Prudential and AML/CFT supervisors should establish an effective cooperation mechanism regardless of the institutional setting, the updated guidelines say.
FATF President Marcus Pleyer will prioritise work on digital transformation, racially motivated terrorism, migrant smuggling, environmental crime, and illicit arms trafficking.
The FSB maintains its view that financial and non-financial sector firms across all jurisdictions should continue efforts to remove remaining LIBOR dependencies by end-2021.
Increasingly, leaders along all Three Lines of Defence are being held personally accountable for misconduct that takes place on their watch, says Stephen Scott at Starling.
Once the acute illiquidity phase of the crisis passes and insolvency problems emerge, the onus of crisis management will shift from central banks to fiscal authorities.
The Plenary discussed progress on virtual assets, stablecoins, illegal wildlife trade, and work on an enhanced framework for mutual evaluations and follow-up.
The majority of third-country benchmarks pose no systemic risk but could nevertheless be barred from use in the EU due to a costly and burdensome third-country benchmark regime.
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
The evaluation found that the TBTF reforms have made indeed banks more resilient and resolvable, but barriers to bank resolvability still need to be addressed.
IOSCO offers 11 good practices to help regulators establish and operate efficient deference processes, and mitigate the risk of market fragmentation.