On May 18, a speech by the European Commissioner for Financial Services, Financial Stability and Capital Markets Union was published outlining elements of the anti-money laundering (AML) and counter-terrorist financing (CTF) action plan that the European Commission (Commission) intends to present further and reform.
Continue Reading European Commissioner Speech on AML and CTF Action Plan Reforms
Financial Stability Board
FSB Publishes Global Transition Roadmap on LIBOR
Posted in Financial Markets, UK Developments
On October 16, the Financial Stability Board (FSB) published a global transition roadmap, including a timetable of actions to be taken by financial and non-financial institutions exposed to the London Inter-bank Offered Rate (LIBOR) benchmarks, to ensure a seamless transaction away from LIBOR by the end of 2021 (the Roadmap).
Continue Reading FSB Publishes Global Transition Roadmap on LIBOR
CFTC Subcommittee Releases Report on Managing Climate Risk in the US Financial System
By Kevin M. Foley & Elizabeth Organ on
Posted in CFTC, Derivatives
On September 9, the Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee of the Commodity Futures Trading Commission released a comprehensive report addressing potential risks to the financial system arising from, or related to, climate change. The report is the first of its kind from a US financial regulator. Its findings and recommendations are wide-ranging, frequently extending beyond the CFTC’s remit.
Continue Reading CFTC Subcommittee Releases Report on Managing Climate Risk in the US Financial System
BOE, FCA and PRA Update on LIBOR
Posted in Financial Markets, UK Developments
On May 13, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) announced that they will resume full supervisory engagement with dual regulated firms on their London Interbank Offered Rate (LIBOR) transition progress from June 1, 2020 (the Announcement). Such engagement will include data reporting at the end of Q2 in light of the PRA and FCA suspended transition data reporting at the end of Q1 for dual regulated firms and the Banks of England’s (BoE) Financial Stability Report on May 7, 2020 regarding the impact of COVID-19 pandemic.
Continue Reading BOE, FCA and PRA Update on LIBOR
Environmental, Social and Governance (ESG): TSC Releases Correspondence with UK Regulators
Posted in Financial Markets, UK Developments
On March 10, the United Kingdom’s Treasury Select Committee (TSC) released letters written to the CEO of the UK’s Financial Conduct Authority (FCA) and the Governor of the Bank of England (the Bank) and the responses to those letters. The TSC wrote to the FCA and the Bank in October 2019 and February respectively, and the responses were received in late-February.
Continue Reading Environmental, Social and Governance (ESG): TSC Releases Correspondence with UK Regulators
ESMA and EBA Respond to Letter From European Commission on Cryptoassets Work
On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19.
The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see the January 11, 2019 edition of Corporate & Financial Weekly Digest). ESMA and the EBA agree that it is vital that further work progresses urgently to inform any actions taken by the new EC.
Continue Reading ESMA and EBA Respond to Letter From European Commission on Cryptoassets Work
FSB Publishes Directory of Cryptoassets Regulators
Posted in Digital Assets and Virtual Currencies
On April 5, the UK Financial Stability Board (FSB) published a directory of regulators and other authorities in FSB jurisdictions who cover cryptoasset issues.
The FSB delivered the directory to the April 2019 G20 Finance Ministers and Central Bank Governors meeting. It notes that the directory’s purpose is to provide information only—it does not define…
FSB Publishes Final Version of Cyber Lexicon
Posted in Digital Assets and Virtual Currencies
On November 12, the Financial Stability Board (FSB) published the final version of its cyber lexicon and an accompanying press release.
The FSB’s cyber lexicon is a set of approximately 50 core terms related to cybersecurity and cyber resilience in the financial sector, but is not intended to be a comprehensive lexicon of all cybersecurity and cyber resilience-related terms.
Continue Reading FSB Publishes Final Version of Cyber Lexicon
European Commission Publishes Statement on Regulating Cryptoassets and ICOs
On November 13, the European Commission (EC) published a statement by Vice-President Valdis Dombrovskis on the regulation of cryptoassets and initial coin offerings (ICOs), which he presented at the European Parliament Plenary debate in Strasbourg.
Key takeaways include:
Continue Reading European Commission Publishes Statement on Regulating Cryptoassets and ICOs
FSB Publishes Report on Cryptoassets
On July 16, the Financial Stability Board (FSB) published a report on the work of the FSB and standard setting bodies on cryptoassets. The report was delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 21 – 22.
The standard setting bodies, whose work is summarized in the FSB’s report, are: (1) the FSB itself; (2) the Committee on Payments and Market Infrastructures (CPMI); (3) the International Organization of Securities Commissions (IOSCO); and (4) the Basel Committee on Banking Supervision (BCBS).
Continue Reading FSB Publishes Report on Cryptoassets