Featured Product

    FSB Reviews Processes and Transparency to Optimize Its Effectiveness

    November 27, 2018

    FSB reviewed its processes and transparency to maximize its effectiveness for the next phase of its work focused on promoting global financial stability. The review confirmed the existing strengths of FSB and identified scope to enhance certain work processes, reinforce the member-driven character of FSB work, further foster effective communication, and strengthen engagement with external stakeholders. Additionally, FSB has amended its Procedural Guidelines to reflect the outcomes of the review. FSB will review its processes and transparency again, including the experience with implementing these recommendations, in 2021.

    To ensure effectiveness of its operations as it moves to the next phase of the work, membership of FSB has reviewed how FSB works. In January 2018, a working group was established to review the processes of FSB for the following:

    • Identification, consideration, and actions regarding its policy work and priorities to align with its core financial stability mandate
    • The organization of work under the FSB’s Committee structure and the associated work processes as set out in the FSB Procedural Guidelines to increase efficiency
    • The transparency and accountability of FSB, including the information that FSB makes public about its activities, and its current practices as regards consultation with stakeholders.

    The working group consisted of Plenary members, reflecting the diversity of FSB membership. The group was chaired by Rob Stewart, Associate Deputy Minister of the Canadian Ministry of Finance. While the review did not detect a need for any major changes in the manner in which FSB is organized and operates, as part of the review, FSB Plenary members also identified a number of specific areas where FSB’s processes and transparency can be further improved. FSB has agreed a set of concrete measures in these areas.

    The recommended actions include enhancing processes for policy prioritization and developing future work programs anchored in FSB’s financial stability mandate; steps to further enhance the efficiency of senior-level meetings and the work processes of working groups and workstreams; and actions to improve communication and engagement with external stakeholders. One specific recommendation relates to the six Regional Consultative Groups (RCGs) of FSB. RCGs are an important mechanism for a wider range of authorities to exchange views on financial stability issues, including for non-FSB member authorities to provide feedback on the direction of the work of FSB. FSB has decided to conduct a review in 2019, with the involvement of RCG members, on how to enhance the effectiveness of RCGs as an outreach and feedback mechanism.


    Related Links

    Keywords: International, Banking, Financial Stability, Procedural Guidelines, Processes and Transparency, FSB

    Related Articles
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS Collaborates on Research Platform to Support Fintech Investments

    MAS, Deloitte, and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide Fintech Research Platform to help investors and financial institutions connect with fintech start-ups that they can partner with or invest in.

    November 12, 2019 WebPage Regulatory News
    News

    MAS and CSA Sign Agreement to Strengthen Collaboration in Fintech

    MAS and eight members of the Canadian Securities Administrators (CSA) signed a cooperation agreement to strengthen collaboration in fintech between Singapore and CSA’s member jurisdictions.

    November 12, 2019 WebPage Regulatory News
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Report Examines Progress in Addressing Nonperforming Loans in EU

    EBA published a report that examines the progress toward addressing the nonperforming loan (NPL) issue in Europe.

    November 08, 2019 WebPage Regulatory News
    News

    EIOPA Publishes Q&A on Regulations in November 2019

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

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4127