The Bank for International Settlements (BIS) has made a number of appointments including making Jerome Powell, the chair of the US Federal Reserve System, chairman of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations with members of the GEM.
Regulatory Relations
Cœuré to head BIS innovation hub
The head of the new BIS innovation hub will be Benoît Cœuré, who is a member of the European Central Bank’s (ECB) executive board, the Bank for International Settlements said in a statement.
New European commissioners approved by parliament
The European Parliament has approved new commissioners who will support European Commission president Ursula von der Leyen in her mission to tackle climate change and to increase EU power.
CFTC chair advocates principles-based approach
In many circumstances, principles-based regulation can be more effective for overseeing financial services in a technological environment than highly prescriptive rules, wrote Heath Tarbert, the chairman and CEO of the US Commodity Futures Trading Commission (CFTC).
SFC CEO Ashley Alder to step down next year
The internationally highly regarded CEO of Hong Kong’s Securities and Futures Commission (SFC), Ashley Alder, will not renew his contract when it ends in September 2020, according to media reports.
China to remove limits on foreign ownership of some financial firms from January
The China Securities Regulatory Commission (CSRC) said that limits on foreign ownership of futures, securities and mutual fund companies will go from January 1, 2020.
FSB warns G20 of emerging regulatory risks
Though the mission of reforming the global financial system is nearly complete, there is still a lot of work to be done, such as around resilience, stability and sustainability, the Financial Stability Board (FSB) said.
EBA 2020 work programme focuses on six areas
In its 2020 work programme, the European Banking Authority (EBA) will focus on six key areas covering data through to financial stability.
EU grants UK another Brexit extension
The European Council has extended the UK’s membership of the EU until Jan 31, 2020, following a request from prime minister Boris Johnson who was forced to do so by the UK parliament.
Resolving Brexit could help tackle global regulatory fragmentation
Resolving Brexit could be the big breakthrough, which heals regulatory fragmentation, according to one former MEP. The problem is that the Brexit process will drag on for years and remain deeply fractious.
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