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    FSB Chair Updates G20 on COVID-19 Response

    April 14, 2020

    FSB published a letter from its Chair Randal K. Quarles summarizing the work being done to tackle challenges posed by the COVID-19 crisis and outlining the resulting re-prioritization of the ongoing FSB work. The letter is addressed to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 15, 2020. The letter outlines the planned activities regarding the ongoing FSB policy work in the areas of addressing vulnerabilities in non-bank financial intermediation, facilitating transition away from London Interbank Offered Rate (LIBOR), harnessing benefits of technological innovation, and promoting efficient and resilient cross-border payments.

    So far, FSB and its member jurisdictions have taken swift, coordinated, and decisive actions to support local and global market functioning. FSB is taking action on three fronts: assessing vulnerabilities caused by the COVID-related challenges, exchanging information daily on the financial policy responses of FSB members, and coordinating policy responses while guiding authorities on ways to use the existing flexibility built into international standard. To date, there have been about 850 discrete actions to address the financial and economic fallout related to COVID-19, including actions to support lending, funding, and market functioning. Beyond COVID-19, FSB has strategically re-prioritized its work for the current year and consulted with the Saudi Arabian G20 Presidency on the timing of its G20 deliverables in the following areas:

    • FSB formed a group of senior market regulators and macro-prudential policy makers to develop a proposal on how to organize work on non-bank financial intermediation going forward. FSB and IOSCO will assess whether the 2017 policy recommendations of FSB to address structural vulnerabilities from asset management activities have been implemented effectively and FSB will report back to the G20 on this assessment.
    • To assist in the transition away from LIBOR by the end of 2021, FSB will deliver a report, in July, to the G20 on supervisory measures being taken and the remaining challenges to benchmark transition, in addition to exploring the ways to address the remaining challenges.
    • This month, FSB will deliver, for an extended consultation, a draft toolkit of effective practices to assist financial institutions in their cyber incident response and recovery. FSB will also provide G20 with the previously committed reports on the implications of bigtech for emerging market and developing economies as well as on the range of practices in the use of regtech and suptech; however, the timelines for these reports will be delayed.
    • FSB will continue to work to develop a roadmap to enhance cross-border payment arrangements that was requested in February. FSB, along with CPMI, will continue the two remaining phases of the project to deliver a roadmap that includes practical steps and an indicative timeframe to improve cross-border payments.
    • An evaluation is underway to assess the extent to which the post-crisis too-big-to-fail reforms are working. FSB will discuss whether the timeline of the evaluation needs to be adjusted in light of COVID-19.


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    Keywords: International, Banking, G20, COVID-19, LIBOR, NBFI, Suptech, Bigtech, Too Big to Fail, Cyber Risk, Regtech, Benchmark Reforms, Systemic Risk, FSB

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