CMF published a report on its strategy for addressing climate change. As part of its strategy, CMF aims to promote the disclosure of risks associated with climate change, facilitate the development of a green financial market, and integrate climate risks into prudential supervision. To achieve these objectives, CMF has set up a work plan that it will execute in the short, medium, and long term.
The work plan on climate change includes the following:
- Creation of a Working Group for Climate Change (GTCC) for the development of a strategic initiative for climate change
- Participation in the Green Public-Private Finance Committee of the Ministry of Finance and in the work carried out by IOSCO, IAIS and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
- A plan to promote the disclosure of information through regulatory amendments, as stated in the public consultation of General Rule No. 386
- Development of a plan to facilitate a green financial market, collaboration with other national authorities to develop a classification of economic activities consistent with international standards, and a study (by GTCC) on both international standards and the local market to detect potential gaps and trends
- Integration of climate risks into prudential supervision by identifying, in the short term, the international best practice framework for climate risk assessment, monitoring, and management based on the partnerships built by CMF, especially with its NGFS peers
Keywords: Americas, Chile, Banking, Climate Change Risk, ESG, Sustainable Finance, NGFS, Disclosures, Taxonomy, Stress Testing, CMF
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.