Entries for 'Int'l Orgs'

The IIF has made a formal submission to the International Organization of Securities Commissions (IOSCO) responding to IOSCO’s January 17, 2022, consultation report on measures to address the risks from the digitalization of retail marketing and distribution of financial services and products.

On March 14, the IIF, GFMA and BPI submitted a comment letter to the International Organization of Securities Commissions (IOSCO) in response to its Consultation Report on Operational resilience of trading venues and market intermediaries during the COVID-19 pandemic.

In light of the 2021 Spring Meetings of the World Bank Group and International Monetary Fund, this letter provides private sector views that build on our November 2020 letter to the G20.  

This Addendum references the recent extension of and modifications to the G20/Paris Club Debt Service Suspension Initiative through June 30, 2021, providing a similar extension of/modifications to the private sector Terms of Reference.

In the wake of the extension of the G20 Debt Service Suspension Initiative (DSSI), as well as recent thoughtful proposals for reforming the international sovereign debt architecture, the IIF offers these private sector perspectives that build on our September 22 letter to the G20.

Ivo Jenik of the World Bank’s Consultative Group to Assist the Poor (CGAP) discusses the opportunities and critical dependencies for digitalization to support greater financial inclusion, and key learnings for the application of regulatory sandboxes.

Based on engagement with a group of global banks, we have developed this TCFD Playbook to serve as a resource for firms at different stages on their journey toward fully aligned and comprehensive TCFD reporting. 

We remain strongly supportive of the intent behind the DSSI. However, we also recognize that the underlying premise may have changed—the issues in some countries are no longer temporary liquidity problems, but rather more fundamental solvency concerns. This letter sets out three key points which we believe are crucial.

Following discussions during the Paris Forum/G20 event on July 8, we are pleased to provide the following progress update on private sector engagement with respect to the G20 Debt Service Suspension Initiative (DSSI). 

On June 30th, the IIF hosted our first ever event dedicated to central banking - Central Banking in the Age of COVID-19. This week's episode of The Big Questions recaps some of the most interesting moments.

In response to the request for a waiver from private lenders stating that a request from sovereign borrowers for forbearance from official creditors would not constitute an event of default, we are very pleased to published this “G20 DSSI Template Waiver Letter Agreement.” 

Informed by our working group discussions, this letter is meant to frame the accompanying Terms of Reference for private sector consideration of borrower requests within the DSSI.

The Terms of Reference are a toolkit for DSSI-eligible sovereign borrowers that request forbearance from their private creditors. This new framework offers a flexible template for in-scope borrowers and their private creditors to advance conversations and enable voluntary debt service suspension, on terms in line with official bilateral creditors.

In response to the G20 Debt Service Suspension Initiative (DSSI) and calls in the IMFC, Development Committee and Paris Club communiqués for private sector participation, this letter provides an update on IIF activities, shares views from the international financial community, and outlines thoughts on a potential approach to voluntary private sector participation in the DSSI.

On behalf of the IIF membership—over 450 global firms across the financial services industry—President and CEO Tim Adams expresses our grave concern about the threat to debt sustainability posed by the COVID-19 pandemic. 
 

The IIF commended the efforts taken by BCBS and IOSCO to address the challenges of the final phases of non-cleared margin implementation. However, it underscored that the efforts of our members to prepare are severely impacted by the global COVID-19 pandemic.

The IIF has submitted a response to the FSB’s Call for Evidence. We urge the FSB to consider specific issues during its evaluation, including market fragmentary trends around the implementation of the TBTF reforms.