IMF brought together ministers of finance and economics, central bank governors, and other senior officials to share experiences, examine impact of technological change in the financial sector, and discuss potential policy and regulatory responses to financial technology (fintech). For this purpose, representatives from over 40 advanced and emerging economies and international institutions met in Washington.
The IMF Managing Director Christine Lagarde addressed meeting participants and emphasized that “Our key message is that it would be wise for central bankers and regulators to prepare for the potential benefits and challenges of fintech.” IMF has an active research program—having already published two research papers, on virtual currencies and on fintech and financial services—and is increasingly taking fintech into account in its capacity development and economic surveillance work. Its global membership makes the IMF the ideal platform to exchange experiences, build consensus on policies, and evaluate the potential international impact of domestic decisions. Besides the meeting with policymakers, Ms. Lagarde chaired a discussion between major central banks and industry leaders and innovators on the challenges fintech brings to regulation and central banking.
Keywords: International, Banking, Insurance, Securities, Fintech, International Cooperation, IMF
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PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.