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The Financial Stability Board (FSB) published a report on the use of supervisory (SupTech) and regulatory (RegTech) technology by FSB members and regulated institutions. The report finds that technology and innovation are transforming the global financial landscape, presenting opportunities, risks and challenges for regulated institutions and authorities alike. The report includes 28 case studies giving practical examples on how SupTech and RegTech tools are being used. https://www.fsb.org/2020/10/fsb-report-highlights-increased-use-of-regtech-and-suptech/

The Financial Stability Board (FSB) released two crypto-related reports, one on high-level recommendations for crypto-asset regulation that prescribes a "same activity, same risk, same regulation," approach to digital assets, and the other an assessment of how broadly stablecoin issuers would meet the "high-standard" criteria set by the group in 2020. Citing limits on redemptions, including the ability to delay or deny them, the FSB found that most users have to sell stablecoins on exchanges in order to liquidate them, and the price could drop below the value of the currency that the coin is pegged to. The FSB also cast doubt on how most stablecoins would be able to maintain their pricing under market stress.

The Financial Stability Board (FSB) published a consultation report on the financial resources and tools for central counterparty (CCP) resolution. It presents the outcome of the FSB's qualitative analysis of a set of financial resources and tools for resolution: (i) bail-in bonds; (ii) resolution funds; (iii) resolution-specific insurance; (iv) resolution-specific third-party contractual support; (v) resolution cash calls; (vi) statutory or contractual variation margin gains haircutting for resolution; and (vii) equity in a first-loss position. The resources and tools were assessed against the relevant considerations for financial resources set out in the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions and accompanying guidance on CCP resolution.

The Financial Stability Board (FSB) published a stocktake of national and regional data frameworks and identifies frictions that pose challenges to improving the cost, speed, transparency and access of cross-border payments. It highlights fragmentation in data frameworks as a main contributor to increased cost and inability to automate cross-border payments. By early 2024, the FSB will develop recommendations, for public consultation, for promoting alignment and interoperability across data frameworks applicable to cross-border payments.

The Financial Stability Board (FSB) published the priority themes for the next phase of work under the G20 Roadmap for Enhancing Cross-Border Payments. The FSB also published a report on the progress made during the second year of the Roadmap. Three priority themes have been identified to focus on in the next phase; (i) payment system interoperability and extension, (ii) legal, regulatory and supervisory frameworks, and (iii) cross-border data exchange and message standards. The plan includes steps to strengthen external engagement during this next phase.

The Financial Stability Board (FSB) announced that it will submit to the October meeting of G20 finance ministers and central bank governors a public consultation report on its review of its high-level recommendations for the regulation, supervision and oversight of "global stablecoin" arrangements, including how existing frameworks may be extended to close gaps and implement the high-level recommendations. The FSB will also submit a public consultation report that proposes recommendations for promoting international consistency of regulatory and supervisory approaches to other crypto-assets and crypto-asset markets and strengthening international cooperation and coordination.

The Financial Stability Board (FSB) is stepping up its investigation into decentralized finance (Defi) on concerns over potential for spill-over risks to traditional finance (Tradfi). The FSB will also analyze the asset tokenization and how it could increase linkages between crypto-asset markets/DeFi, Tradfi and the real economy. In addition, the FSB will explore approaches to fill data gaps to measure and monitor interconnectedness of Defi.

The Financial Stability Board (FSB) published a report setting out priority actions for achieving the G20 targets for enhancing cross-border payments. They focus on three interrelated priority themes; (i) payment system interoperability and extension, including the extension of real-time gross settlement (RTGS) operating hours and access policies and improving payment system interoperability, (ii) the promotion of an efficient legal, regulatory and supervisory environment for cross-border payments while maintaining their safety, security and integrity, and (iii) facilitating cross-border data exchange and increasing the use of standardized messaging formats. https://www.fsb.org/2023/02/g20-roadmap-for-enhancing-cross-border-payments-priority-actions-for-achieving-the-g20-targets/

"The Financial Stability Board (FSB) published today a Crypto-assets regulators directory. The purpose of the directory is to provide information on the relevant regulators and other authorities in FSB jurisdictions and international bodies who are dealing with crypto-asset issues, and the aspects covered by them."

The Group of Twenty (G20) unanimously adopted the "G20 Finance Ministers and Central Bank Governors Communique" during its meeting in Marrakesh, Morocco, and accepted the crypto regulatory roadmap proposed in the "IMF-FSB Synthesis Paper: Policies for Crypto-Assets" joint report published by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in September 2023. The paper advocates for comprehensive oversight of crypto instead of a blanket ban. Its high-level recommendations include cross-border cooperation and information sharing between regulators, a demand for comprehensive governance and risk management frameworks for crypto companies, and a guarantee of access to relevant data provided by companies to the authorities. https://twitter.com/FinMinIndia/status/1712589236765893035

The FSB is developing a toolkit of effective practices relating to a financial institution's response to, and recovery from, a cyber incident. The toolkit aims to provide financial institutions and authorities with a set of effective practices and will be based on the shared experience and diversity of perspectives gathered by the FSB, including through responses to its survey of industry practices.

The Financial Stability Board (FSB) published its global regulatory framework for crypto-asset activities and markets, and "global stablecoin" arrangements, to promote the comprehensiveness and international consistency of regulatory and supervisory approaches. They build on the principles - 'same activity, same risk, same regulation'; high-level and flexible; and technology neutral. The recommendations focus on addressing risks to financial stability and do not comprehensively cover all specific risk categories related to crypto-asset activities.

The Financial Stability Board (FSB) published its report to the G20 on the framework for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments, to achieve cheaper, faster, more transparent, and more accessible payments. The framework includes key performance indicators defined across the 11 targets for the three market segments - wholesale, retail, and remittances. Notably, the definitions of the wholesale and retail market segments have been adjusted to more clearly separate the differing use cases and end-user experiences and better align the definitions with those most typically used by the payments industry and end-users. Wholesale transactions were defined as those between financial institutions, and retail transactions as those that were neither between financial institution end-users nor in the third market segment - remittances. Going forward, the wholesale market segment will include all payments with a value equal to or exceeding a specified threshold regardless of whether the end-users are financial institutions. The threshold will be set at a level that captures the use cases in this market segment, such as high-value corporate business-to-business. Relatedly, retail payments will be payments with a value less than the specified threshold, not including remittances.

The Group of Seven (G-7) has signaled its commitment to implementing the forthcoming Financial Stability Board (FSB) crypto-asset regulatory norms and IMF central bank digital currency (CBDC) recommendations. The FSB is expected to finalize its high-level crypto-asset recommendations by July 2023. The first installments of the IMF  "Retail CBDC Handbook", to be produced in close cooperation with and drawing from the inputs of experts and stakeholders including other international organizations, standard setters and national authorities, will be published by the October 2023 IMF/World Bank Annual Meetings. https://www.consilium.europa.eu/media/64307/g7-communique-20230513.pdf

"In October 2022, the Financial Stability Board (FSB) announced a comprehensive set of proposals for regulating and supervising cryptoasset activities, which are collectively referred to as the "proposed framework for the international regulation of cryptoasset activities". The FSB invited the public to submit feedback on the recommendations and on a set of questions1. The proposed framework is a part of the FSB's ongoing efforts to address the potential financial stability risks posed by cryptoassets2, including so-called "stablecoins.""

The Financial Stability Board (FSB) published its inaugural annual report on key performance indicators (KPIs) for meeting the targets for cross-border payments and a consolidated report on progress under the roadmap. They provide a quantitative and qualitative overview about the challenges facing cross-border payments, the progress being made on the G20's priority actions, and public and private sector projects underway globally to enhance cross-border payments. The data confirms that user experiences differ substantially across regions. For example, payments involving some, typically lower income, regions tend to be among the furthest from the cost and speed targets across market segments. Furthermore, whereas in the retail segment, foreign exchange (FX) costs seem to be the largest component of total costs, the degree to which this is true differs across regions and use-cases; by contrast, in the remittances segment, other fees tend to be larger than FX costs.

The Financial Stability Board (FSB) warned that combining different activities within multifunction crypto-asset intermediaries (MCIs), many of which are typically restricted or separated in traditional finance, could exacerbate MCI vulnerabilities. MCIs are individual firms, or groups of affiliated firms that combine a broad range of crypto-asset services, products, and functions typically centered around the operation of a trading platform. Most of these activities have analogues in traditional finance but are often not provided by the same entity or are restricted or controlled to prevent conflicts of interest and promote market integrity, investor protection, and financial stability.

"A wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that that they are subject to high standards of regulation. The FSB and standard-setting bodies will monitor risks very closely and in a coordinated fashion, and consider additional multilateral responses as needed."

The Financial Stability Board (FSB) today published for consultation 10 high-level recommendations to address the regulatory, supervisory and oversight challenges raised by "global stablecoin" arrangements.

The Financial Stability Board (FSB) published a public consultation on global targets for addressing the four challenges of cross-border payments. The quantitative targets proposed are a foundational step in the G20 Roadmap for Enhancing Cross-border Payments, which was endorsed by G20 Leaders in November 2020. The proposed targets set goals for improving cost, speed, transparency and access for cross-border payments in the coming years through the actions taken under the Roadmap. They will play an important role in defining the ambition of the work and creating accountability. They are intended to provide a common vision for the improvements that are being sought in cross-border payments services through the collaborative work of the private and public sectors.