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FSB consultative document on achieving greater convergence in cyber incident reporting

On 17 October 2022, the Financial Stability Board (FSB) published a consultative document in which it sets out proposed recommendations to address impediments to achieving greater convergence in cyber incident reporting (CIR) with a view to promoting better practices, while recognising that a one-size-fits-all approach is not feasible or preferable. The FSB’s proposals include: Recommendations … Continue Reading

IOSCO final report on retail distribution and digitalisation

On 12 October 2022, the International Organization of Securities Commissions (IOSCO) published a final report on retail distribution and digitalisation. IOSCO sees retail distribution and digitalisation as a priority given the recent and rapid developments in online marketing and distribution which are changing the way in which financial firms interact with prospective clients and financial … Continue Reading

Regulation Around the World – Operational resilience

In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers … Continue Reading

International Regulation of Crypto-asset Activities: A Proposed Framework – For Consultation

On 11 October 2022, the Financial Stability Board (FSB) published a consultative report which sets out a number of proposed recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets intended to strengthen international cooperation, coordination and information sharing. The recommendations apply to any type of crypto-asset … Continue Reading

FSB outlines next steps for enhancing cross-border payments

On 10 October 2022, the Financial Stability Board (FSB) published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments. The FSB has also published a report on the progress made during the second year of the Roadmap. The two reports are being delivered to G20 Finance Ministers … Continue Reading

Basel Committee report – Buffer usability and cyclicality in the Basel framework

On 5 October 2022, the Basel Committee on Banking Supervision issued a report, Buffer usability and cyclicality in the Basel framework. The report is the Basel Committee’s second report on the impact and effectiveness of the implemented Basel reforms and provides an in-depth examination of several questions regarding buffer usability and cyclicality of the Basel … Continue Reading

Basel Committee publishes review of margining practices

On 29 September 2022, the Basel Committee on Banking Supervision (Basel Committee) published a report concerning a review of margining practices. Background In non-centrally cleared markets, the Basel Committee and the International Organisation of Securities Commissions (IOSCO) developed a framework that established minimum standards for margin requirements for non-centrally cleared derivatives (although not non-centrally cleared … Continue Reading

FSB publishes survey on experiences with the FSB framework

On 14 September 2022, the Financial Stability Board (FSB) published a survey seeking to gather feedback on experiences with its framework for information from financial market infrastructure (FMI) intermediaries to support resolution planning. The deadline for completing the survey is 9 October 2022. The framework aims to help FMI intermediaries better understand what information clients … Continue Reading

BCBS reaffirms Basel III implementation expectations and work priorities

On 13 September 2022, the Basel Committee on Banking Supervision (BCBS) published a press release following a meeting of the Group of Central Bank Governors and Heads of Supervision (GHOS) reaffirming their expectation to implement Basel III in full and work as fast as possible; provide direction on future work on climate-related financial risks and … Continue Reading

CPMI /IOSCO report ‘Client clearing: access and portability’

On 8 September 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Client clearing: access and portability’. The report considers the benefits and challenges of new access models to central counterparty (CCP) clearing and client-position portability. The report: Describes “direct” and “sponsored” access models … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here  Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

IOSCO final report on retail investor education in the context of sustainable finance markets and products

Introduction On 31 August 2022, the International Organization of Securities Commissions (IOSCO) published a final report on retail investor education in the context of sustainable finance markets and products. The final report has been prepared by IOSCO’s Committee on Retail Investors which was mandated to identify developments in investor education with regard to sustainable finance, … Continue Reading

FSI paper on safeguarding operational resilience: the macroprudential perspective

On 26 August 2022, the Financial Stability Institute (FSI) published a paper on safeguarding operational resilience: the macroprudential perspective. The FSI was jointly created in 1998 by the Bank for International Settlements and the Basel Committee on Banking Supervision. Its mandate is to assist supervisors around the world in improving and strengthening their financial systems. … Continue Reading

Wolfsberg Group best practice guidance on transaction monitoring RFIs

On 23 August 2022, the Wolfsberg Group published best practice guidance on requests for information (RFIs) initiated as a result of transaction monitoring. An RFI is used when a correspondent (or any other provider of payment services) is seeking to understand the background of a transaction that has been processed through an account or relationship … Continue Reading

CPMI / IOSCO discussion paper on CCP practices to address non default-losses

Introduction On 4 August 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a discussion paper on central counterparty (CCP) practices to address non default-losses (NDLs). Non default events can threaten a CCP’s viability as a going concern and its ability to continue providing critical services. … Continue Reading

Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing

On 20 July 2022, the Financial Action Task Force (FATF) issued a report intended to help jurisdictions enhance, design and implement information collaboration initiatives among private sector entities in accordance with data protection and privacy (DPP) rules so that the risks associated with increased sharing of personal data are appropriately taken into account. The report … Continue Reading

Progress Report on FSB Roadmap for Addressing Financial Risks from Climate Change

On 14 July 2022, the Financial Stability Board (FSB) published its first report taking stock on the progress made by standard setting bodies and other international organisations on action taken on the Roadmap for Addressing Financial Risks from Climate Change. The Roadmap, which was published in July 2021, sets out a comprehensive and coordinated plan … Continue Reading

IOSCO recommendations related to the use of innovation facilitators

On 14 July 2022, the International Organization of Securities Commissions (IOSCO) issued a report on the use of innovation facilitators in growth and emerging markets. The report covers three types of innovation facilitators (IFs): innovation hubs, regulatory sandboxes, and regulatory accelerators. Chapter 1 of the report covers definitions and the risks and opportunities posed by … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

CPMI and IOSCO final report on the application of the PFMIs to stablecoin arrangements

On 13 July 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report containing final guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to stablecoin arrangements (SAs) that are considered systemically important financial market infrastructures (FMIs), including the entities integral to … Continue Reading

FSB publish letter to G20 Finance Ministers and Central Bank Governors on the current outlook for financial stability

On 13 July 2022, the Financial Stability Board (FSB) published a letter to G20 Finance Ministers and Central Bank Governors regarding the current outlook for financial stability ahead of their meeting on 15-16 July. The letter warns that the combination of lower growth, rising inflation and tighter global financial conditions may crystallise pre-existing vulnerabilities in … Continue Reading

FSB interim report – Exit strategies to support equitable recovery and address effects from COVID-19 scarring in the financial sector

On 13 July 2022, the Financial Stability Board (FSB) published an interim report on exit strategies to support equitable recovery and address effects from COVID-19 and Russia’s invasion of Ukraine on the financial sector and how the FSB will address these issues going forward. It considers exit strategies in relation to financial stability and the … Continue Reading

IOSCO final report on operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions

On 11 July 2022, the International Organization of Securities Commissions (IOSCO) published a final report on the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions. In the report IOSCO summarizes some of the existing operational resilience work by IOSCO and other international organizations and outlines how … Continue Reading

FSB statement on international regulation and supervision of crypto-asset activities

On 11 July 2022, the Financial Stability Board (FSB) published a statement on international regulation and supervision of crypto-asset activities. Key points from the statement include: Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at domestic and international level. Crypto-asset service providers must at all … Continue Reading
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