Sunday, July 24, 2016

FSB Chair Reports to the G20

While Much Progress has been Made, There is Much Left to Do

Author: David Schwartz

In a July 19, 2016 letter to the G20 Finance Ministers and Central Bank Governors ahead of their meeting July 23-24 meeting in Chengdu, Financial Stability Board Chair and Governor of the Bank of England Mark Carney updated the G20 leaders on the FSB’s progress made and priorities going forward.  While touting successes, he also said that there was work yet to be done and urged global regulators and standard-setters to finish the job of implementing post-crisis reforms.

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Monday, June 6, 2016

FSB’s Americas Group Concerned about Decline in Correspondent Banking Services

Author: David Schwartz

On May 26 and 27, 2016, the Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas convened in Montréal for a series of round tables covering the decline in correspondent banking services and issues relating to asset management activities. The RCG for the Americas is one of six Regional Consultative Groups established under the FSB Charter to provide a forum for FSB outreach to a wider range of countries in the region beyond the FSB membership on potential vulnerabilities affecting the region, on FSB initiatives, and on other measures that could be taken to promote financial stability. 

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Wednesday, November 26, 2014

G20 Brisbane Meeting Promises Focus on Resilient Financial System

Expanding the Financial Sector's Role in Building a Stronger and More Sustainable Global Economy

Author: David Schwartz
With the conclusion of their November 15 and 16 meeting in Brisbane, the G20 has published their official communiqué outlining the group’s progress, plans, and areas of focus. Financial regulatory reform remains the central focus of G20 activities. However, with the slow global recovery and disappointing job growth, the G20 announced that they expect to emphasize expanding the financial sector's role in building a stronger and more sustainable global economy. The overall thrust of the G20’s Brisbane communiqué is that critical work remains to build a stronger, more resilient financial system. Over the next year, the group intends to continue to finalize the various elements of its policy framework that remain open, fully implement financial regulatory reforms already agreed upon, and be vigilant for new risks and unexpected consequences.
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Tuesday, November 11, 2014

Global OTC Working Group Updates the G20

OTC Derivatives Regulators Group Issues Report on Cross-Border OTC Regulation

Author: David Schwartz

The G20's meeting in Brisbane begins tomorrow, and international working groups have been burning the midnight oil to have their progress reports ready in time.  One such group, the OTC Derivatives Regulator Group (ODRG), issued a report on November 7 that provides an update to the G20 Leaders regarding the ODRG’s continuing effort to identify and resolve cross-border issues associated with the implementation of the G20 OTC derivatives reform agenda. The report reflects how the ODRG has addressed, or intends to address, cross-border issues identified since the publication of the report published in advance of the St. Petersburg Summit in September 2013.

The work of the ODRG is far from complete.  Though much progress has been made, work still remains to be done.


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Thursday, October 9, 2014

List of Open Consultations and Rule Proposals

Author: David Schwartz

With the November 15 and 16 G20 Summit in Brisbane fast approaching, policy makers and regulators in the US and the UK have been hard at work.  Not to be outdone, IOSCO, ESMA, and BIS have also been busy.  Eager to demonstrate progress on financial re-regulation and reform, there has been a flurry of consultation papers and rule proposals at all levels over the past quarter.  The following is a list, current as of October 9, 2014, of some of the more noteworthy proposals and consultation papers whose comment periods are currently open.  It should be noted that a number of these consultations close imminently.

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