IMF brought together ministers of finance and economics, central bank governors, and other senior officials to share experiences, examine impact of technological change in the financial sector, and discuss potential policy and regulatory responses to financial technology (fintech). For this purpose, representatives from over 40 advanced and emerging economies and international institutions met in Washington.
The IMF Managing Director Christine Lagarde addressed meeting participants and emphasized that “Our key message is that it would be wise for central bankers and regulators to prepare for the potential benefits and challenges of fintech.” IMF has an active research program—having already published two research papers, on virtual currencies and on fintech and financial services—and is increasingly taking fintech into account in its capacity development and economic surveillance work. Its global membership makes the IMF the ideal platform to exchange experiences, build consensus on policies, and evaluate the potential international impact of domestic decisions. Besides the meeting with policymakers, Ms. Lagarde chaired a discussion between major central banks and industry leaders and innovators on the challenges fintech brings to regulation and central banking.
Keywords: International, Banking, Insurance, Securities, Fintech, International Cooperation, IMF
Previous ArticleECB Issues Guideline on Procedures for Collection of AnaCredit Data
Next ArticleIAIS Newsletter for October 2017
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.