Featured Product

    FSB Report on Work of FSB and Standard-Setting Bodies on Crypto-Assets

    July 16, 2018

    FSB published a report summarizing the work of FSB and other standard-setting bodies on crypto-assets. The report was delivered to the G20 Finance Ministers and Central Bank Governors.

    While FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognizes the need for vigilant monitoring in light of the speed of market developments. Key highlights of the work of standard-setting bodies are as follows: 

    • FSB developed a framework, in collaboration with CPMI, to monitor the financial stability implications of developments in crypto-asset markets. The framework sets out the metrics that FSB will use to monitor crypto-asset markets as part of its ongoing assessment of vulnerabilities in the financial system. The framework also includes metrics on trading volumes, pricing, clearing, and margining of crypto-asset derivatives. Metrics on exposures will become part of the framework to the extent that they become available.
    • CPMI conducted significant work on applications of distributed ledger technology and is conducting outreach, monitoring, and analysis of payment innovations.
    • IOSCO established an initial coin offering (ICO) Consultation Network to discuss experiences and concerns about ICOs. It is developing a Support Framework to assist members in considering how to address domestic and cross-border issues stemming from ICOs that could impact investor protection. IOSCO is also discussing other issues around crypto-assets, including, for example, regulatory issues around crypto-assets platforms.
    • BCBS is assessing the materiality of banks’ direct and indirect exposures to crypto-assets, clarifying the prudential treatment of such exposures, and monitoring developments related to crypto-assets for banks and supervisors.

    FSB Chair Mark Carney in his letter to G20 Finance Ministers and Central Bank Governors, in March 2018, noted that crypto-assets raise a host of issues around consumer and investor protection, along with their use to shield illicit activity and for money laundering and terrorist financing. The Financial Action Task Force will report separately to the G20 on its work concerning the money laundering and terrorist financing risks related to crypto-assets.

     

    Related Links

    Keywords: International, Securities, Banking, Crypto-Assets, Initial Coin Offerings, DLT, CPMI, IOSCO, BCBS, FSB

    Related Articles
    News

    PRA Guides Further on Treatment of Payment Deferrals in CRR and IFRS 9

    PRA published a "Dear CEO" letter from Sam Woods, its Deputy Governor and CEO, to update the March guidance on treatment of COVID-19-related payment deferrals under IFRS 9 and the Capital Requirements Regulation (CRR).

    June 04, 2020 WebPage Regulatory News
    News

    MAS Announces Additional Relief Measures Amid COVID Crisis

    MAS, along with the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Enterprise Singapore (ESG), announced a package of measures to support those that may face cash-flow constraints.

    June 03, 2020 WebPage Regulatory News
    News

    ESMA Consults on Guidelines for Cloud Outsourcing

    ESMA published a consultation paper on guidelines on outsourcing to cloud service providers.

    June 03, 2020 WebPage Regulatory News
    News

    EBA to Release Data for 2020 Spring Transparency Exercise Next Week

    EBA announced that it will release the bank-by-bank data of the Spring 2020 EU-wide transparency exercise on Monday, June 8.

    June 02, 2020 WebPage Regulatory News
    News

    PRA Issues Statement on Use of E-Signatures to Submit Regulatory Forms

    PRA issued a statement confirming that firms may use electronic signatures for submission of forms and other regulatory documents, although in specific instances PRA may request a "wet signature" where it is appropriate to do so.

    June 02, 2020 WebPage Regulatory News
    News

    EBA to Require Additional Reporting and Disclosures for COVID Measures

    EBA published the guidelines and templates for reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    June 02, 2020 WebPage Regulatory News
    News

    FCA Guidance Confirms Support for Mortgage Customers Amid Crisis

    FCA updated its guidance confirming the support firms should give to mortgage customers that are either coming to the end of a payment holiday or are yet to request one.

    June 02, 2020 WebPage Regulatory News
    News

    US Agencies Temporarily Amend Supplementary Leverage Ratio Calculation

    US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.

    June 01, 2020 WebPage Regulatory News
    News

    APRA FAQ for Standard on Margins for Non-Centrally Cleared Derivatives

    APRA published a frequently asked question (FAQ) providing guidance to all APRA-regulated entities in determining their requirements under the prudential standard CPS 226 on margins and risk mitigation for non-centrally cleared derivatives.

    June 01, 2020 WebPage Regulatory News
    News

    EBA Proposes Revised Standards for Own Funds and Eligible Liabilities

    EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.

    May 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5253