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  • BIS: Basel Committee Releases Consultative Documents On Principles For Operational Risk And Operational Resilience

    Date 06/08/2020

    • Operational resilience principles aim to increase the capacity of banks to withstand disruptions due to potentially severe events.
    • Updated principles on operational risk focus on change management and information and communication technologies (ICT).
    • Covid-19 has raised the importance of operational resilience and mitigating operational risk.

  • ESMA Agrees Position Limits Under MiFID II

    Date 06/08/2020

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published twelve opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).

  • BIS: Prudential Response To Debt Under Covid-19: The Supervisory Challenges

    Date 06/08/2020

    Highlights

    • In response to the Covid-19 pandemic, governments and banks have introduced public guarantees and payment deferrals to support struggling borrowers, while the Basel Committee on Banking Supervision (BCBS) and national authorities have provided guidance on how these relief measures should be considered in assessing credit risk in prudential frameworks.
    • The regulatory relief measures introduced by the BCBS provide banks with flexibility in supporting the real economy. But they also raise supervisory challenges that become more pronounced the longer the relief measures remain in place, particularly if credit risks continue to mount on bank balance sheets.
    • The greatest challenge for all prudential authorities is to decide how and when to exit from these regulatory relief measures. Acting too early may remove much needed credit to support economic growth, while waiting too long could undermine confidence in the post-crisis regulatory regime and heighten systemic risks. Making the right calls at the right time will require judgment.

  • Statement By IMF Managing Director Kristalina Georgieva On Lebanon

    Date 06/08/2020

    Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement:

    “In the aftermath of the terrible tragedy in Lebanon, it is time for national unity - to overcome this disaster, as well as to address the deep economic and social crisis that the country continues to face. It is also a time for the international community and the friends of Lebanon to step up to help the country in this moment of urgent need."

  • Federal Reserve Announces Details Of New 24x7x365 Interbank Settlement Service With Clearing Functionality To Support Instant Payments In The United States

    Date 06/08/2020

    The Federal Reserve Board on Thursday announced details of the FedNow℠ Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.

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