Featured Product

    FSB Publishes Update on Meeting of RCG for Europe

    May 09, 2019

    FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Europe. The meeting was hosted by National Bank of Romania on May 07, 2019 in Bucharest. The key topics of discussion were innovation in financial industry, possible policy responses to the identified financial vulnerabilities, an update on the FSB work program for 2019, and strengthening of the FSB outreach through RCGs.

    The following are the key highlights of the discussions:

    • The RCG members discussed implications of the growing use of artificial intelligence, machine learning, and big data for the regulation and supervision of the financial system. Members explored risks and opportunities that these innovations could entail for financial stability.
    • They examined the potential impact of the global and regional financial vulnerabilities on European economies. The group also exchanged views on possible policy responses, including assessments of potential vulnerabilities linked to high global indebtedness and more specifically to the markets for leveraged loans and collateralized loan obligations (CLOs). The meeting considered the steps authorities are taking to address the identified risks.
    • The group also received an update on the work program of FSB and the deliverables to the June G20 meetings in Japan. The work program in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and from fintech and how these issues may be addressed.
    • Finally, members discussed ways to enhance the effectiveness of RCG groups. As part of the broader efforts by FSB to strengthen external stakeholder outreach, the discussion will help to identify the ways in which non-member jurisdictions of FSB can effectively contribute to the work of FSB and provide feedback on its direction.

    The RCG Europe is co-chaired by Luigi Federico Signorini, Deputy Governor, Bank of Italy and Marek Mora, Deputy Governor, Czech National Bank. The membership of RCG for Europe includes financial authorities from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom and the Group of International Finance Center Supervisors. EC, ECB the ECB Banking Supervision also attended the meeting.

     

    Related Link: Meeting Update

     

    Keywords: International, Europe, Banking, RCG, Fintech, Regtech, Work Program, Financial Stability, FSB

    Related Articles
    News

    APRA Finalizes Guidance on Management of Climate Change Risks

    The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.

    November 26, 2021 WebPage Regulatory News
    News

    European Council Adopts Position on Digital Finance Package Proposals

    The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).

    November 25, 2021 WebPage Regulatory News
    News

    PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window

    The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.

    November 25, 2021 WebPage Regulatory News
    News

    EC Proposes New Measures Under Capital Markets Union Package

    The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.

    November 25, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR

    The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).

    November 24, 2021 WebPage Regulatory News
    News

    FED Outlines Lending Conditions and Supervisory Activities in H1 2021

    The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.

    November 24, 2021 WebPage Regulatory News
    News

    APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience

    The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.

    November 23, 2021 WebPage Regulatory News
    News

    FSB Updates List of Global Systemically Important Banks

    The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.

    November 23, 2021 WebPage Regulatory News
    News

    FASB Proposes Improvements to Credit Losses Standard

    The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.

    November 23, 2021 WebPage Regulatory News
    News

    US Agencies Issue Statement on Crypto-Asset Policy Initiatives

    US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.

    November 23, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7733