Banks should still devote time to correctly budget, resource and plan technology projects for EFS based on the new timelines.
BIS report on Basel III finds US and China make up more than half the profits of the world’s Group 1 banks; TLAC shortfall of 12 G-SIBs tumbles to $360mn.
Ben Pott, head of government affairs at NEX Group, suggests Brexit and the time taken to resolve US-EU CCP issue, make equivalency rulings unlikely.
FSA’s commissioner ‘embarrassed to see regional banks’ balance sheets in their core businesses deteriorate more quickly than we expected.’
CBRC chief adviser and former SFC chief Dr Andrew Sheng says regulation risks pro-cyclicality when real economy requires structural change.
Technology will be offered 1st in Singapore to meet January 2018 IFRS 9 deadline, can be extended to stress testing and other regulatory requirements.
Chief compliance officer must be full-time, boards given overarching responsibility; foreign banks must translate all documents into English.
Resolution regime includes four stage assessment criteria for financial institutions, emphasises private sector role; to be operationalised ‘in due course’.
FSC to come up with deregulation plan by end-of year; wants more challengers to financial sector incumbents after approval of internet-only banks.
Ignore the US President’s recent legislative failures. Shots at his next target - financial regulations - are likely to hit home, and abroad.