FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing. The consultation was launched in June 07, 2019, with the comment period ending on August 07, 2019. FSB published responses received from Alternative Investment Management Association (AIMA), European Banking Federation (EBF), Fedart Fidi, French Banking Federation (FBF), Genossenschaftsverband - Verband der Regionen, Institute of International Finance (IIF), Italian Banking Association (ABI), Leaseurope, SMEunited, and the U.S. Chamber of Commerce.
The evaluation is a part of the broader examination of the effects of the G20 regulatory reforms on financial intermediation. The evaluation considers the impact of the implementation Basel III and accounting standards such as IFRS 9 and its equivalent in various jurisdictions. The consultation on the evaluation of the effects of regulatory reforms on SME financing had outlined tehe relevant reforms potentially affecting SME finance and presented the implementation timelines and possible transmission channels for these reforms. The consultation report had stated that stakeholders identified Basel III as the most relevant reform impacting the provision of SME lending, although there were mixed views about its importance. Changes to accounting standards for expected credit loss (ECL) were also cited by stakeholders as potentially affecting SME financing.
Keywords: International, Banking, Accounting, Basel III, Proportionality, IFRS 9, Credit Risk, Regulatory Reform, Responses to Consultation, FSB
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.