FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks. The discussion paper focused mainly on disclosures of resolution planning for global systemically important banks (G-SIBs) and explored how general and firm-specific disclosures on resolution planning and resolvability could be enhanced. However, many of the disclosure approaches discussed are also relevant for domestic systemically important banks and other firms subject to resolution planning requirements. FSB published responses received from Bank Policy Institute (BPI) and Financial Services Forum (FSF), CLS Bank International, European Banking Federation (EBF), Institute for International Finance (IIF) and the Global Financial Markets Association (GFMA), and Japanese Bankers Association (JBA). The comment period on the consultation had ended on August 02, 2019.
The discussion paper drew on the current practices on disclosure of general information by authorities and of firm-specific information by both authorities and firms on resolution regimes and resolution planning. FSB was seeking feedback on the merits of such disclosures and ways to enhance disclosure practices. The discussion paper focused on ex-ante disclosures on resolution planning and resolvability. Such disclosures should help strengthen market discipline and public accountability and offer additional incentives for firms to remove any remaining barriers to resolvability. Additionally, ex-ante disclosures may clarify expectations and strengthen market confidence in the resolution actions of authorities. The discussion paper did not cover communications and disclosures in the lead-up to a resolution or as a resolution event unfolds, nor did it discuss ex-post disclosures, such as information about specific resolution cases or legal cases.
Keywords: International, Banking, Resolution Planning, Resolvability, G-SIB, Disclosure, Systemic Risk, Responses to Consultation, FSB
Previous ArticleISDA Publishes Update on Global Interest Rate Benchmark Reforms
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.