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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EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.