FSB Publishes Summary of October Meeting of RCG for Americas
FSB published a summary of the meeting of the Regional Consultative Group (RCG) in Americas. The meeting was hosted by the Bank of Mexico. The key topics of discussion at the meeting included the ongoing work of FSB and its plans for 2020, work of the RCG working group on non-bank financial intermediation and on the implications of stablecoins for financial stability, effective practices for cyber-incident response and recovery, and enhancement of the way that the RCGs provide feedback to FSB.
The following are the key highlights of the discussion:
- The group received an update on the ongoing work of FSB and its plans for 2020. This included evaluation of the effects of the implemented post-crisis regulatory reforms. The FSB work on interest-rate benchmark reforms was also discussed, with the group agreeing on the importance of sustained effort by firms in many jurisdictions to transition away from LIBOR.
- The members discussed work by the RCG working group on non-bank financial intermediation; the working group compiles annual data on the size of the financial intermediation activity in the region and examines the associated policy issues.
- Members discussed stablecoins and their implications for financial stability, agreeing that stablecoin projects—particularly those of potentially global reach and magnitude—need to meet the highest regulatory standards and be subject to appropriate prudential supervision and oversight.
- The group discussed the ongoing work of FSB to develop effective practices for cyber-incident response and recovery, on which the FSB will consult in early 2020.
- The group also expressed support for a set of recommendations that have been developed by a working group of FSB and RCG members for enhancing the effectiveness of RCGs as an outreach and feedback mechanism. The recommendations will be reviewed by the FSB Plenary for adoption in November.
- The members discussed global and regional financial vulnerabilities, including elevated debt levels for many private- and public-sector borrowers in advanced economies. The group stressed the importance of authorities designing integrated policy responses.
The RCG for Americas is co-chaired by Alejandro Díaz de León-Carrillo, the Governor of Bank of Mexico, and Cindy Scotland, the Managing Director of Cayman Islands Monetary Authority. The members of RCG for Americas include financial authorities from Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Guatemala, Honduras, Jamaica, Mexico, Panama, Paraguay, Peru, Trinidad and Tobago, the United States of America, and Uruguay.
Related Link: Meeting Update
Keywords: International, Americas, Banking, RCG, NBFI, Stablecoin, Financial Stability, Regtech, Cyber Risk, Interest Rate Benchmarks, FSB
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
US Agencies Finalize Rules to Closely Match Bank Risk ProfilesRelated Articles
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
