FSB releases findings of its peer review of France. The Financial Stability Board published the findings of its peer review of France, which assessed the steps taken by French authorities to implement reforms relating to the macroprudential policy framework and public disclosures of financial sector data. The report concludes that French authorities have made significant progress on both topics and makes recommendations to address a few outstanding issues. (7/20/2017) FSB press release.
CPMI and IOSCO publish assessment of Singapore’s implementation of PFMI. The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures released the findings of their Level 2 assessment of Singapore’s legal, regulatory and oversight framework. The report concluded that Singapore’s framework complies with CPMI-IOSCO’s Principles for financial market infrastructures with the one exception of Principle 24 regarding disclosure of market data by trade repositories. (7/18/2017) IOSCO press release.
FSB statement on new insurance accounting standard. The FSB issued a statement in which it welcomed the final publication by the International Accounting Standards Board of International Financial Reporting Standards 7, which sets out a single, consistent approach to the accounting for insurance contracts. The FSB encouraged firms to start implementation efforts for the standard, which will become effective on January 1, 2021. (7/17/2017) FSB press release.
CPMI and IOSCO publish update to PFMI implementation assessment report. IOSCO and the CPMI published the fourth update to the Level 1 assessments of implementation monitoring of the PFMI, which showed that 20 out of 28 participating jurisdictions assessed have completed their implementation measures for all financial market infrastructure types. (7/14/2017) IOSCO press release.
Basel Committee researches impact of accounting rules on bank behavior. The Basel Committee on Banking Supervision published a report that examines the interplay of accounting and regulation and its impact on bank behavior, specifically with respect to risk taking by financial institutions. (7/13/2017) BIS press release.