Featured Product

    FSB Issues Updates on Meetings of RCGs for Sub-Saharan Africa and MENA

    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 Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004