On 11 October 2024, the Basel Committee on Banking Supervision (Basel Committee) published a report providing an update to G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil. Specifically, the report provides an update on the analytical work on liquidity risk dynamics that were observed during the turmoil
On 9 October 2024, the International Organization of Securities Commissions (IOSCO) issued its final report on investor education surrounding crypto-assets.
The report follows up on an earlier report published in 2020 and provides updated information on crypto-assets that will be useful to regulators when designing investor education initiatives for retail investors. The report
In summer 2024, the Prudential Regulation Authority (PRA) published a Consultation Paper, CP11/24, on International firms: Updates to Supervisory Statement (SS5/21) and branch reporting. CP11/24 is key to understanding the booking models that the PRA will accept and reflects the debates which the branches of European banks have had in
On 20 August 2024, the Financial Services Regulatory Authority (the FSRA), the financial services regulator in the Abu Dhabi Global Market, published Consultation Paper No. 7 of 2024 (CP7) on a proposed regulatory framework for the issuance of stablecoins that are backed by a fiat currency, or what CP7 refers to as
In the second issue of Global Asset Management Review, our cross-border team provide market updates followed by a closer look at some of the key issues impacting the asset management sector including:
The Central Bank of the UAE (CBUAE) has successfully launched the Project mBridge Minimum Viable Product platform for early adopters.
The mBridge project is a multi-central bank digital currency (CBDC) common platform for wholesale cross-border payments and settlements. The technology can help connect economies and support international trade and cooperation outside
The UAE Central Bank (the CBUAE) has issued its Payment Token Services Regulation (the PTSR) for regulating stablecoins-related services in the UAE. The PTSR applies across the UAE except in the Dubai International Financial Centre (the DIFC) and the Abu Dhabi Global Market (the ADGM). We note that the PTSR also
On 22 July 2024, the Financial Stability Board issued a progress report regarding enhancing the resilience of non-bank financial intermediation (NBFI).
The progress report describes recent and ongoing work by the FSB to address systemic risk of NBFI. It sets out the main findings of work over the past year to assess and
On 18 July 2024, the Financial Stability Board (FSB) issued a report providing a stocktake of member financial authorities’ initiatives related to the identification and assessment of nature-related financial risks.
The report draws on a survey of participating FSB members and the work done by international organisations on nature-related risks. It summarises current
On 16 July 2024, the Bank for International Settlements published a speech by Klass Knot (Chair of the Financial Stability Board (FSB) and President of the Netherlands Bank). The speech is dated 11 July 2024 and is entitled The AI adventure – how artificial intelligence may shape the economy and the financial system