FSB issued a statement that it is actively cooperating to maintain financial stability during market stress related to COVID-19. FSB encourages authorities and financial institutions to make use of the flexibility within existing international standards to provide continued access to funding for market participants and for businesses and households facing temporary difficulties from COVID-19. FSB also encourages authorities and financial institutions to ensure that capital and liquidity resources in the financial system are available where they are needed.
The global financial system today is in a better position to withstand shocks, maintain market functioning, and sustain the supply of financing to support the real economy as a result of post-crisis reforms, including the formation of international coordination mechanisms like FSB. Many members of FSB have already taken action to release available capital and liquidity buffers, in addition to actions to support market functioning and accommodate business continuity plans. FSB represents a broad and diverse membership of national authorities, international standard-setters, and international bodies. FSB members, including the international standard-setting bodies, are cooperating closely. They will continue to coordinate action, including financial policy responses in their jurisdictions, to maintain global financial stability, keep markets open and functioning, and preserve the capacity of the financial system to finance growth.
Related Link: Press Release
Keywords: International, Banking, COVID 19, Financial Stability, Basel III, Post-Crisis Reforms, Regulatory Capital, Liquidity Risk, Systemic Risk, FSB
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.