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.
Keywords: International, Banking, Securities, Shadow Banking, OTC Derivatives, G20 Data Gap Initiative, G-SIB, IMF, FSB
Previous ArticleIASB Issues Work Plan and Meeting Updates for September 2018
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.