Featured Product

    G20 Publishes Communiqué on Its February Meeting in Saudi Arabia

    February 24, 2020

    G20 published an official statement, also known as Communiqué, summarizing developments at the February meeting of the finance ministers and central bank governors in Riyadh, Saudi Arabia. As per the statement, G20 remains committed to the full, timely, and consistent implementation of the agreed financial reforms. It will continue to evaluate the effects of these reforms and welcomes the FSB evaluation of the effects of too-big-to-fail reforms. G20 will continue to identify, monitor and, as necessary, address vulnerabilities and emerging risks to financial stability, including those related to non-bank financing.

    As per the statement, G20 will continue to work to address unintended, negative effects of market fragmentation, including through regulatory and supervisory cooperation. It will also continue its efforts to enhance cyber resilience and look forward to the FSB toolkit of effective practices for cyber-incident response and recovery. G20 will continue to monitor and address the causes and consequences of the withdrawal of correspondent banking relationships, along with the issues in remittance firms’ access to banking services. Mobilizing sustainable finance and strengthening financial inclusion are important for global growth and stability. G20 welcomes private-sector participation and transparency in these areas.

    The Communiqué states that G20 emphasizes that markets need to transition away from LIBOR to alternative reference rates before the end of 2021. Therefore, urgent work is needed by the private sector, with supported from the public sector, to manage this transition, given the risks that may arise if parties are insufficiently prepared for the expected discontinuation of the widely used LIBOR benchmarks. Given the short time remaining for this transition to take place, substantial progress is needed in 2020 to address the potential financial stability risks. G20 has requested FSB to identify the remaining challenges to benchmark transition by July 2020 and to explore ways to address them.

    G20 welcomes the inclusive approach of utilizing the regional consultative groups of FSB, also involving the respective financial regulation standard-setters, to consider implications associated with the growing entry of bigtech in finance. It also asks the FSB to report on the different approaches to technology-enabled-solutions for regulation and supervision (regtech and suptech). G20 supports the FSB efforts to develop regulatory recommendations with respect to global stablecoins and other similar arrangements. G20 also asks FSB, in coordination with the CPMI and other relevant standard-setting bodies and international organizations, to develop a roadmap to enhance global cross-border payment arrangements by October 2020.

     

    Related Link: G20 Communiqué (PDF)

    Keywords: Middle East and Africa, Saudi Arabia, Banking, LIBOR, Bigtech, Regtech, Sustainable Finance, Stablecoins, Cyber Risk, Suptech, G20

    Related Articles
    News

    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.

    September 30, 2022 WebPage Regulatory News
    News

    FED Announces Launch of Climate Scenario Analysis Exercise in 2023

    The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.

    September 29, 2022 WebPage Regulatory News
    News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8523