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FSB Plenary meets in Basel

FSB members discussed vulnerabilities in the global financial system, reviewed issues affecting emerging market and developing economies and agreed the FSB’s work programme for 2022.

Application Paper on Combating Money Laundering and Terrorist Financing

This paper provides guidance on money laundering and terrorist financing risks affecting the life insurance sector and proposes measures to mitigate the associated risks.

Application Paper on Supervisory Colleges

The Application Paper on Supervisory Colleges describes the processes and practices related to the establishment and functioning of supervisory colleges for insurance groups with cross-border activities. In particular, the paper supports observance of Insurance Core Principle (ICP) 3 (Information Sharing and Confidentiality Requirements) and ICP 25 (Supervisory Cooperation and Coordination).

Effective Implementation of FSB Principles for Sound Compensation Practices and Implementation Standards: 2021 progress report

This biennial report assesses implementation of the FSB’s Principles and Standards for sound compensation practices.

FSB highlights implementation progress and gaps on effective compensation practices in financial institutions

The FSB’s report finds increased use of non-financial measures to promote a sound risk culture and slower progress toward implementing its Principles and their Implementation Standards for sound compensation practices among insurance and asset management firms.

Taking a system-wide perspective: the key to financial resilience

Article by FSB Chair Randal K. Quarles in the magazine Italy: The Rome Summit published by the G20 Research Centre at the University of Toronto.

FSB updates the G20 on its work to enhance resilience in non-bank financial intermediation

Report describes the progress over the past year and planned work to enhance the resilience of non-bank financial intermediation.

Enhancing the Resilience of Non-Bank Financial Intermediation: Progress report

This report describes progress over the past year and planned work by the FSB, as well as by standard-setting bodies and other international organisations, to enhance the resilience of non-bank financial intermediation.

Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management

The recommendations aim to improve sustainability-related practices, policies, procedures and disclosures in the asset management industry, and include guidance on product disclosure, supervision and enforcement, terminology, and the relevant financial and investor education.

Environmental, Social and Governance (ESG) Ratings and Data Products Providers

The recommendations start with a proposal that regulators could consider focusing greater attention on the use of ESG ratings and data products and the activities of ESG rating and data products providers in their jurisdictions; followed by a set of recommendations addressed to ESG ratings and data products providers, setting out that they could consider a number of factors related to issuing high quality ratings and data products, including publicly disclosed data sources, defined methodologies, management of conflicts of interest, high levels of transparency, and handling confidential information; the recommendations also suggest that users of ESG ratings and data products could consider conducting due diligence on the ESG ratings and data products that they use within their internal processes; the recommendations close with suggestions that ESG ratings and data products providers, and entities subject to assessment by ESG ratings and data products providers could consider to improve information gathering processes, disclosures and communication between providers and entities subject to assessment.

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