Featured Product

    G7 Discusses Supervision of Crypto-Asset and Climate Change Risks

    May 20, 2022

    The G7 published an official statement, also known as the Communiqué, summarizing developments at the May meeting of the finance ministers and central bank governors in Petersberg, Germany. Discussions focused on topics such as the G20 roadmaps for cross-border payments and sustainable finance as well as the digitalization and climate change management initiatives.

    The G7 emphasized the importance of work on the G20 Roadmap for enhancing cross-border payments and highlighted the opportunities and implications of Central Bank Digital Currencies (CBDCs) and their potential role in future payment transactions. The G7 encouraged jurisdictions exploring CBDCs to examine the international dimensions of CBDCs, in particular their cross-border use. G7 supported the work by the Financial Stability Board (FSB) to monitor and address financial stability risks arising from all forms of crypto-assets, including stablecoins, and welcomed increasing global cooperation to address regulatory issues associated with the use of crypto-assets, including in cross-border payments. The G7 reaffirmed that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards. The G7 remains committed to high regulatory standards for global stablecoins, following the principle of same activity, same risk, same regulation.

    The G7 central banks noted their commitment to enhance international cooperation and coordination on integrating climate risks and aspects into their macroeconomic analysis and modeling toolkit. The G7 leaders agreed to explore and establish an open, cooperative international climate club to support the implementation of the Paris Agreement, consistent with international rules and with participation beyond the G7. The leaders also welcomed the ongoing work by international organizations on stocktaking and mapping of climate change mitigation policies within the G7 as well as globally. G7 emphasized that the resilience of financial markets is key to mobilizing private sector finance to facilitate the whole-of-economy transition along the pathway toward sustainability and net zero. G7 reiterates its commitment to support the implementation of the G20 Sustainable Finance Roadmap and the FSB Roadmap for addressing climate-related financial risks. G7 welcomed the work of other international standard-setting bodies in facilitating knowledge-sharing and promoting awareness-raising measures on money laundering linked to environmental crimes and fostering international co-operation through a multi-stakeholder dialogue. G7 also recognized the urgency to improve the multilateral frameworks for debt restructurings and underscore its commitment to successfully implement the G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, which is also endorsed by the Paris Club.

     

    Related Link: Press Release


    Keywords: International, Banking, CBDC, Cross-Border Payments, Central Bank Digital Currencies, Crypto-Assets, ESG, Climate Change Risk, Transition Risk, Sustainable Finance, ML TF Risk, Debt Restructuring, Stablecoins, G7

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423