5 April 2019 | PDF full text (495 KB)
This directory provides information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them.
The publication of the directory is part of ongoing work by the FSB and standard-setting bodies on crypto-assets.
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Ref no: 5/2019
The Financial Stability Board (FSB) published today a Crypto-assets regulators directory. The purpose of the directory is to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them. The directory will be delivered to the G20 Finance Ministers and Central Bank Governors meeting on 11-12 April 2019.
The publication of the directory is part of ongoing work by the FSB and standard-setting bodies on crypto-assets. In October 2018 the FSB released a report, Crypto-asset markets: Potential channels for future financial stability implications. The report concluded that crypto-assets do not pose a material risk to global financial stability at this time. However, vigilant monitoring is needed in light of the speed of market developments.
As that report noted, crypto-assets also raise several broader policy issues, such as the need for consumer and investor protection; strong market integrity protocols; anti-money laundering and combating the financing of terrorism (AML/CFT) regulation and supervision, including implementation of international sanctions; regulatory measures to prevent tax evasion; the need to avoid circumvention of capital controls; and concerns relating to the facilitation of illegal securities offerings. These risks are the subject of work at national and international levels.
The FSB undertakes regular monitoring of the financial stability implications of developments in crypto-assets using a framework developed in collaboration with the Committee on Payments and Market Infrastructures. The framework is described in the July 2018 report, Crypto-assets: Report to the G20 on the work of the FSB and standard-setting bodies.
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Randal K. Quarles, Vice Chairman for Supervision, US Federal Reserve; its Vice Chair is Klaas Knot, President, De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.
2 April 2019
28 March 2019 | PDF full text (175 KB)
FSB Chair Randal K. Quarles spoke at a conference on financial intermediation, regulation and economic policy hosted by the European Central Bank and Journal of Money, Credit and Banking in Frankfurt.
26 March 2019
On 25 February 2019, the FSB invited feedback on the effects of financial regulatory reforms on SME financing. Interested parties were invited to provide written comments by 18 March 2019. The public comments received are available below.
The feedback will be considered by the FSB as it prepares the draft report for its SME evaluation, which will be issued for public consultation ahead of the June 2019 G20 Summit. The final report, reflecting the feedback from the public consultation, will be published in October 2019.
15 March 2019 | PDF full text (195 KB)
This letter from the Co-chairs of the FSB’s Official Sector Steering Group (OSSG) encourages the International Swaps and Derivatives Association (ISDA) to continue its work on derivatives contractual robustness to risks of interest rate determination. The letter raises three important issues that the OSSG believes ISDA is moving to address:
The letter encourages ISDA to ask for market opinion on the events that would trigger a move to the spread-adjusted fallback rate for derivatives referencing IBORs. Triggers that would only take effect on the date on which LIBOR permanently or indefinitely stopped publication could leave those with LIBOR-referencing contracts still exposed to a number of risks. The OSSG also understands that ISDA intends to consult on USD LIBOR, CDOR, HIBOR and SOR in early 2019, and the OSSG strongly supports this. The OSSG Co-chairs also encourage ISDA to consult on the key technical details that ISDA’s Board Benchmark Committee will need to decide on before implementation can begin.
The FSB and member authorities through the OSSG are working to implement and monitor the recommendations of the 2014 FSB report Reforming Major Interest Rate Benchmarks.
Since July 2016, ISDA has undertaken work, at the request of the OSSG, to strengthen the robustness of derivatives markets to the discontinuation of widely-used interest rate benchmarks. The OSSG engages regularly with ISDA and other stakeholders with a view to their taking action to enhance contractual robustness in derivatives products and cash products, such as loans, mortgages and floating rate notes.
8 March 2019 | PDF full text (238 KB)
This note provides key takeways from a workshop with banks in October 2018 about implementation of the FSB’s international standards on compensation. As part of its work to monitor implementation of its Principles for Sound Compensation Practices and their Implementation Standards the FSB engages regularly with firms across financial sectors to assess the extent to which the standards have been effectively implemented. This workshop focused on:
Big picture – a decade on from the crisis – the baseline for banks before reforms, how compensation structures have changed since the crisis and thoughts on further changes in the coming years.
Implementation by banks of the FSB’s Principles and Standards on compensation – the practical steps banks have taken to implement reforms on compensation practice including details on which individuals are designated as material risk takers.
Effectiveness – steps banks are taking to assess the effectiveness of current compensation policies and practices in terms of better aligning risk and reward.
Executives responsible for managing processes related to compensation at 17 large internationally active banks and officials from the FSB Compensation Monitoring Contact Group participated in the workshop.
The workshop provides one input into the FSB’s biennial compensation progress report that will be published later in 2019.
The FSB welcomes any feedback on topics discussed at the workshop and summarised in this note. Comments should be sent by Tuesday 7 May 2019 to [email protected].
27 February 2019
The Application Paper on Proactive Supervision of Corporate Governance supports the practical application of the corporate governance related ICPs, mainly ICP 7 (Corporate Governance) and ICP 8 (Risk Management and Control Functions).
This Application Paper sets out good practices related to the organisation and functioning of the supervisor, with the objective of promoting proactive supervision of corporate governance. It aims to raise awareness of, and seeks to address, the organisational, cultural, and procedural challenges faced by supervisors in detecting problems in corporate governance and taking appropriate steps at an early stage.
The Application Paper also recognises that there is no “one-size-fits-all” approach to proactive supervision given the variety of organisational and governance structures among insurers. As suggested in the Application Paper, proactive supervision should be carried out proportionately to the issues identified, using an approach customised to the circumstances, including relevant supervisory objectives, laws and regulations.
25 February 2019 | PDF full text (182 KB)
The FSB organised a roundtable in Amsterdam on 12 December 2018 to exchange views with stakeholders on recent trends and drivers in small- and medium-sized enterprise financing across FSB jurisdictions, including the possible effects that financial regulatory reforms may have had on this market. This note summarises the main points raised in the roundtable.
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