The FSB found progress in OTC reform implementation on among 24 member jurisdictions, with great strides on trade reporting and higher capital on non-centrally cleared derivatives.
A joint report from the FSB, BCBS, CPMI and IOSCO confirms earlier findings that some aspects of post-GFC reform may not incentivise central clearing of OTC derivatives.
The central bank also agreed to allow SMEs to restructure loans and extend the deadline for banks to comply with the capital conservation buffer by one year.
Progress to enhance the resolvability of SIFIs is advanced in the banking sector, but most jurisdictions do not yet have a comprehensive resolution regime for CCPs in place.
The central banks of Singapore, Canada and England jointly released a report discussing emerging opportunities for digital transformation in cross-border payments.
The Bill aims to provide a more conducive environment for innovation in payment services, while ensuring that risks across the payments value chain are mitigated.
The FMA expects banks to change sales-linked incentives, or explain how they will strengthen controls to address the risk of inappropriate sales.
The guidelines provide financial institutions with best practices and guidance on planning and conducting Red Teaming exercises to enhance security testing.
In a demo at Singapore FinTech Festival, multiple funds transfers were conducted between a UOB Singapore account and a UOB Thailand account in real time via the bank's mobile app.
The FSB notes progress to strengthen major IBORs and identify RFRs and other alternative reference rates, highlighting actions taken in Australia, Hong Kong and Singapore.