FSB and IMF published the fourth progress report on implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). The report provides an overview of the progress since September 2018 and the challenges that remain in implementing the DGI-2 recommendations by 2021. The progress report was submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington D.C. in mid-October.
The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use. DGI-2 also includes new recommendations to reflect evolving policymaker needs. Its twenty recommendations are clustered under three main headings—monitoring risk in the financial sector; vulnerabilities, interconnections, and spillovers; and data sharing and communication of official statistics. DGI-2 maintains continuity with the DGI-1 recommendations while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations. The report seeks endorsement from the G20 Finance Ministers and Central Bank Governors on the achievements, the remaining challenges, and the next steps toward the completion of the DGI-2 by 2021. The key points covered in the report include the following:
- Participating economies made additional progress in closing the identified data gaps and promoting the regular flow of timely and reliable statistics for policy use. Overall, improvements were noted in coverage, timeliness, or periodicity of securities statistics, derivatives data, sectoral accounts, international investment position, international banking statistics, and government finance statistics.
- Challenges remain in fully implementing the DGI-2 recommendations by 2021. While substantial achievements have been made in promoting data sharing, continued efforts are still needed. Retaining high-level political support is essential to overcome remaining challenges.
- To facilitate full implementation of the agreed DGI-2 recommendations, the IMF staff and the FSB Secretariat, in close cooperation with the Inter-Agency Group on Economic and Financial Statistics (IAG), will continue to monitor progress on the DGI-2. Given the relatively short time ahead to implement the recommendations, monitoring will be done twice a year, with the first mid-year progress review to be conducted by mid-January 2020.
- The IAG member agencies will also provide guidance, support, or consultation on the relevant recommendations, as appropriate. The 2020 DGI-2 work program will continue to include bilateral technical assistance, technical workshops, and the annual DGI Global Conference. The IMF Staff and the FSB Secretariat will report back to the G20 Finance Ministers and Central Bank Governors through the Fifth Progress Report on DGI-2 in the second half of 2020.
Keywords: International, Banking, Securities, G20 Data Gap Initiative, G-SIB, IMF
Previous ArticleFDIC Letter on Submission of Call Reports by End of October 2019
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.