Financial Regulatory Developments — update on G20 on Brisbane Summit preparations; Ukraine warning; and more
FSB updates G20 on Brisbane Summit preparations
The Financial Stability Board (FSB) has sent the G20 finance ministers and Central Bank governors a letter outlining the work it is carrying out ahead of the Brisbane Summit. In respect of the too-big-to-fail problem, the FSB is focusing on gone-concern loss-absorbing capacity, particularly on defining its appropriate amount, eligible liabilities and where it should be held within the structure of a banking group. It is also working on temporary stays on the close-out of derivatives and asks jurisdictions to ensure that debt contractual provisions recognise foreign resolution actions, so that their bail-in is possible. Regarding shadow banking, the FSB is preparing the final framework for haircuts in repo and securities financing transactions. The letter also updates on cross-border issues in derivatives reform.
Council warns on Ukraine
The Council has warned the Russian Federation that it is willing to take further action if it takes any steps to further destabilise Ukraine and encourages Ukraine to continue with planned reforms.
Council adopts Omnibus 2
The Council has finally adopted the Omnibus 2 Directive, which among other things amends powers of supervisors under Solvency 2 and will allow Solvency 2 to be fully implemented. Member states must implement Omnibus 2’s changes by January 2016…
Click on the link below to read the rest of the Dentons briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Analysis from The Lawyer
So last week it emerged that Dentons, already the biggest law firm in the world, is currently in merger negotiations with 21 firms around the globe.
Life in Canada is getting harder for firms as commodities prices fall and work volumes slow