United States

FSB publishes targets for enhancing cross-border payments

On 13 October 2021, the Financial Stability Board (FSB) published a press release announcing the publication of its first consolidated progress report covering the progress made during the first year of the G20’s Roadmap for Enhancing Cross-border Payments. The report highlights that most of the milestones set by the Roadmap for 2021 have been completed … Continue Reading

FSB report – Policy proposals to enhance money market fund resilience

On 11 October 2021, the Financial Stability Board (FSB) published a report which forms a key part of its work programme on non-bank financial intermediation. The policy proposals in the report aim to address systematic risk and minimise the need for future extraordinary central bank interventions to support the sector alongside enhancing money market fund … Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

On 6 October 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter focuses on two key areas of the FSB’s work: Developing a more resilient NBFI sector The letter notes that following the market turmoil in March 2020, the FSB agreed on … Continue Reading

CPMI calls for ideas on solutions to expand PvP settlement

On 7 October 2021, the Committee on Payments and Market Infrastructures (CPMI) issued a call for ideas on payment-versus-payment (PvP) mechanisms. As part of the G20 cross-border payments roadmap, the CPMI is developing proposals for increased PvP adoption by encouraging enhancements to existing PvP arrangements and/or the design of new public and/or private sector solutions. … Continue Reading

FSB / IMF latest progress report on the G20 Data Gaps Initiative

On 8 October 2021, the Financial Stability Board and the International Monetary Fund co-published their sixth progress report on the G20 Data Gaps Initiative. Key messages in the progress report include: Significant progress has been achieved during phases 1 and 2 of the Data Gaps Initiative in closing identified policy-relevant data gaps. Although the initiative … Continue Reading

FSB report on the regulation, supervision and oversight of “global stablecoin” arrangements

On 7 October 2021, the Financial Stability Board (FSB) published a progress report setting out the progress made on the implementation of its high-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements.  The progress report incorporates the results of a stocktake of the implementation of the FSB’s high level recommendations in 21 … Continue Reading

CPMI and IOSCO publish guidance, call for comments on stablecoin arrangements

On 5 October 2021, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultative report that proposes guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to systemically important stablecoin arrangements (SAs), including the entities integral to such arrangements. The proposed guidance focuses … Continue Reading

ISDA – RFR Conventions and IBOR Fallbacks – Product Table

On 4 October 2021, the ISDA issued a product table for RFR conventions and IBOR fallbacks. The table is intended to help counterparties understand how the fallbacks would function in their legacy and new derivatives that reference IBORs. It sets out how fallbacks in ISDA’s amended documentation (without reference to the 2021 ISDA Interest Rate … Continue Reading

US Justice Department is “surging” resources to corporate enforcement

High-level officials at the Justice Department are warning that the DOJ is “surging” resources in a new effort to combat corporate crime.… Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Access the September issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC … Continue Reading

OECD reports on climate transition

On 4 October 2021, the Organisation for Economic Co-operation and Development (OECD) published: A report ‘ESG investing and climate transition: Market practices, issues and policy considerations’. The report highlights the main findings from recent OECD research on ESG rating and investing. It offers policy considerations to strengthen ESG practices to foster global interoperability and comparability, … Continue Reading

ESMA seeks stakeholder input on shaping advice on retail investor protection

On 1 October 2021, the European Securities and Markets Authority (ESMA) issued a call for evidence on a number of retail investor protection topics under MiFID II. The call for evidence follows a letter that ESMA received from the European Commission in July this year asking for assistance in the preparation of legislative proposals implementing … Continue Reading

FSB launches new financial stability surveillance framework

On 30 September 2021, the Financial Stability Board (FSB) published a new Financial Stability Surveillance Framework. The new framework will support the  comprehensive, methodical and disciplined review of vulnerabilities, helping to identify and address new and emerging risks to financial stability. The FSB will regularly communicate its view on vulnerabilities through its annual reports. John … Continue Reading

SEC targets climate change disclosures

The SEC remains busy exploring additional, alternative means for requiring public companies to disclose climate risks and greenhouse gas emissions.… Continue Reading

Basel Committee calls for improved cyber resilience, reviews climate-related financial risks and discusses impact of digitalisation

On 20 September 2021, the Basel Committee on Banking Supervision issued a newsletter calling on banks to improve their resilience to cyber threats. In the newsletter the Basel Committee reminds firms and institutions that remote working arrangements and increased provision of financial services using digital channels have enlarged banks’ attack surfaces. The Basel Committee also … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance: What compliance officers need to know

Access the August issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers.… Continue Reading

IOSCO statement on credit sensitive rates

On 8 September 2021, the Board of the International Organization of Securities Commissions (IOSCO) issued a statement on credit sensitive rates. Among other things the statement notes that regulators are concerned that some of LIBOR’s shortcomings may be replicated through the use of credit sensitive rates that lack sufficient underlying transaction volumes. The disproportionality between … Continue Reading

Basel III and global cooperation: where do we go from here?

On 8 September 2021, the Basel Committee on Banking Supervision published a speech given by its Secretary General, Carolyn Rogers, entitled Basel III and global cooperation: where do we go from here? During the course of her speech Carolyn Rogers addresses, among other things, some of the more common arguments that have been used to … Continue Reading

IOSCO publishes guidance for intermediaries and asset managers using Artificial Intelligence and Machine Learning

On 7 September 2021, the International Organization of Securities Commissions (IOSCO) published guidance to help its members regulate and supervise the use of Artificial Intelligence (AI) and Machine Learning (ML) by market intermediaries and asset managers, following its consultation report published in June. The guidance consists of six measures that reflect expected standards of conduct … 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

Episode 10 of the Regulation Tomorrow Podcast out now

The bumper crop of podcasts continues this week with the release of Episode 10 of the Regulation Tomorrow monthly podcast. In this episode we hear from Norton Rose Fulbright’s US Head of Fintech, Steve Aschettino, who gives an overview of the payments landscape in the US and some of the prevailing trends in the area. … Continue Reading

GFXC releases guidance paper on Last Look, publishes disclosure templates

On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The GFXC is … 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

BIS Innovation Hub and Monetary Authority of Singapore publish proposal for enhancing global real-time retail payments network connectivity

On 28 July 2021, the Bank for International Settlements Innovation Hub Singapore Centre and the Monetary Authority of Singapore published a proposed blueprint for enhancing global payments network connectivity via multilateral linkages of countries’ national retail payment systems. Titled ‘Project Nexus’, the blueprint outlines how countries can fully integrate their retail payment systems onto a … Continue Reading
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