Introduction On 11 December 2012, the Geneva Association, a think-tank for the insurance industry, published a cross-industry analysis comparing the 28 Global Systemically Important Banks (G-SIBs) to 28 of the world’s largest insurers on indicators of systemic risk. The analysis studied 17 indicators that are regarded as being comparable between insurers and banks to provide […]

Introduction On 5 December 2012, the European Central Bank (ECB) published its opinion on the EU’s draft directive establishing a framework for recovery and resolution of credit institutions and investment firms (the “Recovery and Resolution Directive” or “RRD”). In general, the ECB fully supports the RRD, welcomes the fact that it is in line with […]

On 5 November 2012, the Financial Stability Board (FSB) published a letter dated 31 October 2012 addressed to the G20 regarding progress made with respect to financial regulatory reforms. The FSB reported ‘solid but uneven’ progress” in the four priority areas identified by the G20, being: building resilient financial institutions (i.e. Basel III); ending “too […]

In November 2011, the Financial Stability Board (FSB) published its initial list of Global Systemically Important Banks (G-SIBs).  On 1 November 2012, the list was updated, with BBVA and Standard Chartered being added to the list and Commerzbank, Dexia and Lloyds all being removed. The significance of being classified as a G-SIB lies in the […]

On 3 August 2012 the Financial Stability Board launched a peer review of member jurisdictions’ existing resolution regimes.  The objectives of the review are to: assess the resolution regimes that apply to different types of financial  institutions; highlight good practice, inconsistencies and gaps in national resolution regimes; evaluate progress in implementing reforms to national resolution […]

On 20 June 2012, the G20 published its leaders’ declaration following the close of the Los Cabos summit.  The declaration was wide-ranging, but on the subject of economic stabilisation and the global recovery, the G20 affirmed its support for the ‘consideration of a more integrated financial architecture, encompassing banking supervision, resolution and recapitalization, and deposit […]

Introduction On 31 May 2012 The International Association of Insurance Supervisors (the “IAIS”) published a consultation paper (endorsed by the FSB) concerning its proposed assessment methodology for the identification of globally systemically important insurers (“G-SIIs”), being any insurer “whose distress or disorderly failure, because of their size, complexity and interconnectedness, would cause significant disruption to […]

On 30 May 2012, the Financial Stability Board published a press release following its meeting in Hong Kong on 29-30 May 2012, the purpose of which was to discuss vulnerabilities currently affecting the global financial system and the progress in authorities’ ongoing work to strengthen global financial regulation. Amongst the topics discussed were measures designed […]