On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading
Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading
On 23 August 2023, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a report and accompanying cover note on current central counterparty (CCP) practices to address non-default losses (NDLs). The purpose of the report is to present current practices among CCPs in addressing … Continue Reading
On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals. The FSB has also … Continue Reading
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading
On 28 July 2023, the Financial Stability Board (FSB) published its final reflections on the LIBOR transition. The end of June 2023 marked the end of the remaining USD LIBOR panel. Only three of the US dollar LIBOR settings will continue in a synthetic form after June 2023 and are intended to cease at end-September … Continue Reading
On 27 July 2023, the Financial Stability Board (FSB) published a statement following survey feedback on the continuity of access to financial market infrastructure (FMI) services for firms in resolution. In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB framework. The survey respondents demonstrated, … Continue Reading
On 17 July 2023, the Financial Stability Board (FSB) announced that it has finalised the global regulatory framework for crypto-asset activities by publishing two distinct sets of recommendations. Both sets of recommendations are addressed to financial regulatory, supervisory and oversight authorities. The recommendations are: The revised recommendations are:… Continue Reading
On 13 July 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Ministers and Central Bank Governors, ahead of their meeting on 17-18 July 2023. The letter sets forth the following:… Continue Reading
On 13 July 2023, the Financial Stability Board (FSB) published its 2023 progress report on the Roadmap for addressing climate-related financial risks. In July 2021 the FSB published a Roadmap to address climate-related financial risks which was endorsed by G20 Finance Ministers. The Roadmap addressed the need for coordinated action with a large number of … Continue Reading
In this latest edition of Regulation Around the World we review the position regarding recovery and resolution for banks. Following the 2008 global financial crisis, the G20 leaders endorsed at the Cannes Summit in November 2011, the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution … Continue Reading
On 11 July 2023, the Bank for International Settlements (BIS) published a report on the crypto ecosystem: key elements and risks. The report reviews the key elements of the crypto ecosystem and assesses its structural flaws. It also discusses the risks that it poses and the options for addressing them. It also identifies data gaps … Continue Reading
On Tuesday 11 July 2023, we will be hosting a global webinar, focussing on asset management regulation, with perspectives from across the globe. Our global financial services and regulation team will provide a global comparison on the asset management regulatory landscape across key jurisdictions including the UK, Europe, Asia, Australia and the US. Our team … Continue Reading
On Thursday 13 July 2023, we will be hosting a webinar focused on the European regulatory regime for crypto-assets, with perspectives from the UK, France, Belgium and the Netherlands. In this webinar, our European crypto regulation team will discuss: We will close the webinar with a short Q&A so please do come with your questions. … Continue Reading
On 6 July 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultive document on core principles for effective banking supervision (the Core Principles). The Core Principles are the de facto minimum standards for the sound prudential regulation and supervision of banks and banking systems. They are universally applicable and accommodate a range … Continue Reading
On 5 July 2023, the International Organisation of Securities Commissions (IOSCO) published a consultation report on guidance for effective implementation of the recommendations for liquidity risk management for collective investment schemes. The report provides detailed guidance to support greater and more consistent use of anti-dilution liquidity management tools by responsible entities for open-ended funds (OEFs), … Continue Reading
On 5 July 2023, the International Regulatory Strategic Group (IRSG) published a consultation paper on a draft voluntary code of conduct for ESG ratings and data product providers. This draft code of conduct aims to foster a trusted, efficient and transparent market, by introducing clear standards for ESG ratings and data products providers and also … Continue Reading
On 5 July 2023, the Financial Markets Standards Board (FMSB) published a spotlight review on data and transparency in precious metals markets. This review is the third in a series of spotlight reviews by FMSB members that also cover precious metals market structure and post-trade. This review focuses on:… Continue Reading
On 30 June 2023, the Financial Action Task Force (FATF) launched a public consultation on the revision of Recommendation 8 and its interpretive note. The FATF is considering proposals for draft amendment text to Recommendation 8 of the FATF Standards and its interpretive note (R.8/INR.8), which aims to protect non-profit organisations (NPOs) from potential terrorist … Continue Reading
On 27 June 2023, the Financial Action Task Force (FATF) published a report, Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers. In October 2018, the FATF updated Recommendation 15 (R.15) to extend anti-money laundering / countering the financing of terrorism (AML/CFT) requirements to virtual assets (VAs) and … Continue Reading
On 26 June 2023, the Financial Action Task Force (FATF) published the outcomes from the FATF Plenary, which took place on 21-23 June 2023. Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in these discussions at the FATF headquarters in Paris. The outcomes of the discussions included the … Continue Reading
On 26 June 2023, the International Sustainability Standards Board (ISSB) published its inaugural standards. The standards are designed to ensure that companies provide sustainability-related information alongside financial statements – in the same reporting package. The standards, which fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), are: The ISSB will work … Continue Reading
On 22 June 2023, the Financial Stability Board (FSB) published a consultative document on enhancing third-party risk management and oversight: a toolkit for financial institutions and financial authorities. The toolkit has been developed against a backdrop of digitalisation of the financial services sector and growing reliance of financial institutions on third-party service providers for a … Continue Reading
In many jurisdictions there has been heightened regulatory scrutiny on how financial institutions are dealing with borrowers in financial difficulty. When looking at the statements and criticisms’ that the regulators have made and what institutions themselves have self-identified, the issues may revolve around five key themes – vulnerable customers, due diligence/understanding customers, forbearance, communications and … Continue Reading