Featured Product

    FSB Chair Updates G20 on Ongoing Policy Work

    October 13, 2020

    In a letter to the G20 Finance Ministers and Central Bank Governors, the FSB Chair Randal K. Quarles presents the ongoing policy work of FSB. The letter, which was published ahead of the G20 meeting in October 2020, discusses FSB work in the areas of supervising developments in financial technology and innovation, enhancing cross-border payments, and promoting a resilient and integrated global financial system. The letter highlights that FSB will provide a comprehensive report on the financial stability implications of, and policy responses to, the shocks related to COVID-19 crisis, during the November G20 Summit. This holistic review of the market shock will inform the future actions of FSB in 2021 under the Italian G20 Presidency to improve the resiliency of the nonbank financial intermediation sector.

    The letter notes that FSB has not lost sight of the important ongoing work in financial innovation, payments systems, cyber resilience, and market fragmentation. FSB is submitting, to the G20, work addressing issues at the frontier of financial innovation and technology, including:

    • A toolkit of effective practices that FSB encourages regulators and financial institutions to use to respond to, and recover, from the negative impacts of a cyber incident
    • An examination of the impact that bigtech firms have on emerging market and developing economies
    • An assessment of how suptech and regtech technologies may improve authorities’ supervisory capabilities and institutions’ regulatory compliance
    • High-level recommendations for regulatory, supervisory, and oversight responses to “stablecoin” instruments
    • Roadmap of FSB for developing cross-border payment systems and processes that are faster, more inclusive, less expensive, and more transparent

    During 2021, the standard-setting bodies will consider whether and how to update international standards in light of the FSB recommendations to ensure that risks are adequately mitigated. The letter also highlights that FSB will provide final report concerning the effects of too-big-to-fail reforms in early 2021. FSB continues to coordinate work to support LIBOR transition, which remains an essential task that will strengthen the global financial system. FSB is developing a global transition roadmap that is intended to raise awareness about the steps financial and non-financial firms should be taking now and over the remaining period to the end of 2021, to successfully achieve this transition.

     

    Related Links

    Keywords: International, Banking, Securities, COVID-19, Fintech, Bigtech, Regtech, Suptech, G20, Too Big to Fail, Stablecoins, Cross-Border Payments, Benchmark Reforms, FSB

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular

    The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.

    May 10, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8191