United States

D&I jurisdiction summary

In recent years, diversity and inclusion (D&I) in the financial services sector has become a focus for regulators around the world. Individual regulators, however, have taken different approaches to D&I to reflect the local socio-economic environment. Below, we provide a high-level summary of the position across a number of key jurisdictions. Jurisdiction Summary of regulatory … Continue Reading

IOSCO consultation report – Voluntary carbon markets

By Karis and Simon Lovegrove (UK) on December 4, 2023 Posted in ESG, ESG, ESG, ESG, ESG, ESG, ESG, United Kingdom

On 3 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report which provides a general overview of the carbon credits ecosystem and outlines a proposed set of good practices to promote the integrity and orderly functioning of voluntary carbon markets. The 21 good practices relate to regulatory frameworks, primary market issuance, … Continue Reading

IOSCO final report – Supervisory practices to address greenwashing

By Simon Lovegrove (UK) on December 4, 2023 Posted in ESG, ESG, ESG, ESG, ESG, ESG, ESG, United Kingdom

On 4 December 2023, the International Organization of Securities Commissions (IOSCO) published a final report, Supervisory practices to address greenwashing. The final report provides a mapping of the regulatory and supervisory approaches and practices (current or planned) by regulators to address greenwashing in the areas of asset managers and ESG ratings and data product providers, … Continue Reading

Basel Committee consultative document – Disclosure of climate-related financial risks

By Simon Lovegrove (UK) on November 29, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 29 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document – Disclosure of climate-related financial risks. The Basel Committee is analysing how a Pillar 3 disclosure framework for climate-related financial risks would further its mandate to strengthen the regulation, supervision, and practices of banks worldwide with the purpose of … Continue Reading

Basel Committee report on implementing Principles for effective risk data aggregation and reporting shows progress made but significant work remains

On 28 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a report on the progress that 31 global systemically important banks have made in implementing the Basel Committee’s Principles for effective risk data aggregation and reporting (the Principles). Of the 31 banks assessed, only two banks are fully compliant with all the … Continue Reading

2023 list of global systemically important banks

On 27 November 2023, the Financial Stability Board (FSB) published the 2023 list of global systemically important banks (G-SIBs). FSB member authorities apply the following to G-SIBs: high capital buffer, total loss-absorbing capacity, group wide resolution planning and regular resolvability assessments and higher supervisory expectations including for risk management functions. The new list of G-SIBs … Continue Reading

Basel Committee publishes more details on global systemically important banks

On 27 November 2023, the Basel Committee on Banking Supervision published material related to the identification of the 2023 global systemically important banks (G-SIB), including updated denominators used to calculate banks’ scores, the thresholds used to allocate the banks to buckets and the values of the 13 high-level indicators of all banks in the main … Continue Reading

Basel Committee supervisory newsletter on the adoption of POR and PSMOR

On 27 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a supervisory newsletter on the adoption of the Principles for Operational Resilience (POR) and the revised Principles for the Sound Management of Operational Risk (PSMOR). The newsletter reports on the Basel Committee’s evaluation of the POR and the PSMOR in early 2023 … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Australia

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay … Continue Reading

Basel Committee newsletter on the implementation of the principles for the effective management and supervision of climate-related financial risks

On 22 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a newsletter on the implementation of the Principles for the effective management and supervision of climate-related financial risks (the Principles). The Basel Committee published the Principles, which seek to improve banks’ climate-related financial risk management and supervisors’ practices, as part of its … Continue Reading

FATF updates best practices on combating the abuse of NPOs

On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation of risk-based measures. For … Continue Reading

Basel Committee discussion paper – Digital fraud and banking: supervisory and financial stability implications

By Simon Lovegrove (UK) on November 15, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 15 November 2023, the Basel Committee on Banking Supervision issued a discussion paper which provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the global banking system. It is structured around three broad sets of questions: The discussion paper does not make a formal distinction between retail and … Continue Reading

CFPB proposes new federal supervision of certain providers of digital wallets and payment apps

By Stephen Aschettino (US) and Eamonn Moran (US) on November 10, 2023 Posted in Fintech, United States

On November 7, 2023, the Consumer Financial Protection Bureau issued a proposed rule to supervise larger nonbank companies that offer services like digital wallets and payment apps. Read our client alert here.… Continue Reading

Basel Committee finalisation of various technical amendments

On 8 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a document containing final technical amendments which have been integrated into the consolidated Basel Framework. The amendments relate to: (i) the standardised approach to operational risk; (ii) the disclosure standards for credit valuation adjustment risk; (iii) the description of the calculation of … Continue Reading

NGFS scenarios for central banks and supervisors

By Haney Saadah and Simon Lovegrove (UK) on November 7, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 November 2023, the Network for Greening the Financial System (NGFS) published the fourth vintage of its long-term climate macro-financial scenarios for forward-looking climate risks assessments. The NGFS scenarios explore the transition and physical impacts of climate change over a long time horizon and under varying assumptions. The NGFS scenarios have been updated to … Continue Reading

FATF report on crowdfunding for terrorism financing

On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing. The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding activities on … Continue Reading

FATF consults on FATF Risk-Based Guidance to Recommendation 25

On 31 October 2023, the Financial Action Task Force (FATF) published a public consultation on FATF Risk-Based Guidance to Recommendation 25. At the February 2023 Plenary, the FATF agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons to ensure a … Continue Reading

Financial services regulation and ESG: Regulation Around the World

In this latest edition of Regulation Around the World we review recent steps that financial services regulatory authorities have taken as regards Environmental, Social and Governance measures focussing in particular on disclosures, greenwashing and taxonomy.… Continue Reading

CPMI interim report on linking fast payment systems across borders: considerations for governance and oversight

By Simon Lovegrove (UK) on October 18, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment services, Payment Services, Payment services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 18 October 2023, the Bank for International Settlement’s Committee on Payments and Market Infrastructures (CPMI) published an interim report to the G20 on linking faster payment systems (FPS) across borders: considerations for governance and oversight. Interlinking arrangements among fast payment systems (FPS) are one of the most promising solutions for enhancing cross-border payments, offering … Continue Reading

CPMI publishes harmonised ISO 20022 data requirements

On 17 October 2023, the Bank for International Settlement’s Committee on Payments and Market Infrastructures (CPMI) published a report to the G20 on harmonised ISO 20022 data requirements for enhancing cross-border payments. The increased adoption of ISO 20022 by payment systems around the world is a major opportunity to improve their interoperability. But this opportunity … Continue Reading

Basel Committee consults on the disclosure of crypto-asset exposures

On 17 October 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultation document on the disclosure of crypto-asset exposures. The consultation document follows the Basel Committee’s paper on the prudential treatment of cryptoasset exposures which was published in December 2022 and set out the prudential requirements for banks’ exposures to cryptoassets. In … Continue Reading

FSB report on 2023 bank failures and the preliminary lessons learnt for resolution

On 10 October 2023, the Financial Stability Board (FSB) published a report on the 2023 bank failures and the preliminary lessons learnt from resolution. The report identifies preliminary lessons learnt regarding the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions (Key Attributes) for: The report seeks to set out a clear understanding of … Continue Reading

FSB progress report on climate-related disclosures

By Haney Saadah and Simon Lovegrove (UK) on October 12, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 12 October 2023, the Financial Stability Board (FSB) published a progress report on climate-related disclosures. The report has been delivered to G20 Finance Ministers and Central Bank Governors for their 11-12 October 2023 meeting. The report highlights the following: In keeping with the previous year’s progress report, this report highlights the findings of the … Continue Reading

FSB publishes annual report on promoting global financial stability

On 11 October 2023, the Financial Stability Board (FSB) published an annual report on promoting global financial stability. The report, which was delivered to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Marrakesh, describes the FSB’s work to promote global financial stability. The report looks at the banking turmoil in March … Continue Reading