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FSB global report on non-bank financial intermediation

On 16 December 2020, the Financial Stability Board published its latest global monitoring report on non-bank financial intermediation. The report presents the results of the annual FSB monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI), covering 29 jurisdictions that account for 80% of global GDP. The annual monitoring exercise focuses … Continue Reading

US Federal Reserve joins NGFS and two new publications released

On 15 December 2020, the Network for Greening the Financial System (NGFS) announced the following new members: US Federal Reserve System, Central Bank of Paraguay, Financial Regulatory Authority of Egypt, Financial Services Authority of Indonesia, Central Bank of Iceland, Polish Financial Supervision Authority, Central Bank of Uruguay and the European Securities and Markets Authority. The … Continue Reading

FSB paper – Continuity of access to FMIs for firms in resolution: Informal summary of outreach and Q&A

On 9 December 2020, the Financial Stability Board (FSB) issued a paper setting out the answers to questions raised at a virtual outreach meeting which sought to provide stakeholders with further information concerning the questionnaire that was published in August for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in … Continue Reading

IOSCO consultation on market data in the secondary equity markets

On 3 December 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on market data in the secondary equity markets. The consultation report describes several issues relating to market data in equity markets and asks for industry views on both the issues and possible solutions. These issues include: What market data is … Continue Reading

Global comparative guide – Senior management responsibility in financial services

We have updated our cross border comparative guide on individual accountability which is located on the NRF Institute. The comparative guide, Senior management responsibility in financial services, allows clients to better understand how senior management responsibility in different types of financial services firm other than insurers is being treated in different jurisdictions around the world. … Continue Reading

FSB sets out progress on interest rate benchmark reform

On 20 November 2020, the Financial Stability Board (FSB) published a progress report on implementation of reforms to major interest rate benchmarks. Among other things the report notes: Production of LIBOR cannot be guaranteed after the end of 2021. The administrator of LIBOR, ICE Benchmark Administration, has recently announced that it will consult on its … Continue Reading

IOSCO final report – thematic review on consistency in implementation of money market funds reforms

On 20 November 2020, the International Organisation of Securities Commissions (IOSCO) published a diagnostic report analysing the events that occurred in the money market funds (MMFs) sector during the market turmoil in March 2020. At the same time, IOSCO has also published a thematic review assessing the implementation of selected IOSCO recommendations issued in 2012 … Continue Reading

FSB acts to address issues highlighted by March market turmoil

On 17 November 2020, the Financial Stability Board (FSB) published a letter from its Chair and two reports delivered to G20 Leaders ahead of their summit this week: Chair’s letter. The letter sets out three responses to financial stability vulnerabilities highlighted by the COVID-19 pandemic: (i) coming to a shared diagnosis – the market turmoil … Continue Reading

FSB releases guidance on CCP financial resources for resolution and announces further work

On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading

FSB publishes annual report on implementation and effects of financial regulatory reforms

On 13 November 2020, the Financial Stability Board (FSB) published its 2020 report on the implementation and effects of the G20 financial regulatory reforms. Key points in the report include: Greater resilience of major banks at the core of the financial system has allowed the system largely to absorb, rather than amplify, the macroeconomic shock … Continue Reading

FSB consults on regulatory and supervisory issues relating to outsourcing and third-party relationships

On 9 November 2020, the Financial Stability Board (FSB) issued a discussion paper on regulatory and supervisory issues relating to outsourcing and third-party relationships. The discussion paper is based on a survey that the FSB Standing Committee on Supervisory and Regulatory Cooperation (SRC) conducted among member jurisdictions on the existing regulatory and supervisory landscape relating … Continue Reading

FATF October 2020 plenary: impacts of Covid-19 on AML and CTF; considerations for near-term future FATF assessments; and focus on the financing of the proliferation of weapons of mass destruction

On 21 to 23 October 2020, the Financial Action Task Force (FATF) held its final quarterly plenary of 2020 as a virtual event. The discussions over three days mostly focussed on Strategic Initiatives reacting to the Covid-19 pandemic and progress made on country specific processes. The FATF also provided an update on their strategic focus … Continue Reading

Bribery and money laundering considerations for joint ventures

Introduction Whatever the legal form of a joint venture, the collaboration and joint participation in the JV’s business objectives can present an enhanced corruption risk. This is because in some circumstances, a company entering into a JV could be criminally liable for the corrupt actions of its JV partner, the JV itself, or third parties … Continue Reading

Doing business in the EU after the transition period

We have further updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon … Continue Reading

Market Fragmentation: updates on ongoing work

On 14 October 2020, the Financial Stability Board (FSB) published a report providing an update on its ongoing work concerning market fragmentation. The report describes progress in the four areas identified in the June 2019 FSB Report on Market Fragmentation: (i) deference; (ii) pre-positioning of capital and liquidity; (iii) regulatory and supervisory coordination and information-sharing; … Continue Reading

FSB and IMF publish 2020 Progress Report on G20 Data Gaps Initiative

On 7 October 2020, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published their Fifth Progress Report – Countdown to 2021 in light of COVID-19 on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). In October 2009, the FSB and IMF published ‘The Financial Crisis and Information … Continue Reading

IOSCO issues measures to reduce conflict of interests in debt capital raising

On 21 September 2020, the International Organization of Securities Commissions (IOSCO) published a final report containing guidance on potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance is in the form of nine measures. Each measure is designed to address one or more of … Continue Reading

Regulatory framework for haircuts on non-centrally cleared securities financing transactions – FSB extends implementation deadlines

On 7 September 2020, the Financial Stability Board (FSB) issued a press release stating that it has decided to delay by one year the implementation dates for its policy recommendations relating to minimum haircut standards for non-centrally cleared securities financing transactions. In August 2013 the FSB developed policy recommendations to address financial stability risks that … Continue Reading

IOSCO report on liquidity provision in the secondary markets for equity securities

On 11 August 2020, the International Organisation of Securities Commissions (IOSCO) published a report, Liquidity provision in the secondary markets for equity securities. The report identifies some of the key elements of market making programs that may help promote the provision of liquidity, strengthen investor confidence and foster fair and efficient markets. The report focuses … Continue Reading

Basel Committee releases consultative documents on Principles for operational risk and operational resilience

On 6 August 2020, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document seeking comments on proposed Principles for operational resilience. Given the natural relationship between operational resilience and operational risk, the Basel Committee is also proposing to update its Principles for the sound management of operational risk (PSMOR). The Basel Committee … Continue Reading

FSB report : Financial stability implications and policy measures taken

On 15 July 2020, the Financial Stability Board (FSB) published a report that provides an update on financial stability developments and risks relating to COVID-19, the policy actions taken to date and how they relate to the FSB principles, the factors that affect the effectiveness of policies and their implementation and the way forward. The … Continue Reading

Last chance to take part – Global operational resilience survey

Operational resilience, which has risen to increased prominence over recent years, has been brought into even sharper focus following the outbreak of COVID-19. Our risk consulting team is carrying out a survey to explore how financial institutions are managing their crisis response planning and preparedness in the event of severe operational disruption, particularly leading up … Continue Reading

Piecing together the consultancy puzzle

In the last decade, there has been an increased use of simulated consultancy agreements in Southern Africa, as a mechanism to facilitate fraud or corrupt dealings. Recent examples of such agreements include: the “consultancy arrangements” between the Middle Eastern ship manufacturer Privinvest and former Credit Suisse bankers Andrew Pearse and Surjan Singh, in regards to the … Continue Reading

Updated briefing slides: Doing business in the EU

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading
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