The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. more
FSB consults on guidance on cooperation and information sharing with non-CMG host authorities
On 17 October, the FSB issued a consultative document that sets out processes and arrangements for cooperation and information sharing between home authorities of global systemically important financial institutions (G-SIFIs) and authorities of host jurisdictions where a G-SIFI has a systemic presence but that are not represented on the G-SIFI's crisis management group (CMG) (non-CMG host authorities). The FSB welcomes comments by 1 December 2014. Responses should be sent to email@example.com
FSB consults on the identification of critical functions for systemically important insurers
On 16 October, the FSB launched a public consultation on guidance for the identification of the critical functions and critical shared services for systemically important insurers. The guidance should assist national authorities in implementing the recovery and resolution planning requirements set out in the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions and in the policy measures of the International Association of Insurance Supervisors (IAIS) for globally systemically important insurers (G-SIIs). The FSB welcomes comments by 15 December 2014. Responses should be sent to firstname.lastname@example.org.
FSB reissues Key Attributes of Effective Resolution Regimes for Financial Institutions with new guidance on the resolution of non-bank financial institutions and on information sharing
On 15 October, the FSB reissued the Key Attributes of Effective Resolution Regimes for Financial Institutions with four new Annexes which set out guidance covering the resolution of financial market infrastructures (FMIs), including central counterparties (CCPs); the resolution of insurers; client asset protection in resolution; and information sharing for resolution purposes. The new guidance has been developed by the FSB in conjunction with relevant standard-setting bodies (Committee on Payment and Market Infrastructure (CPMI), International Association of Insurance Supervisors (IAIS) and International Organisation of Securities Commissions (IOSCO).
FSB publishes Regulatory Framework for Haircuts on Non-centrally Cleared Securities Financing Transactions
The Framework published on 14 October 2014 is a key part of the FSB's policy recommendations to address shadow banking risks in relation to securities financing transactions and includes a consultative proposal on the application of numerical haircut floors to non-bank-to-non-bank transactions (Annex 4). The FSB welcomes comments on the consultative proposal by 15 December 2014, to be sent to email@example.com. The background document published simultaneously addresses the procyclicality of haircuts on securities financing transactions and their role during the global financial crisis based on the first stage QIS (QIS1) data.
FSB welcomes announcement today by ISDA of the agreement of a new protocol to the ISDA Master Agreement to improve the effectiveness of cross-border resolution actions
As part of this announcement, an initial set of 18 global systemically important banks (G-SIBs) and other large dealer banks have committed to execute the new protocol by the time of the Brisbane G20 Summit in November.
FSB Regional Consultative Group for Sub-Saharan Africa holds its sixth meeting
The FSB Regional Consultative Group (RCG) for Sub-Saharan Africa held its sixth meeting on 1 October 2014 in Cape Town, South Africa. The Press Release issued following the meeting can be found here.
FSB Regional Consultative Group for the Middle East and North Africa holds its sixth meeting
The FSB Regional Consultative Group (RCG) for the Middle East and North Africa held its sixth meeting on 1 October 2014 in Dead Sea, Jordan. The Press Release issued following the meeting can be found here.
Enhanced Disclosure Task Force (EDTF) publishes Second Implementation Progress Report
The EDTF, a private sector task force formed at the initiative of the FSB, published on 30 September its second progress report on major banks' actions to improve risk disclosures in their 2013 annual reports in line with the EDTF's October 2012 report. The EDTF's principles and recommendations for improved bank risk disclosures and leading disclosure practices are designed to provide timely information, which continue to assist in strengthening confidence of investors and other stakeholders in banks' reporting. The FSB's press release welcoming the progress report is here.
FSB publishes its final report on foreign exchange (FX) benchmarks
The FSB published on 30 September the final version of its report on FX benchmarks. This report sets out recommendations for benchmark reform in FX markets, and has been prepared in light of discussions with a range of FX market participants across the globe, along with responses to the public consultation on the FSB's July 2014 interim report.
Public consultation on proposals on cross-border recognition of resolution actions
The FSB consults on proposals to achieve the cross-border recognition of resolution actions consisting of elements that jurisdictions should consider including in their statutory frameworks and of contractual approaches to cross-border recognition with a focus on temporary stays on early termination and cross-default rights in financial contracts and the bail-in of debt instruments that are governed by the law of a jurisdiction other than that of the issuing entity.
FSB Chairman's letter to G20 Ministers and Governors on financial reforms - Completing the job and looking ahead
The FSB published on 21 September 2014 a letter from the Chairman to G20 Finance Ministers and Central Bank Governors. The letter reports on progress in global financial reform, which remains on-track to complete the priorities agreed by the G20 for 2014, and looks ahead to the regulation and supervision of the global system in a way that builds mutual confidence and trust and thereby realises the benefits of an open, integrated global financial system.
BIS, FSB and IMF letter to G20 Ministers and Governors on progress regarding data gaps on foreign currency exposures
The letter describes work by the IMF, FSB and BIS to address data gaps involving foreign currency exposures. It is accompanied by the summary of a joint workshop, organised by the Committee on the Global Financial System and the FSB's Standing Committee on Assessment of Vulnerabilities, on risks from currency mismatches and leverage on corporate balance sheets.
FSB and IMF publish fifth progress report on the implementation of the G20 Data Gaps Initiative
The FSB and IMF published in September 2014 the fifth progress report of the Data Gaps Initiative, assessing the implementation of the recommendations made in 2009 to close key information gaps and thus better inform policy work. The report provides benchmarks to determine when to call each recommendation complete, and outlines a proposed future work plan.
FSB publishes feasibility study on aggregation of OTC derivatives data and announces next steps
The FSB published on 19 September a feasibility study on the global aggregation of OTC derivatives trade repository data (following a consultative report on the subject published on 4 February). The accompanying press release announces next steps that will be taken to follow up on the recommendations of the study.
FSB Plenary meets in Cairns
The FSB Plenary met on 17-18 September 2014 in Cairns, Australia. At the meeting, the FSB discussed vulnerabilities affecting the global financial system and reviewed work plans for completing core financial reforms. See press release here
FSB publishes a summary report of jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes
The FSB published on 18 September a report on jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes. This report has been delivered to the G20 Finance Ministers and Central Bank Governors. The report summarises information provided by FSB member jurisdictions in response to a request by the FSB Chairman.
FSB publishes a monitoring update note on long-term investment finance
The FSB published on 16 September an update on financial regulatory factors affecting the supply of long-term investment finance, drawing on: a survey of FSB members; input from the private sector; consultation with FSB Regional Consultative Groups; and work to develop a set of key quantitative indicators for the provision of long-term finance.
FSB Regional Consultative Group for Asia holds its 7th meeting
The FSB Regional Consultative Group (RCG) for Asia held its 7th meeting on 27 August 2014 in Kyoto, Japan. The Press Release issued following the meeting can be found here.
FSB Regional Consultative Groups (RCGs) publish four reports
Two of these four reports published on 22 August 2014 analyse shadow banking in the Americas and Asia respectively, expanding the scope of monitoring of shadow banking activities in these regions.
In the other two reports, the RCG Americas and RCG Asia respectively analyse issues that arise for host authorities in supervision and regulation of global banks, and issues that arise for home and host authorities in implementing the SIFI framework.
Public comments to Foreign Exchange Benchmarks Consultative Report
FSB publishes a report on Reforming Major Interest Rate Benchmarks
The FSB published a report on 22 July 2014 setting out proposals for the reform and strengthening of major interest rate benchmarks and for additional work on the development and introduction of alternative benchmarks. The report draws on an assessment of the major interest rate benchmarks against the IOSCO Principles for Financial Benchmarks conducted by IOSCO and a report by a Markets Participants Group established by the FSB. These are published as self-standing annexes.
Consultation on Foreign Exchange Benchmarks
FSB launches peer review on supervisory frameworks and approaches to SIFIs
The FSB launched in July 2014 a thematic peer review on supervisory frameworks and approaches to systemically important financial institutions (SIFIs), focusing in particular on global systemically important banks (G-SIBs). The review is being conducted in close collaboration with the Basel Committee on Banking Supervision, and will draw from responses to two questionnaires: one for national supervisory authorities and one for a representative sample of G-SIBs. As part of this review, the FSB invites feedback from financial institutions, industry associations and other stakeholders on the topics covered in the questionnaires. Feedback should be sent to firstname.lastname@example.org by 12 September 2014.
FSB establishment of the Global LEI Foundation
The FSB Plenary, in its capacity as Founder of the Global Legal Entity Identifier Foundation (GLEIF), has approved the necessary documents to create the GLEIF and Is filing the papers with the Swiss authorities to establish the GLEIF as a Swiss not for profit Foundation. Press Release.
FSB second workshop on compensation practices
In April 2014, the FSB held a second workshop on compensation practices, to share experiences and lessons on the implementation of the FSB Principles and Standards for Sound Compensation Practices by financial institutions. The participants in the workshop were officials from FSB member authorities and senior bank executives; the summary is available here.
FSB issues advisory notice concerning Venezuela
The FSB issued on 19 June an advisory notice to financial institutions to be aware that Venezuela has been determined to be a non-cooperative jurisdiction with respect to international cooperation and information exchange regulatory standards.
FSB Regional Consultative Group for Americas holds its sixth meeting
The FSB Regional Consultative Group (RCG) for America held its sixth meeting on 6 June 2014 in Bogota, Colombia. The Press Release issued following the meeting can be found here.
FSB completes peer review on reducing reliance on CRA ratings
The FSB published on 12 May the second and final stage of its thematic peer review on implementation of the FSB principles for reducing reliance on credit rating agencies (CRAs) rating. The report focused on the action plans developed by national authorities to implement the FSB roadmap. Each jurisdiction's action plan can be found here.
FSB Regional Consultative Group for Europe holds its sixth meeting
The FSB Regional Consultative Group (RCG) for Europe held its sixth meeting on 7 May 2014 in Copenhagen, Denmark. The Press Release issued following the meeting can be found here.
FSB Regional Consultative Group for Sub-Saharan Africa holds its fifth meeting
The FSB Regional Consultative Group (RCG) for Sub-Saharan Africa held its fifth meeting on 6 May 2014 in Accra, Ghana. The Press Release issued following the meeting can be found here.
FSB Regional Consultative Group for Asia holds its sixth meeting
The FSB Regional Consultative Group (RCG) for Asia held its sixth meeting on 25 April 2014 in Cebu, Philippines. The Press Release issued following the meeting can be found here.
Public feedback on consultation on approaches to aggregate OTC derivatives data
The FSB has published the public feedback on its 4 February 2014 consultative paper on options for aggregating OTC derivatives trade repository data.
FSB Chairman's letter to G20 Ministers and Governors on financial reforms - Update on Progress
The FSB published on 11 April 2014 a letter from the Chairman to G20. Finance Ministers and Central Bank Governors providing an update on progress in the financial reform programme, including the priorities for completing the core of the reform programme by the Brisbane G20 Summit.
FSB completes peer review of Germany
The FSB published on 9 April 2014 the report on the peer review of Germany. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines two topics that are important for financial stability: the macroprudential policy framework and microprudential supervision. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.
FSB publishes progress report on OTC derivatives reforms
The FSB published the April 2014 edition of the twice-yearly progress report on OTC derivatives reform implementation. The report provides a summary of progress in various workstreams to implement the G20 commitments to reform OTC derivatives markets.
FSB publishes the Guidance on Supervisory Interaction with Financial Institutions on Risk Culture and a progress report on enhanced supervision
The Framework for assessing risk culture at financial institutions takes into account public responses received on the consultative document issued on 18 November 2013. The guidance forms a basis for supervisors and firms to promote and develop a shared understanding of the firm's risk culture, in order to prevent behavioural weaknesses from taking root and growing. The progress report on enhanced supervision describes the changes in supervisory practices since the financial crisis and identifies the areas where more work is needed, in particular on drivers of supervisory empowerment and measurement of supervisory effectiveness.
FSB Plenary meets in London
The FSB Plenary met on 31 March 2014 in London. At the meeting, the FSB discussed vulnerabilities in the global financial system and reviewed policy work for completing core financial reforms, such as ending too-big-to-fail and addressing shadow banking risks. See press release here.
FSB Regional Consultative Group for the Middle East and North Africa holds its fifth meeting
The FSB Regional Consultative Group (RCG) for the Middle East and North Africa held its fifth meeting on 20 March 2014 in Rabat, Morocco. The Press Release issued following the meeting can be found here.
FSB completes peer review of Indonesia
The FSB published on 28 February 2014 the report on the peer review of Indonesia. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines two topics: the change in Indonesia's regulatory structure, and crisis management arrangements. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.
FSB Chairman's letter to G20 Ministers and Governors on financial reforms
The FSB published on 23 February a letter from the Chairman to G20 Finance Ministers and Central Bank Governors on progress and challenges in the financial reform programme, including the priorities for completing core international reform policies by the Brisbane G20 Summit.
FSB review of foreign exchange benchmarks
The Foreign Exchange Benchmark Group, which the FSB announced on 14 February, will undertake a review of FX benchmarks and will analyse market practices in relation to their use and the functioning of the FX market, as relevant. The Group's work will form part of the FSB's ongoing analysis of financial benchmarks.
Public responses to supervisory interaction on risk culture
Consultation on approaches to aggregate OTC derivatives data
The FSB published on 4 February 2014 a consultative paper on options for aggregating OTC derivatives trade repository data. Feedback should be sent to email@example.com by 28 February 2014.
FSB Plenary endorsed nominees to the initial Board of Directors (BoD) of the GLEIF
The FSB Plenary, in its capacity as the Founder of the Global Legal Entity Identifier Foundation (GLEIF), has endorsed the nominees to the initial Board of Directors (BoD) of the GLEIF, based on a recommendation from the LEI Regulatory Oversight Committee (ROC).
Consultation on assessment methodologies for identifying non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs)