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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

FSB consults on MMF resilience

On 30 June 2021, the Financial Stability Board issued a consultation report setting out policy proposals to enhance money market fund (MMF) resilience, including with respect to the appropriate structure of the sector and of underlying short-term funding markets. The report considers the likely effects of a broad range of policy options to address MMF … Continue Reading

Outsourcing and third-party risk – Overview of responses to FSB public consultation

On 14 June 2021, the Financial Stability Board (FSB) published a note which summarises the main issues raised by respondents to its discussion paper on regulatory and supervisory issues relating to outsourcing and third party relationships. In the FSB discussion paper financial institutions and third parties were invited to provide comments on: The key challenges … Continue Reading

NGFS publishes the second vintage of climate scenarios for forward looking climate risks assessment

On 7 June 2021, the Network for Greening the Financial System (NGFS) announced the following new documents: A new set of climate scenarios. In this second vintage, the NGFS scenarios have been brought up to date, including by incorporating countries’ commitments to reach net-zero emissions. They have also been enriched with an expanded set of … Continue Reading

TCFD public consultation

On 7 June 2021, the Task Force on Climate-Related Financial Disclosures (TCFD) issued two documents for public comment: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans. When the TCFD issued its Final Recommendations in 2017, it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at … 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 Asset managers and the Task Force for Climate-related Financial Disclosures UK funds regime review Germany German Draft Fund Jurisdiction Promotion Act Australia Greenwashing: International initiatives taken to address the … Continue Reading

G20 – Communique of 2nd Finance Ministers and Central Bank Governors Meeting

On 7 April 2021, there was published an official communique following the second meeting of G20 Finance Ministers and Central Bank Governors under the Italian G20 Presidency. During the meeting the discussion spanned from issues covering the global economy, efforts to push forward the economic recovery and promoting more sustainable growth, to supporting the most … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading
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