Featured Product

    FSB Publishes Summary of November Meeting of RCG for Europe

    November 12, 2019

    FSB published a summary of the meeting of the Regional Consultative Group (RCG) in Europe. The meeting was held in Basel. The key topics of discussion included financial vulnerabilities, regulatory and supervisory issues associated with stablecoins, reform of major interest rate benchmarks, the ongoing work and plans of FSB for 2020, joint financial crisis management exercise, and effectiveness of RCGs as an outreach and feedback mechanism.

    The following are the key highlights of the discussion:

    • Members discussed global and regional financial vulnerabilities, along with the risks from elevated debt levels for many private- and public-sector borrowers in an environment where interest rates are expected to remain lower for longer globally.
    • The group discussed the wide range of global regulatory and supervisory issues associated with stablecoins and is looking forward to the public consultation on regulatory issues of stablecoins, which FSB is expected to publish in April 2020. 
    • Also discussed were the findings of the progress report on reform of major interest rate benchmarks, which FSB will publish next month.
    • Members received an update on the ongoing work and plans of FSB for 2020. As part of this update, RCG members also received an update on the ongoing evaluation of too-big-to-fail reforms for systemically important banks.
    • The group discussed a joint financial crisis management exercise that had been conducted by Nordic and Baltic authorities in January 2019 to test their preparedness for a financial crisis. Members that participated in the simulation set out the lessons learned and actions they are taking to address issues highlighted by the exercise.
    • The group expressed support for a set of recommendations developed by a working group of FSB and RCG members, and adopted by the FSB Plenary last week, to enhance the effectiveness of RCGs as an outreach and feedback mechanism.


    Related Link: Press Release

    Keywords: Europe, Banking, RCG, Stablecoin, Interest Rate Benchmark, Crisis Management Framework, FSB

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582