IMF Board Concludes 2014 Article IV Consultation with the Philippines
According to the International Monetary Fund (IMF), the Philippine economy continued to perform robustly in 2013. Strong macroeconomic fundamentals and financial sector buffers, together with the authorities' flexible policy response to evolving external conditions, cushioned the impact of volatile capital flows. However, domestic monetary and financial conditions are now very accommodative.
IMF Staff Report
GFMA FX Division Response to the FSB Consultative Paper on Foreign Exchange Benchmarks
The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) submitted comments on the Consultative Document issued by the Financial Stability Board (FSB) on Foreign Exchange Benchmarks. James Kemp, Managing Director of the Global FX Division of the GFMA, commented: "Effective and efficient exchange of currencies underpins the world's financial system. We agree with and support many of the recommendations set forth in the Consultative Document and believe they can produce a number of benefits for all FX market participants, which includes dealers, institutional investors, companies and governments."
GFMA Press Release
GFXD Full Response to the Consultation
More About GFMA’s Global FX Division
ECB Publishes Comprehensive Assessment Stress Test Manual
The European Central Bank (ECB) has published a manual on its comprehensive assessment of European banks, which provides details on how the ECB will incorporate findings from its asset quality review (AQR) into stress test projections as well as describing the stress test quality assurance process. The findings from portfolios examined in the AQR will be used to determine the starting point of the stress test and may lead to an adjustment to the year-end 2013 balance sheet. The final results from the comprehensive assessment will be published in the second half of October 2014.
EIOPA Releases Response to IAIS Consultation on Capital Requirements for Insurers
The European Insurance and Occupational Pensions Authority's Insurance and Reinsurance Stakeholder Group released its Response to the International Association of Insurance Supervisors Consultation Paper on Basic Capital Requirements for Global Systemically Important Insurers (G-SIIS).
Response to IAIS Consultation
ESMA Issues Translations of AIFMD Reporting Obligations Guidelines
The European Securities and Markets Authority (ESMA) has published official translations of their guidelines on reporting obligations under the Alternative Investment Fund Managers Directive (AIFMD) (ESMA/2014/869). Publication triggers a period of two months within which competent authorities must notify ESMA of their compliance position.
Press Release | Guidelines
ESMA Welcomes the Publication of the ESFS Review Report
A Review Report by the European System of Financial Supervisors identifies a number of changes to improve the European Supervisory Authorities' (ESA) functioning in the short-term and also includes proposals for possible extensions of the ESAs' mandates on consumer/investor protection, the enforcement of International Financial Reporting Standards (IFRS), shadow banking and the direct supervision of market infrastructures such as CCPs. However, no legislative changes are proposed for the immediate future.
Release | Report
PRA Consults on Transposing Solvency II
The Prudential Regulation Authority has published its third consultation paper on transposing Solvency II (CP16/14). The consultation paper sets out proposed changes to the PRA’s Rulebook. As Solvency II is a largely maximum harmonising Directive, the PRA has followed the "intelligent copy out" approach in transposing Solvency II. However, there are areas in which Solvency II gives Member States discretion and these areas are addressed in the PRA's proposed rules and considered within CP16/14. The deadline for comments is 7 November 2014.
MAS Consultation Paper on Leverage Ratio Disclosure Requirements for Banks Incorporated in Singapore
The Monetary Authority of Singapore issued its consultation paper on proposed leverage ratio disclosure requirements for banks incorporated in Singapore. MAS invites interested parties to comment on the paper by 5 September 2014.
MAS Response to Feedback: Consultation on Local Implementation of Basel III Liquidity Rules - Liquidity Coverage Ratio
On 16 August 2013, The Monetary Authority of Singapore issued a consultation paper on the implementation of the Liquidity Coverage Ratio ("LCR") rules in Singapore. MAS would like to thank all respondents for their comments, and we have carefully considered the feedback received. Comments that are of wider interest, together with our responses, are highlighted in this document. The revised framework for banks will be implemented in a new MAS Notice. The draft Notice and the corresponding reporting forms are appended in Annexes A and B respectively.
Response to Feedback