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…

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