FSB to study FX benchmarks. The Financial Stability Board announced the formation of a new sub-group on Foreign Exchange Benchmarks. The new group will be chaired by Guy Debelle (Assistant Governor, Financial Markets, Reserve Bank of Australia) and Paul Fisher (Executive Director for Markets, Bank of England). The FX Benchmarks Group will undertake a review of FX benchmarks and will analyze market practices in relation to their use and the functioning of the FX market as relevant. (2/14/2014) FSB press release. 

IOSCO consults on code of conduct for credit rating agencies. The International Organization of Securities Commissions opened a consultation on “Code of Conduct Fundamentals for Credit Rating Agencies,” which proposes significant revisions and updates to the current IOSCO code of conduct for credit rating agencies. The IOSCO CRA Code is intended to offer a set of robust, practical measures as a guide to and a framework for CRAs with respect to protecting the integrity of the rating process. Comments should be submitted by March 28, 2014. (2/10/2014) IOSCO press release. 

Responses to FSB consultation on supervisory risk. The Financial Stability Board published the comments it received in response to its consultation, “Guidance on Supervisory Interaction with Financial Institutions on Risk Culture.” (2/7/2014) Comments webpage. 

FSB consults on the aggregation of derivatives trade reporting data. The Financial Stability Board published a consultation paper analyzing the options for aggregating over-the-counter derivatives trade reporting data. The paper examines the three broad types of model for an aggregation mechanism: a physically centralized model; a logically centralized model; and the collection and aggregation by authorities themselves of raw data from trade repositories. Comments should be submitted by February 28, 2014. (2/4/2014) FSB press release. 

IOSCO working paper on crowd-funding. The International Organization of Securities Commissions published a staff working paper entitled “Crowd-funding: An Infant Industry Growing Fast.” The paper provides a global overview of the crowd-funding industry along with a mapping exercise of the global regulatory landscape. It seeks to identify investor protection issues and to determine whether crowd-funding poses a systemic risk to the global financial sector. (2/5/2014) IOSCO press release.