The Financial Stability Board (FSB) said in a report that the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) is best positioned to become the international governance body for the Unique Product Identifier (UPI) and Unique Transaction Identifier (UTI) and some other critical elements.
Reporting and Governance
Standard setters establish critical data elements for reporting OTC derivatives transactions
Global standard setters have set out the key criteria, functions and bodies for the governance arrangements for a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).
US accounting standard to hit banks in a variety of ways
The current expected credit loss (CECL) standard will make it harder to compare bank reserve levels and will hit firms in a variety of ways when it comes in on January 2020, according to a report by Fitch Ratings.
FSB/IMF call for continued political support to close data gaps
Substantial progress has been made in addressing the data that is needed to monitor global financial risks, but high level political support is needed to tackle remaining challenges, the Financial Stability Board (FSB) and International Monetary Fund (IMF) said in a report.
UK could become global standard setter for operational resilience testing
Work in the UK on operational and cyber resilience has reached such a level that its approach may well become a trendsetter for other jurisdictions to follow. By Dan Barnes.
Banks need to take into account EBA guidelines when outsourcing
Outsourcing to third party providers can bring many benefits to banks, but this also comes with risks, which makes it all the more important for them to study the EBA’s guidelines on such activities
Spot FX market gears up to fend off MAR threat
ESMA has put the cat among the pigeons in the spot FX market by asking in a consultation whether it should come under MAR with the industry now wondering how it can fend off any such attempt
CECL delay presents banks with opportunity to extract benefits
Parts of a new accounting standard, CECL, have proven to be contentious, but a delay in its implementation should be used by financial institutions as an opportunity to extract benefits from the best parts of it
The real promise of regtech is financial stability
The big prize promised by regtech is to provide genuine financial stability where looming risks can be detected and managed in real-time by regulators and firms before they ever develop into a full blown crisis
US agencies sign up to the Global Financial Innovations Network
Four US agencies said in a joint statement that they have signed up to the Global Financial Innovations Network (GFIN), an initiative designed to foster international cooperation among regulators in the field of innovation.
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