24 August 2020 | PDF full text (1 MB)
This report provides the FSB’s audited financial statements for the financial year April 2019 to March 2020. The report also details the FSB’s governance structure.
The FSB will publish its annual report on the implementation and effects of the financial reforms in November.
21 August 2020 | PDF full text (144 KB)
Join the FSB’s virtual consultation workshop on the evaluation of the effects of too-big-to-fail reforms at 13.00 (CEST) on Friday 4 Sep. The workshop will cover market perceptions of the reforms; banks’ responses and broader effects.
Panellists will discuss the conclusions from the evaluation and audience members will be able to join the conversation.
14 August 2020 | PDF full text (450 KB)
A revised version of this questionnaire was published on 20 August 2021 after a review of stakeholders’ experiences. The revised version thus replaces the version described here, and this webpage is retained as a historical record only.
This questionnaire provides a common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature of inquiries from FMI participants and authorities to FMIs for resolution planning and streamline the provision of this information from FMIs to firms and authorities.
The questionnaire follows from a workshop held in May 2019 with stakeholders about the implementation of the FSB’s Guidance on Continuity of Access to Financial Market Infrastructures (FMIs) for a Firm in Resolution. The Guidance sets out arrangements and safeguards to facilitate continued access to critical clearing, payment, settlement, custody and other services provided by FMIs in cases where firms need to be resolved.
The FSB developed the questionnaire in consultation with FMIs, FMI participants, FMI oversight authorities and with the assistance of the Secretariats of the International Organization of Securities Commissions and of the Committee on Markets and Payments Infrastructures. It covers general information on the FMI and its legal structure; (the rulebook/contractual provisions regarding termination; and arrangements and operational processes to facilitate continued access in resolution.
Press enquiries:
+41 61 280 8138
[email protected]
Ref no: 26/2020
The Financial Stability Board (FSB) today published a common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature of inquiries from FMI participants and authorities to FMIs to inform resolution planning and should streamline the provision of this information from FMIs to firms and authorities.
The questionnaire follows from a workshop held in May 2019 with stakeholders about the implementation of the FSB’s Guidance on Continuity of Access to Financial Market Infrastructures (FMIs) for a Firm in Resolution. The Guidance sets out arrangements and safeguards to facilitate continued access to critical clearing, payment, settlement, custody and other services provided by FMIs in cases where firms need to be resolved.
The FSB developed the questionnaire in consultation with FMIs, FMI participants, FMI oversight authorities and with the assistance of the Secretariats of the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. It covers: general information on the FMI and its legal structure; the rulebook/contractual provisions regarding termination; the phase prior to resolution, during signs of distress at the FMI participant; the resolution phase; and arrangements and operational processes to facilitate continued access in resolution. The experience with the use of the questionnaire will be reviewed after one year, in consultation with FMIs, FMI participants and FMI oversight authorities.
The FSB will hold a webinar for stakeholders on 23 September to explain the questionnaire and answer questions. Representatives of FMIs, FMI participants and authorities who would like to attend should contact [email protected] for more details.
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Randal K. Quarles, Vice Chairman, US Federal Reserve; its Vice Chair is Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.
12 August 2020
Claudia Buch (Vice-President of the Deutsche Bundesbank) spoke with Daniel Hinge (Central Banking) about the FSB’s evaluation on too-big-to-fail reforms.
10 August 2020
On 4 May 2020, the FSB published a consultation document on Guidance on financial resources to support CCP resolution and on the treatment of CCP equity in resolution. Interested parties were invited to provide written comments by 31 July 2020. The public comments received are available below.
The FSB thanks those who took the time and effort to express their views. The FSB expects to publish the final guidance by the end of 2020.
4 August 2020
On 20 April 2020, the FSB published a consultation document on Effective Practices for Cyber Incident Response and Recovery. Interested parties were invited to provide written comments by 20 July 2020. The public comments received are available below.
The FSB thanks those who took the time and effort to express their views. The FSB expects to publish the final toolkit of effective practices in October 2020.
29 July 2020
Press enquiries:
+41 61 280 8138
[email protected]
Ref no: 25/2020
The Financial Stability Board (FSB) today published its Peer Review of Germany. The review examines progress with data collection for macroprudential analysis and the availability and use of macroprudential tools in Germany; and how the authorities assess and manage risks to financial stability from non-bank financial intermediation (NBFI).
The review finds that Germany’s macroprudential framework is well established and operationalised through the Financial Stability Committee (FSC). Data collection, quality and integration have improved, and effective cooperation between the FSC’s member authorities – the Bundesbank, the Federal Financial Supervisory Authority (BaFin), and the Federal Ministry of Finance – has enhanced its analytical capabilities to assess financial stability risks. The FSC has further developed its macroprudential toolkit in recent years with the establishment of two borrower-based tools designed to address potential financial stability risks stemming from the residential real estate market. These tools apply to both banks and non-bank financial institutions, but so far have not been activated. The efforts of the authorities to monitor and manage risks to financial stability from NBFI have increased as the importance of the sector has grown, most notably with respect to investment funds, while the set of liquidity management and pricing tools available to asset managers was recently extended.
Notwithstanding this progress, the review concludes that further steps can be taken to strengthen the macroprudential framework by:
Enhancing data collection for macroprudential analysis, in particular on residential real estate loans, NBFI and interconnectedness;
Strengthening the FSC’s public communication and its analysis of non-bank and emerging risks; and
Extending the policy toolkit to include income-based instruments for residential real estate financing and providing guidance on the use of liquidity risk management and pricing tools for investment funds, particularly in stressed market conditions.
The peer review report includes recommendations to the German authorities in order to address these issues.
FSB member jurisdictions have committed to undergo periodic peer reviews to evaluate their adherence to international financial standards. To fulfil this responsibility, the FSB has established a regular programme of thematic and country reviews, based on the objectives and guidelines set out in the Handbook for FSB Peer Reviews. As part of this commitment, Germany volunteered to undergo a peer review in 2019. This review forms part of the second round of country peer reviews of FSB member jurisdictions, which examine the implementation of G20 financial regulatory reforms. The schedule of country peer reviews, as well as all completed peer review reports, is available on the FSB website.
The draft report was prepared by a team of experts from FSB member institutions and led by Ksenia Yudaeva, First Deputy Governor at the Central Bank of the Russian Federation. The review benefited from dialogue with the German authorities and private sector representatives as well as from discussion in the FSB Standing Committee on Standards Implementation. As the review largely took place prior to the COVID-19 pandemic, it does not examine in depth recent market developments or the related actions by the German authorities.
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Randal K. Quarles, Vice Chairman, US Federal Reserve; its Vice Chair is Klaas Knot, President, De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.
Germany’s macroprudential framework is well established and operationalised.
This peer review examines progress with data collection for macroprudential analysis and the availability and use of macroprudential tools in Germany; and how the authorities assess and manage risks to financial stability from non-bank financial intermediation (NBFI).
The review finds that Germany’s macroprudential framework is well established and operationalised through the Financial Stability Committee (FSC). Data collection, quality and integration have improved, and effective cooperation between the FSC’s member authorities – the Bundesbank, the Federal Financial Supervisory Authority (BaFin), and the Federal Ministry of Finance – has enhanced its analytical capabilities to assess financial stability risks. The FSC has further developed its macroprudential toolkit in recent years with the establishment of two borrower-based tools designed to address potential financial stability risks stemming from the residential real estate market. These tools apply to both banks and non-bank financial institutions, but so far have not been activated. The efforts of the authorities to monitor and manage risks to financial stability from NBFI have increased as the importance of the sector has grown, most notably with respect to investment funds, while the set of liquidity management and pricing tools available to asset managers was recently extended.
Notwithstanding this progress, the review concludes that further steps can be taken to strengthen the macroprudential framework by:
Enhancing data collection for macroprudential analysis, in particular on residential real estate loans, NBFI and interconnectedness;
Strengthening the FSC’s public communication and its analysis of non-bank and emerging risks; and
Extending the policy toolkit to include income-based instruments for residential real estate financing and providing guidance on the use of liquidity risk management and pricing tools for investment funds, particularly in stressed market conditions.
The peer review report includes recommendations to the German authorities in order to address these issues.
24 July 2020
On 14 April 2020, the FSB published a consultation document on Addressing the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements. Interested parties were invited to provide written comments by 15 July 2020. The public comments received are available below.
The FSB thanks those who took the time and effort to express their views. The FSB expects to publish a summary of findings and final recommendations in October 2020.