SRB and JFSA to Cooperate on Resolution Planning for Banks
SRB and JFSA agreed to cooperate on resolution planning for banks, through an exchange of letters. The exchange of letters will provide a basis for effective cooperation for cross-border resolution planning and implementation. The letters were signed in the inaugural meeting of the Joint EU-Japan financial regulatory forum on October 11, 2019, in Tokyo. The authorities also issued a joint statement on the inaugural meeting of the Joint EU-Japan financial regulatory forum. The next forum meeting is foreseen to take place in Brussels in 2020.
Through the agreement to cooperate on resolution planning for banks, JFSA and SRB confirmed their commitment to strengthen cross-border resolvability by enhancing communication and cooperation and to work together in planning and conducting orderly cross-border resolutions. The goal is to facilitate the resolution of banks in the respective jurisdictions while maintaining financial stability in Japan and EU.
The Joint EU-Japan financial regulatory forum was chaired by Mr. Ryozo Himino, Vice Minister for International Affairs of JFSA and by Mr. Olivier Guersent, Director-General at the EC's Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Also joining the forum were the Bank of Japan, ECB, EBA, ESMA, and SRB. The Joint EU-Japan meeting provided an important opportunity for both sides to exchange views on the recent regulatory and supervisory developments in the financial sector at the international level and in their respective jurisdictions. The participants discussed the progress and way forward to strengthen their bilateral cooperation and the possibility of coordination in international fora such as the G20 and FSB. In addition, JFSA and EU participants discussed the EU equivalence and the Japanese deference frameworks, including possible enhancements in information exchange between both jurisdictions. They briefed each other on the recent developments in the financial sector in the EU and in Japan, mainly in the banking sector and capital markets. Discussions also involved: The participants also discussed the following:
- State of the implementation of Basel III reforms
- Achievements of the outgoing EC in the area of financial services policy
- Benefits and challenges represented by the development of fintech, including issues related to cyber-security and stablecoins
- Respective initiatives in the field of sustainable finance, with EU and Japan re-iterating their commitment to strengthen cooperation, to share experiences, and to promote ways to support deployment of private capital toward sustainable investments globally
Related Links
Keywords: Europe, EU, Japan, Banking, Securities, Basel III, Fintech, Sustainable Finance, Cyber Risk, Resolution Planning, JFSA, SRB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
PBC Publishes the 2019 Financial Stability Report for ChinaRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.