United Kingdom (and EU regulation)

FSB agrees 2017 work plan

The Financial Stability Board (FSB) has issued a press release following a meeting in London at which its 2017 work plan was agreed.

Points of interest include:

the FSB, in consultation with the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors and national authorities, have approved the 2016 lists of identified global systemically important banks and insurance companies;
in early 2017, the FSB will issue for public consultation a proposal for guidance on central counterparty resolution and resolution planning. The work will be finalised by mid-2017, along with resilience and recovery guidance issued jointly by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (IOSCO);
the FSB will publish final policy recommendations to address structural vulnerabilities from asset management activities by end-2016;
the FSB will publish a progress report on the implementation of its action plan to address the decline in corresponding banking by end-2016; and
the FSB will undertake an assessment of progress made in transforming shadow banking into resilient market-based finance by July 2017. The FSB will also publish recommendations on the regulatory approaches to re-hypothecation of client assets, and measures of collateral use. This will include the finalised collateral re-use measure for inclusion in the FSB’s standards and processes for global securities financing data collection and aggregation by end-2016.