FSB welcomes the announcement by the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS, that agreement has been reached on the finalization of Basel III. The agreement improves the comparability of banks’ risk-weighted assets and reinforces the credibility of the bank capital framework.
Agreement on these final elements means that one of the key reforms pursued to address the causes of the global financial crisis has been completed and can be fully implemented. Mark Carney, Chair of the FSB, said: “Agreement on the final elements of Basel III means that G20 reforms have addressed the fault lines that caused the global financial crisis. By reducing excessive variability in banks’ risk-weighted assets, the agreement locks in the benefits of a resilient international banking system, supported by a level playing field of common international standards. We encourage full, consistent and timely implementation.”
Keywords: International, Banking, Basel III, Final Basel III Reforms, Capital Framework, FSB
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EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.
BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.