PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 5

Date 28 August

Initiative FSB consults on an assessment methodology for the Key Attributes of Effective Resolution Regimes for Financial Institutions. The Managing Upstream Risk will cover this is greater detail in the upcoming September edition. FSB published an update on financial regulatory factors affecting the supply of long-term investment finance FSB publishes a progress report on the oversight and governance framework for financial benchmark reform. In line with its mandate the FSB has appointed a high-level Official Sector Steering Group (OSSG) of regulators and central bankers. The OSSG will coordinate and maintain the consistency of reviews of existing interest rate benchmarks and guide the Market Participants Group (MPG) which will examine the feasibility and viability of adopting additional reference rates and potential transition issues. The OSSG is co-chaired by Martin Wheatley, CEO of the UK’s Financial Conduct Authority, and Jeremy C. Stein, Member, Board of Governors of the Federal Reserve System and comprises senior representatives of central banks and regulatory agencies from the home markets of the most widely used interbank benchmark rates or that oversee the banks that are leading contributors to those benchmarks. The FSB has mandated the OSSG to review the standards and principles for sound benchmarks developed by the relevant standard setting bodies. The OSSG is tasked with recommending to the FSB whether adoption or endorsement of a single consolidated set of principles would be favourable. Thus far, pursuant to the recommendation of the OSSG, the FSB has endorsed the IOSCO Principles for Financial Benchmarks (IOSCO Principles) published in July 2013 address benchmark governance, integrity, methodology, quality and accountability. Key deliverables from the OSSG are: • End September 2013 MPG is to provide a proposed work plan to OSSG and update the OSSG on any progress; • End December 2013 MPG is to provide initial report and draft recommendations to the OSSG. • Mid March, 2014 MPG is to provide final report and recommendations to the OSSG.

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29 August

FSB published its progress report and interim peer review report on credit rating agency ratings. The Managing Upstream Risk will cover this is greater detail in the upcoming September edition. FSB publishes policy recommendations to strengthen oversight and regulation of shadow banking. The Managing Upstream Risk will cover this is greater detail in the upcoming September edition.

29 August

Editorial | Regulatory Reform Review

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