FSB and IMF Report Progress on Phase Two of G20 Data Gaps Initiative
FSB and IMF published the third progress report on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). This report provides updates on the progress made in the implementation of the DGI-2 targets since September 2017, when the second progress report was submitted to the G20. The progress report will be submitted to the G20 Finance Ministers and Central Bank Governors in October.
The progress report highlights that considerable progress was made by the economies participating in DGI-2 during its second year. Areas of progress include monitoring of shadow banking; reporting of data on global systemically important banks; and improved coverage, timeliness, and periodicity of sectoral accounts. The report reveals that key challenges remain, with high-level political support being crucial to overcome them. Challenges include adequate resource allocation in terms of skills and information technology, appropriate maintenance of the new DGI datasets and infrastructure for data access and data sharing, and strengthened inter-agency cooperation at the national level. Further progress in implementing the DGI-2 is expected from the participating economies and will be reported to G20 Finance Ministers and Central Bank Governors.
All G20 economies now report their International Investment Position quarterly and core Coordinated Portfolio Investment Survey data semi-annually. The report includes, for the first time, information on year-to-year progress, in addition to a snapshot of the current status of the DGI-2 recommendations in 2018. It also provides a traffic light monitoring dashboard for the non-G20 FSB member jurisdictions for selected recommendations. To facilitate progress, the 2019 DGI-2 work program will continue to include thematic workshops, bilateral meetings, as needed, and the annual DGI Global Conference. The FSB Secretariat and the IMF Staff, in close cooperation with the Inter-Agency Group on Economic and Financial Statistics and the participating economies, will continue to monitor progress and report back to the G20 Finance Ministers and Central Bank Governors on an annual basis until the completion of the initiative in 2021. This exercise is intended to address data gaps identified after the global financial crisis and to promote the regular flow of timely and reliable statistics for policy use.
Related Links
Keywords: International, Banking, Securities, Shadow Banking, OTC Derivatives, G20 Data Gap Initiative, G-SIB, IMF, FSB
Previous Article
IASB Issues Work Plan and Meeting Updates for September 2018Related Articles
MAS Concludes Blockchain Payments Prototype Shows Commercial Potential
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA Updates Reporting Validation Rules in July 2020
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA Updates List of Correlated Currencies Under CRR
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA Guides on Securitization Repository Data Consistency Thresholds
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB Proposes to Delay Implementation of Insurance Contracts Standard
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
