The Trustees of the IFRS Foundation appointed Bill Coen as Chair of the IFRS Advisory Council, effective immediately. Mr. Coen has been appointed to chair the Council and consider how to improve its effectiveness. The Advisory Council supports the Trustees by providing strategic advice and this is a twelve-month appointment. At the end of this transitional phase, the trustees will look to appoint a new Chair through a public nomination process.
The new Advisory Council Chair will have three priorities: to provide leadership and set the agenda for the 2020 meetings; to assess any relevant changes that may be warranted in the role and composition of the Advisory Council; and to position the Council through any transition. Before this, Mr. Coen was Secretary General of the Basel Committee on Banking Supervision from 2014 to 2019 and Deputy Secretary General from 2007 to 2014. In his role as Secretary General, he chaired the Committee’s Policy Development Group, its Corporate Governance Task Force, and the Coherence and Calibration Task Force. He served on the IFRS Advisory Council from 2016 until 2019. He has also worked for the Board of Governors of the Federal Reserve System in Washington DC, with a variety of responsibilities relating to banking policy, supervision and licensing.
Keywords: International, Banking, Accounting, Advisory Council, Bill Coen, Chair, IASB, IFRS
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The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
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