FSB Names Three New Chairs to SRC, ReSG, SRC Committees
- During the announcement, the FSB thanked the outgoing Chairs Himino Ryozo, Lesetja Kganyago and Mark Branson.
The G20’s Financial Supervisory Board (FSB) has appointed two new Chairs for its Standing Committees and a new chair of the Resolution Steering Group on Tuesday.
According to the announcement, Andrew Bailey, Governor of Bank of England (BoE), has been named as Chair of the Standing Committee on Supervisory and Regulatory Cooperation (SRC); Fahad Almubarak, Governor of Saudi Central Bank, has been appointed as Chair of the Standing Committee on Standards Implementation (SCSI); Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation, became the Chair of the Resolution Steering Group (ReSG).
Bailey and Almubarak have taken on their respective roles at the FSB, effective immediately, while McWilliams will start serving as Chair of the ReSG starting November 1, 2021. The FSB clarified that each appointment is for a two-year term and is renewable once. With the new appointments, the Financial Supervisory Board issued a farewell to Himino Ryozo, Lesetja Kganyago and Mark Branson, the previous Chairs for the positions being replaced.
The SRC provides supervisory and regulatory policies that deal with key financial stability risks and coordinates issues among supervisors and regulators to ensure that cross-sectoral and international impacts are addressed effectively. In addition, as part of its FSB peer review duties, the SCSI ‘promotes global Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term’ with international financial standards and reports on the progress members are making in fulfilling these standards, among other commitments the G20 and FSB have agreed upon.
In addition to conducting resolvability assessments, the ReSG guides FSB work on resolution regimes, resolution planning, and resolvability assessments for all sectors.
FSB and Stablecoins
Last year, the FSB made 10 recommendations for properly regulating stablecoins, the digital currencies pegged to fiats or other traditional assets. The G20 supervisory body pointed out the risks associated with stablecoins but also pointed out the nature of the risks could change over time. Furthermore, the recommendation stressed a single framework for all such stablecoins irrespective of the underlying Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and calls for the “same business, same risks, same rules.”
The G20’s Financial Supervisory Board (FSB) has appointed two new Chairs for its Standing Committees and a new chair of the Resolution Steering Group on Tuesday.
According to the announcement, Andrew Bailey, Governor of Bank of England (BoE), has been named as Chair of the Standing Committee on Supervisory and Regulatory Cooperation (SRC); Fahad Almubarak, Governor of Saudi Central Bank, has been appointed as Chair of the Standing Committee on Standards Implementation (SCSI); Jelena McWilliams, Chair of the Federal Deposit Insurance Corporation, became the Chair of the Resolution Steering Group (ReSG).
Bailey and Almubarak have taken on their respective roles at the FSB, effective immediately, while McWilliams will start serving as Chair of the ReSG starting November 1, 2021. The FSB clarified that each appointment is for a two-year term and is renewable once. With the new appointments, the Financial Supervisory Board issued a farewell to Himino Ryozo, Lesetja Kganyago and Mark Branson, the previous Chairs for the positions being replaced.
The SRC provides supervisory and regulatory policies that deal with key financial stability risks and coordinates issues among supervisors and regulators to ensure that cross-sectoral and international impacts are addressed effectively. In addition, as part of its FSB peer review duties, the SCSI ‘promotes global Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term’ with international financial standards and reports on the progress members are making in fulfilling these standards, among other commitments the G20 and FSB have agreed upon.
In addition to conducting resolvability assessments, the ReSG guides FSB work on resolution regimes, resolution planning, and resolvability assessments for all sectors.
FSB and Stablecoins
Last year, the FSB made 10 recommendations for properly regulating stablecoins, the digital currencies pegged to fiats or other traditional assets. The G20 supervisory body pointed out the risks associated with stablecoins but also pointed out the nature of the risks could change over time. Furthermore, the recommendation stressed a single framework for all such stablecoins irrespective of the underlying Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and calls for the “same business, same risks, same rules.”