Financial Stability Board (FSB)
FSB to assess efforts to end ‘mechanistic reliance’ on credit ratings
Peer reviews aim to hasten a move away from rating agencies, with countries expected to eliminate references to credit ratings from laws and encourage better internal credit risk assessments
People: FSB appoints new chairs; Pakistani board reaches full strength
Three central bankers appointed to head Financial Stability Board committees; Pakistan completes drive to fill governing board; and more
National supervisory risk guidance lags industry best practice, says FSB
Financial Stability Board report finds risk governance at some systemically important financial institutions exceeds supervisory guidance; demands more effort from developing economies
FSB endorses South African reform efforts
First peer review under new guidelines praises South African plans for ‘twin peaks’ regulators and tighter OTC derivatives rules; implementation still presents obstacles
‘Significant work remains’ to fix global finance, says FSB
Meeting of the Financial Stability Board identifies numerous areas that still require work; public comments on policy recommendations reveal concerns over regulatory arbitrage and overlap
BoJ paper challenges FSB governance style
Discussion paper asks whether ‘new governance’ model used by Financial Stability Board is effective, and suggests possible avenues for reform
FSB presses forward with legal entity identifiers
Latest Financial Stability Board report shows further progress towards implementing the global legal entity identifier system with March 2013 deadline fast approaching
Regulators in Asia target shadow banking sector
Regulators in Asia are striving to strike balance between regulating the shadow banking sector and letting Asian financial intermediation develop
FSB takes next steps towards shadow banking regulation
Financial Stability Board gives recommendations for regulating financial institutions outside the regular banking system; estimates shadow banking sector reached $67 trillion in 2011
FSB to hold non-compliant G-20 countries to account, says Carney
The Financial Stability Board will ‘name and shame’ countries that fail or attempt to avoid new global regulations aimed at improving financial market stability
FSB reveals G-Sib additional capital charges breakdown
FSB says four major banks to be hit by top 2.5% additional capital buffer as three banks leave and two are added to the list of global systemically important banks
FSB finds OTC derivatives reforms riddled with gaps
Progress report shows market infrastructure is ready to meet G-20 commitments for OTC derivatives reform but many jurisdictions are still some way from implementing legislation
FSB task force proposes enhancements to risk disclosure
Private-sector task force organised by the Financial Stability Board outlines seven principles designed to improve banks’ risk disclosure, with implementation of some sections to begin immediately
FSB resolution paper due in ‘next few weeks’, says BoE’s Tucker
Lack of national legislation on resolution mechanisms has made the drafting of international standards for resolution regimes tricky. But an FSB consultative paper will be issued in the coming weeks
Final rules for D-Sibs published as FSB holds plenary meeting
Financial Stability Board meeting in Tokyo endorses publication of final framework for regulating D-Sibs; principles focus on assessment methodology and higher loss-absorbency requirements
IMF report says regulation is ‘unfinished’
IMF report says more regulatory action may be required; suggests existing reforms may have unintended consequences that require mitigation
BoE director says bail-ins getting closer
Andrew Gracie says the central bank is close to a functioning bail-in regime; a framework has been developed under the European Recovery and Resolution Directive
Carney discusses the “right kind” of globalisation
Governor of the Bank of Canada explains how globalisation can be harnessed to create prosperity for Canadians; says responsibility for past mistakes lay with many parties
FSB launches peer review of resolution regimes
Questionnaire sent out by Financial Stability Board aims to provide comparative analysis of members’ resolution regimes to identify gaps and evaluate progress
RBA payments manager discusses challenge of Basel III deadline
Reserve Bank of Australia’s Mark Chambers says countries are struggling to implement Basel III framework in time; highlights obstacles facing Australian policy-makers in introducing regulations
Canada may withdraw monetary stimulus if growth remains on track, says Carney
Mark Carney lauds Canadian economy, says Europe must create a common banking union and believes global recovery relies on moving to an open, multi-polar international economy
Central Bank of Kuwait revamps bank governance rules
New rules make improvements to regulations in light of global financial crisis and recent issuances from Basel Committee and Financial Stability Board; effective date set for next year
Role of FSB ramped up as Carney updates G-20 on progress
Financial Stability Board to gain legal footing under Swiss law; Carney reports “good” progress on implementation of financial reforms but says more to be done
FSB report highlights countries behind on OTC reforms
Progress report shows many countries failing to implement OTC derivatives market reforms; calls for 'aggressive push' to meet deadline