Featured Product

    FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins

    October 13, 2020

    FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas. The focus areas of the roadmap involve committing a joint public- and private-sector vision to enhance cross-border payments; coordinating regulatory, supervisory, and oversight frameworks; improving existing payment infrastructures; enhancing data quality and straight-through processing; and exploring the potential role of new payment infrastructures, including the global stablecoin arrangements. FSB also published a report that presents high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements, following an April 2020 public consultation. The global stablecoin arrangements are expected to adapt to new regulatory requirements as necessary, to adhere to all applicable regulatory standards, and to address risks to financial stability before commencing operation.

    Within the cross-border payments roadmap, the focus area on exploring the role of new payment infrastructure will examine the scope for new multilateral platforms, global stablecoin arrangements, and central bank digital currencies to address the challenges that cross-border payments face, without compromising on minimum supervisory and regulatory standards to control risks to monetary and financial stability. The emergence of global stablecoins may challenge the comprehensiveness and effectiveness of the existing regulatory and supervisory oversight. Thus, FSB has agreed on the ten high-level recommendations that promote coordinated and effective regulation, supervision, and oversight of such arrangements to address any financial stability risks at the domestic and international levels. In addition to the final recommendations on stablecoin arrangements, FSB also published a note that summarizes the responses received to the consultation on global stablecoin arrangements and the resulting changes to the recommendations in the consultation paper.

    The recommendations on global stablecoin arrangements support responsible innovation and provide sufficient flexibility for jurisdictions to implement domestic approaches. The recommendations call for regulation, supervision, and oversight that is proportionate to the risks and that follows the “same business, same risk, same rules” principle. The performance of some functions of a global stablecoin arrangement may have important impact across borders. The recommendations also stress the value of flexible, efficient, inclusive, and multi-sectoral cross-border cooperation, coordination, and information-sharing arrangements among authorities. Public consultations on the individual building blocks will take place at the appropriate points, to ensure transparency and accountability. FSB also agreed to the following further actions as a key building block of the roadmap to enhance cross-border payments commissioned by G20:

    • Completion of international standard-setting work by December 2021
    • Establishment or, as necessary, adjustment of cooperation arrangements among authorities by December 2021 (and as needed based on market evolution)
    • At a national level, establishment or, as necessary, adjustment of regulatory, supervisory, and oversight frameworks, consistent with the FSB recommendations and international standards and guidance by July 2022 (and as needed based on market evolution)
    • Review of implementation and assessment of the need to refine or adapt international standards by July 2023

     

    Related Links

    Keywords: International, Banking, Securities, Cross-Border Payments, G20, Roadmap, Stablecoins, Digital Currencies, CBDC, Regtech, PMI, CPMI, FSB

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514