Featured Product

    FSB and IMF Set Out Progress on Phase Two of Data Gaps Initiative

    October 07, 2020

    FSB and IMF published the fifth progress report on implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). The report provides an overview of the progress since the previous report in September 2019. It also sets out the challenges encountered by participating economies during this pandemic and the remaining steps to implement the DGI-2 recommendations in 2021. The report will be submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meetings in Washington D.C. in mid-October.

    The main objective of DGI-2 is to implement the regular collection and dissemination of reliable and timely statistics for policy use. DGI-2 also includes new recommendations to reflect evolving policymaker needs. The twenty recommendations of DGI-2 are clustered under three categories: monitoring risks in the financial sector; vulnerabilities, interconnections, and spillovers; and data-sharing and communication of official statistics. DGI-2 maintains continuity with the DGI-1 recommendations while setting more specific objectives for G20 economies to compile and disseminate minimum common datasets for these recommendations. This report highlights the following key points:

    • The COVID-19 pandemic posed significant challenges to the 2020 DGI work program and, thus, participating economies agreed to extend DGI work by six months to December 2021.
    • Progress in implementing the DGI-2 recommendations continued, despite the challenges that COVID-19 poses. Positive developments include enhancements in compilation processes, data-sharing arrangements, production and dissemination of additional tables, and instrument and sector breakdowns.
    • To continue addressing data needs beyond 2021, many participating economies support maintaining an organized international collaboration process.
    • The COVID-19 crisis has increased policymakers’ needs to obtain more granular, relevant, and reliable data. A possible new mandate could help address emerging policy questions. A general framework could be defined during 2021 and presented in the next DGI-2 progress report.
    • The IMF staff and the FSB Secretariat will report back to the G20 Finance Ministers and Central Bank Governors through the sixth progress report in the second half of 2021. The 2021 DGI-2 work program will continue to include bilateral technical assistance, technical workshops, and the annual DGI Global Conference.

     

    Related Links

    Keywords: International, Banking, Securities, COVID-19, Progress Report, Data Gaps Initiative, G20, DGI-2, IMF, FSB 

    Featured Experts
    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    UK Government to Set Out Rules on Wind-down of Critical Benchmarks

    HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.

    May 07, 2021 WebPage Regulatory News
    News

    EIOPA Launches Stress Test for Insurance Sector in EU

    EIOPA launched the 2021 stress test for the insurance sector in EU.

    May 07, 2021 WebPage Regulatory News
    News

    UK Authorities Publish Third Edition of Regulatory Initiatives Grid

    UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.

    May 07, 2021 WebPage Regulatory News
    News

    EC Consults on Regulation on Non-Financial Sustainability Disclosures

    EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.

    May 07, 2021 WebPage Regulatory News
    News

    OSFI Outlines Prudential Policy Priorities for Coming Months

    OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    BIS Announces TechSprint on Innovative Green Finance Solutions

    Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.

    May 06, 2021 WebPage Regulatory News
    News

    ACPR Publishes Version 1.0.0 of RUBA Taxonomy

    ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    EBA Proposed Regulatory Standards for Central Database on AML/CFT

    EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.

    May 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6944