On 14 November 2024, the Financial Stability Board (FSB) issued a report on the financial stability implications of artificial intelligence (AI).
High-level overview
The report provides a high-level overview of recent developments in AI, along with an assessment of their potential financial stability implications. It revisits the 2017 FSB report on
On 13 November 2024, the Financial Stability Board (FSB) issued a public statement that sought to clarify the importance of resolution preparedness for those banks that are not global systemically important (G-SIB) but may be systemically significant or critical if they fail.
The public statement is informed by a workshop that
On 29 October 2024, the Financial Action Task Force (FATF) published the outcomes of its plenary on 23 – 25 October 2024.
Key points from the plenary include that FATF:
This article was co-authored with Michele Beck, Tom Clark, Masooma Saberi and Vivian Truong.
In September 2024, ASIC continued to focus on regulatory and enforcement action in the superannuation industry by:
On 23 October 2024, the Financial Stability Board (FSB) published a report on depositor behaviour and interest rate and liquidity risks in the financial system, drawing on lessons from the March 2023 banking turmoil.
In the report the FSB summarises its main findings from its work over the past year to:
On 22 October 2024, the Financial Stability Board (FSB) issued a letter outlining the work it has taken on financial innovation, payments systems, and cyber and operational resilience.
The FSB also publishes the reports that it is submitting to the G20 addressing these issues, including:
On 21 October 2024, the Committee on Payments and Market Infrastructure (CPMI) issued a report on tokenisation.
The purpose of this report is to describe ways that tokenisation may affect the functioning of regulated financial markets. It critically analyses opportunities, challenges and risks, and identifies the most relevant implications for central banks and
On 21 October 2024, the Financial Stability Board (FSB) issued the following reports detailing work to enhance cross-border payments:
In our latest podcast, our global Financial Services team covers recent regulatory and enforcement developments in the UK, US, Australia and Dubai in relation to off-channel messaging, as well as practical steps that global firms can be taking now in this area to manage their risk.
Listen to the episode here.
This is a
On 15 October 2024, the Committee on Payments and Market Infrastructures (CPMI) issued the following reports which offer insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems: