Featured Product

    FSB Publishes Summary of October Meeting of RCG for Americas

    October 31, 2019

    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
    Related Articles
    News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793