The report recommends urgent actions in several domains: - Legislation - to address prudential risks, Stablecoins ought to be under appropriate federal supervision and oversight - User protection and run risk - Payment systems risk - Systemic risk and interconnectivity issues The report highlights in particular the "Illicit Finance Risk": fraud risk, AML/CFT, tax (IRS) [...]
UK Regulators (PRA, FCA, Pensions Regulator) published their Climate Change Adaptation reports, just in time for COP 26... The PRA document can be found here: https://www.bankofengland.co.uk/prudential-regulation/publication/2021/october/climate-change-adaptation-report-2021 The FCA document can be found here: https://www.fca.org.uk/publication/corporate/fca-climate-change-adaptation-report.pdf The Pensions Regulator text: https://www.thepensionsregulator.gov.uk/en/document-library/corporate-information/climate-change-and-environment/climate-adaptation-report
The ESAs (EBA - EIOPA - ESMA) have been empowered to develop draft RTS on taxonomy-related product disclosures. Specifically, the ESAs have been empowered to develop further obligations to the SFDR product disclosures where the product makes sustainable investments contributing to environmental objectives. In line with the ESAs’ empowerments, the draft RTS have been developed [...]
This report represents an initial review by the Council of current efforts by its members to incorporate climate-related financial risk into their regulatory and supervisory activities, enhance climate-related disclosures, and assess climate-related risks to the financial stability of the United States. It includes 35 recommendations that FSOC and its members can adopt to strengthen the [...]
The NGFS (Network for Greening the Financial System) report shares 30 NGFS members’ experiences of conducting climate scenario analysis, highlighting a diversity of design choices and approaches. At the time of publication of the report, NGFS have defined a suite of scenarios and associated models and methodologies, completed and published the result of 4 climate [...]
Canadian authorities are pushing for disclosures from issuers. To that effect, the CSA are publishing proposed National Instrument 51-107 Disclosure of Climate-related Matters (the Proposed Instrument) and its companion policy (the Proposed Policy) for a 90-day comment period. The Proposed Instrument would introduce disclosure requirements regarding climate-related matters for reporting issuers (other than investment funds). [...]
The ECB publishes a document describing the main characteristics of the 2022 climate risk stress test exercise and providing banks with guidance on how to conduct the exercise. There are 2 main chapters: • Chapter 2 which sets out the process for the banks’ submissions and provides a high-level overview of the quality assurance process [...]
The report sets out the jurisdictional adoption status of Basel III standards as of end-September 2021 based on information provided by all Committee member jurisdictions. It focuses on the status of adoption of all Basel III standards in relation to the internationally agreed time frame, including: the Basel III post-crisis reforms published by the Committee [...]
Policy, supervision and the role of regulators and central banks in achieving Net-Zero. The role of Sustainable capital markets and green assets. Data governance and metrics. Regional views: APAC, EU Green Deal, EMK countries. IT and Legal considerations. More info on the symposium agenda here - https://www.omfif.org/wp-content/uploads/2021/08/OMFIF-Sustainable-Policy-Institute-symposium-agenda.pdf
Publication of the final text and adoption by the European Commission are expected at the earliest in October 2021. See the European Commission website here - https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12732-Banking-Union-review-of-bank-crisis-management-&-deposit-insurance-framework-BRRD-review-_en See also a European Parliament Briefing which includes a number of useful links - https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/659620/IPOL_BRI(2021)659620_EN.pdf
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