. FSB will continue to monitor the final steps in completing LIBOR transition over the coming months.

    At the FSB Plenary meeting in Basel, members discussed vulnerabilities in the global financial system, reviewed issues of relevance to the emerging market and developing economies, and agreed the work program for 2022. The finalized 2022 work program will be published in January. Plenary members expressed their gratitude for Randal Quarles’ leadership and commitment in chairing FSB during the past three years and look forward to working with Klaas Knot, who will take over as FSB Chair on December 02, 2021. The Plenary also discussed key issues in completing resolution reforms going forward, including follow-up work to close gaps identified in the evaluation of the effects of too-big-to-fail reforms for systemically important banks. The following are some of the key deliverables that were discussed:

    • FSB will provide an updated assessment of the financial stability implications of crypto-assets to the G20 in February 2022.
    • FSB will publish a discussion paper to provide basis for a dialog between the public and private sector on emerging policy approaches and industry practices that could prove effective to support a smooth transition out of debt overhang issues stemming from the recent global upheaval.
    • The 2021 Resolution Report, which marks the tenth anniversary of the adoption of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions, will be published in early December. 

     

    Related Links

    Keywords: International, Banking, Insurance, Securities, LIBOR, Benchmark Reforms, LIBOR Transition, Risk-Free Rates, Work Program, Cryptoassets, FSB

    Related Articles
    News

    APRA Penalizes Heritage Bank for Incorrect Reporting of Capital

    The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Releases Annual Report 2021-2022

    The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.

    November 29, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance on Management of Climate Change Risks

    The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.

    November 26, 2021 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A Updates in November 2021

    The European Banking Authority (EBA) Single Rulebook Question and Answer (Q&A) tool updates for this month include answers to 10 questions.

    November 26, 2021 WebPage Regulatory News
    News

    EC Proposes New Measures Under Capital Markets Union Package

    The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.

    November 25, 2021 WebPage Regulatory News
    News

    European Council Adopts Position on Digital Finance Package Proposals

    The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).

    November 25, 2021 WebPage Regulatory News
    News

    PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window

    The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.

    November 25, 2021 WebPage Regulatory News
    News

    FED Outlines Lending Conditions and Supervisory Activities in H1 2021

    The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.

    November 24, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR

    The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).

    November 24, 2021 WebPage Regulatory News
    News

    APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience

    The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.

    November 23, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7736