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Today, the Banco de México hosted the eighth meeting of the FSB Regional Consultative Group (RCG) for the Americas in Cancún, México.
At the meeting, members of the RCG for the Americas were updated on the FSB’s work plan and policy priorities, namely: full, consistent and prompt implementation of the G20 financial reform agenda; finalising the design of the remaining post-crisis reforms; and addressing new risks and vulnerabilities. Members also discussed issues raised at the FSB’s Emerging Markets Forum held in March 2015.
Members then discussed vulnerabilities in the global financial system and regional financial stability issues, including the economic and financial impacts of the decline in oil prices and potential financial stability risks arising from the current low interest rate environment in advanced economies. Members heard presentations from the staff of the BIS, IMF and the World Bank Group.
Members considered in detail a number of financial regulatory reform areas and their effects on the Americas, including the draft Total Loss Absorbing Capacity (TLAC) standard, recent work of the Basel Committee on Banking Supervision, and the FSB’s work programme concerning market-based finance and asset management activities.
Members heard reports on the progress of two working groups set up by the RCG for the Americas: on shadow banking and on reporting of financial transactions to trade repositories. Relatedly, Members discussed an interim report of the FSB peer review on OTC derivatives trade reporting. Members also heard an update on the workshop on the Key Attributes of Effective Resolution Regimes and their implementation in the Americas region, which the RCG held in Bogotá, Colombia in April 2015.
The FSB Regional Consultative Group for the Americas is currently co-chaired by Alexandre Antonio Tombini, Governor, Banco Central do Brasil and Jorge Castaño Gutiérrez, Superintendent, Superintendencia Financiera de Colombia. As the terms of the co-chairs expire on 30 June 2015, the FSB members of the RCG Americas have elected new co-chairs for two years, commencing on 1 July 2015: Carolyn Wilkins, Senior Deputy Governor, Bank of Canada, as the FSB member co-chair andDeLisle Worrell, Governor, Central Bank of Barbados, as the non-FSB member co-chair. Members thanked Mr. Tombini, Gerardo Hernández Correa (former non-FSB member co-chair) and Mr. Castaño for their service.
Membership of the RCG for the Americas includes financial authorities from Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Canada, Cayman Islands, Chile, Colombia, Costa Rica, Guatemala, Jamaica, Mexico, Panama, Paraguay, Peru, Uruguay and the United States of America.
