General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
May 05, 2018

FSB published the meeting updates of its Regional Consultative Groups (RCGs) for Sub-Saharan Africa and the Middle East and North Africa (MENA). RCG for Sub-Saharan Africa met in Botswana (hosted by Bank of Botswana) while the RCG for MENA met in Istanbul.

RCG for Sub-Saharan Africa—Members of the RCG discussed macroeconomic and financial market developments and their potential impact on countries in the region, including challenges from rising government debt levels. The RCG received an update on FSB’s 2018 work plan and its activities. They discussed, as part of FSB’s framework to evaluate the post-implementation effects of the G20 regulatory reforms, an ongoing evaluation of how regulatory reforms may have affected the cost and availability of infrastructure financing. The meeting also discussed the implementation of IFRS 9, which came into force in January 2018, addresses the accounting for financial instruments, and covers the regulatory treatment of accounting provisions; also discussed were the transitional arrangements to smooth any potential significant negative impact on regulatory capital. The RCG also discussed developments and regulatory issues in crypto-asset markets, including the potential for future financial stability implications, given the rapid growth of these markets. Members reviewed FSB’s progress report on its action plan to assess and address the decline in the number of correspondent banking relationships and its newly published recommendations to improve remittance firms’ access to banking services.

RCG for MENA—The meeting began with an update on the FSB’s current and planned activities, which are pivoting from policy development to implementation and evaluation of reforms. Members expressed concern at the continuing decline in correspondent banking relationships, which has contributed to the reduction in remittance service providers’ access to the banking system. In this context, members discussed the recent FSB recommendations to improve remittance service providers’ access to banking services. Members then discussed how to address misconduct in the financial sector. The meeting concluded with a discussion of the impact of crypto-assets on the financial landscape, the implications for financial stability, and the role of central banks, given the rapid growth of crypto-asset markets and the growing interest by retail investors.


Related Links

Keywords: Middle East and Africa, Banking, Securities, Crypto Assets, Misconduct Risk, IFRS 9, G20, Regulatory Reforms, RCG, FSB

Related Insights
News

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News
News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News
News

PRA Finalizes Policy on Minor Amendments to Regulatory Reporting

PRA published the policy statement PS30/18, which contains the final policy following a consultation (CP16/18) on certain amendments to regulatory reporting.

December 05, 2018 WebPage Regulatory News
News

GM of BIS Examines Regulatory Implications of Big Tech in Finance

Agustín Carstens, the General Manager (GM) of BIS, during the keynote address at the FT Banking Summit in London, spoke about new challenges and policy implications of big tech in finance.

December 05, 2018 WebPage Regulatory News
News

ACPR Publishes Version 2.8.1 of the CRD IV Taxonomy

ACPR notified that version 2.8.1 of the Capital Requirements Directive (CRD) IV Data Point Model taxonomy and version 2.1.0 of the Anti-Money Laundering and Terrorist Financing (LCB-FT) taxonomy have been made available.

December 04, 2018 WebPage Regulatory News
News

European Council Endorses Package on CRD 5, CRR 2, BRRD 2, and SRMR 2

European Council endorsed the agreement achieved between the presidency and the Parliament on the key measures of a comprehensive legislative package aimed at reducing risks in the banking sector in EU.

December 04, 2018 WebPage Regulatory News
News

BCBS Report Examines Cyber Resilience Practices Across Jurisdictions

BCBS published a report that identifies, describes, and compares the range of observed bank, regulatory, and supervisory cyber-resilience practices across jurisdictions.

December 04, 2018 WebPage Regulatory News
News

EIOPA Publishes Q&A on Regulations and Guidelines

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, and delegated regulations applicable to insurers in Europe.

December 03, 2018 WebPage Regulatory News
News

ESMA Registers A.M. Best (EU) Rating Services as Credit Rating Agency

ESMA, the direct supervisor of credit rating agencies (CRAs) in EU, has registered A.M. Best (EU) Rating Services B.V. as a CRA under the CRA Regulation, with effect from December 03, 2018.

December 03, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2316