Featured Product

    SRB and JFSA to Cooperate on Resolution Planning for Banks

    October 14, 2019

    SRB and JFSA agreed to cooperate on resolution planning for banks, through an exchange of letters. The exchange of letters will provide a basis for effective cooperation for cross-border resolution planning and implementation. The letters were signed in the inaugural meeting of the Joint EU-Japan financial regulatory forum on October 11, 2019, in Tokyo. The authorities also issued a joint statement on the inaugural meeting of the Joint EU-Japan financial regulatory forum. The next forum meeting is foreseen to take place in Brussels in 2020.

    Through the agreement to cooperate on resolution planning for banks, JFSA and SRB confirmed their commitment to strengthen cross-border resolvability by enhancing communication and cooperation and to work together in planning and conducting orderly cross-border resolutions. The goal is to facilitate the resolution of banks in the respective jurisdictions while maintaining financial stability in Japan and EU. 

    The Joint EU-Japan financial regulatory forum was chaired by Mr. Ryozo Himino, Vice Minister for International Affairs of JFSA and by Mr. Olivier Guersent, Director-General at the EC's Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Also joining the forum were the Bank of Japan, ECB, EBA, ESMA, and SRB. The Joint EU-Japan meeting provided an important opportunity for both sides to exchange views on the recent regulatory and supervisory developments in the financial sector at the international level and in their respective jurisdictions. The participants discussed the progress and way forward to strengthen their bilateral cooperation and the possibility of coordination in international fora such as the G20 and FSB. In addition, JFSA and EU participants discussed the EU equivalence and the Japanese deference frameworks, including possible enhancements in information exchange between both jurisdictions. They briefed each other on the recent developments in the financial sector in the EU and in Japan, mainly in the banking sector and capital markets. Discussions also involved: The participants also discussed the following: 

    • State of the implementation of Basel III reforms
    • Achievements of the outgoing EC in the area of financial services policy
    • Benefits and challenges represented by the development of fintech, including issues related to cyber-security and stablecoins
    • Respective initiatives in the field of sustainable finance, with EU and Japan re-iterating their commitment to strengthen cooperation, to share experiences, and to promote ways to support deployment of private capital toward sustainable investments globally

     

    Related Links

    Keywords: Europe, EU, Japan, Banking, Securities, Basel III, Fintech, Sustainable Finance, Cyber Risk, Resolution Planning, JFSA, SRB

    Featured Experts
    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5650