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CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

FSB publish letter to G20 Finance Ministers and Central Bank Governors on the current outlook for financial stability

On 13 July 2022, the Financial Stability Board (FSB) published a letter to G20 Finance Ministers and Central Bank Governors regarding the current outlook for financial stability ahead of their meeting on 15-16 July. The letter warns that the combination of lower growth, rising inflation and tighter global financial conditions may crystallise pre-existing vulnerabilities in … Continue Reading

FSB interim report – Exit strategies to support equitable recovery and address effects from COVID-19 scarring in the financial sector

On 13 July 2022, the Financial Stability Board (FSB) published an interim report on exit strategies to support equitable recovery and address effects from COVID-19 and Russia’s invasion of Ukraine on the financial sector and how the FSB will address these issues going forward. It considers exit strategies in relation to financial stability and the … Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

Russian sanctions – practical guidance for regulated firms

We recently published a blog reporting on governance considerations for regulated firms in relation to Russian sanctions. As the sanctions landscape continues to evolve, impacted firms operating in different jurisdictions are grappling with overlapping and differing requirements, and global firms will need to ensure a coordinated approach across their operations. We have set out below … Continue Reading

FSB Chair outlines work priorities for 2022 to G20 Finance Ministers and Central Bank Governors

On 17 February 2022, the Financial Stability Board (FSB) published a letter from its chair detailing its policy work during 2022. The letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their 17-18 February meeting. The letter highlights the current challenges of promoting global financial resilience during the transition to a … Continue Reading

IOSCO good practices aim to foster cooperation through global supervisory colleges

On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges. The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets … Continue Reading

IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading

FSB seeks feedback on how existing national and regional data frameworks affect cross-border data flows

On 10 December 2021, the Financial Stability Board (FSB) launched an online survey as part of its work under Building Block 6 of the Roadmap for enhancing Cross-border Payments. The FSB intends to use the survey to gather stakeholders’ feedback in order to better understand how requirements applicable to data could affect (either enabling or … Continue Reading

IOSCO consultation report – The use of innovation facilitators in growth and emerging markets

On 7 December 2021, the International Organization of Securities Commissions issued a consultation report, The use of innovation facilitators in growth and emerging markets. The consultation report covers three types of innovation facilitators: innovation hubs, regulatory sandboxes, and regulatory accelerators. The consultation report proposes four recommendations for emerging market member jurisdictions to consider when setting … Continue Reading

FSB report on good practices for Crisis Management Groups

On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key … Continue Reading

Global Asset Management Quarterly – New issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom The new regime for preferential taxation of qualifying asset holding companies Luxembourg Luxembourg update Australia Australian Federal Government commits to the new corporate collective investment vehicle (CCIV) regime with … Continue Reading

Effective Implementation of FSB Principles for Sound Compensation Practices and Implementation Standards 2021 progress report

On 4 November 2021, the Financial Stability Board (FSB) issued a progress report on the implementation of its Principles for Sound Compensation Practices (Principles) and their Implementation Standards in financial institutions. The progress report focusses on: The effectiveness of compensation frameworks. While in-year adjustments and malus are commonly used, the use of clawback is not … Continue Reading

FSB report – Policy proposals to enhance money market fund resilience

On 11 October 2021, the Financial Stability Board (FSB) published a report which forms a key part of its work programme on non-bank financial intermediation. The policy proposals in the report aim to address systematic risk and minimise the need for future extraordinary central bank interventions to support the sector alongside enhancing money market fund … Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

On 6 October 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter focuses on two key areas of the FSB’s work: Developing a more resilient NBFI sector The letter notes that following the market turmoil in March 2020, the FSB agreed on … Continue Reading

ISDA – RFR Conventions and IBOR Fallbacks – Product Table

On 4 October 2021, the ISDA issued a product table for RFR conventions and IBOR fallbacks. The table is intended to help counterparties understand how the fallbacks would function in their legacy and new derivatives that reference IBORs. It sets out how fallbacks in ISDA’s amended documentation (without reference to the 2021 ISDA Interest Rate … Continue Reading

OECD reports on climate transition

On 4 October 2021, the Organisation for Economic Co-operation and Development (OECD) published: A report ‘ESG investing and climate transition: Market practices, issues and policy considerations’. The report highlights the main findings from recent OECD research on ESG rating and investing. It offers policy considerations to strengthen ESG practices to foster global interoperability and comparability, … Continue Reading

FSB launches new financial stability surveillance framework

On 30 September 2021, the Financial Stability Board (FSB) published a new Financial Stability Surveillance Framework. The new framework will support the  comprehensive, methodical and disciplined review of vulnerabilities, helping to identify and address new and emerging risks to financial stability. The FSB will regularly communicate its view on vulnerabilities through its annual reports. John … Continue Reading

Basel Committee calls for improved cyber resilience, reviews climate-related financial risks and discusses impact of digitalisation

On 20 September 2021, the Basel Committee on Banking Supervision issued a newsletter calling on banks to improve their resilience to cyber threats. In the newsletter the Basel Committee reminds firms and institutions that remote working arrangements and increased provision of financial services using digital channels have enlarged banks’ attack surfaces. The Basel Committee also … Continue Reading

G20 communiqué – third Finance Ministers and Central Bank Governors meeting

On 10 July 2021, the G20 published a communiqué following the third Finance Ministers and Central Bank Governors meeting in Venice. Among other things the communiqué: Reiterates the commitment to a timely and effective implementation of the G20 Roadmap to enhance cross-border payments by relevant authorities. In particular, it looks forward to the Financial Stability … Continue Reading

FSB publishes three climate-related reports

On 7 July 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their 9 – 10 July 2021 meeting. Among other things the letter stresses the need for coordinated action to address financial risks posed by climate change, noting … Continue Reading
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