The IIF is the leading voice for the financial services industry on global regulatory issues. We engage continuously and constructively with global standard setters and policymakers through formal submissions and reports, as well as through regular dialogue and high-level symposia.

We help shape the global policy and regulatory agenda by providing industry input and feedback. We focus on issues such as international capital and liquidity standards for banks and insurers, resolution and recovery policy issues, derivatives market rules, international conduct standards, shadow banking, supervision and risk management, and accounting standards, among many others.

Members participate in working groups and committees with industry peers and interact with public sector representatives, facilitated by the IIF.

Publication
February 6, 2015

Please see attached for a brief summary of the key items on the BCBS's Agenda for 2015, and their approximate timing throughout the year. Through our various working groups, we are either currently working on these, or anticipate mobilizing new efforts in the near term.

In part, the attached reflects the high level work plan for the next two years that the BCBS announced in January, collated together with what we have learned from other recent statements and presentations, including some indicative timings within the year. While this summary is very BCBS-specific, it makes passing reference to other FSB and IOSCO initiatives, where these have some interplay.

LATEST PUBLICATIONS

Publication
March 26, 2015

On March 25, 2015 the IIF submitted a response letter to the “Notice Seeking Comment on Asset Management Products and Activities” by the Financial Stability Oversight Council (FSOC). The IIF has consistently argued that policy in the area of regulation of systemic risk in asset management should focus primarily on the underlying activities. Thus, the IIF supports the FSOC’s inquiry in general. However, the IIF suggests to expand the scope of the inquiry to include all capital markets participants that might offer a given product or engage in an activity and underscore the need to base any policy in actual, demonstrable data and evidence. The response letter had been produced under the guidance of the IIF’s “Non-Bank Non-Insurer Working Group”.

Publication
March 11, 2015

Half of the world’s population is unbanked, but financial inclusion is about more than just having a bank account. Mobile banking and banking via non-bank retail outlets have been key drivers of financial inclusion in developing countries, helped by technology and a favorable regulatory environment. There are clear benefits of financial inclusion at the individual and macro level—even though the macro effects are difficult to quantify. In any case, the benefits of financial inclusion go beyond growth. Financial inclusion is traditionally seen as a developing country issue, but there are broader lessons to learn for the financial industry as it seeks to tap new business opportunities and lower transaction costs.

Publication
March 6, 2015

This month’s IIF Global Regulatory Update provides updates on current work streams in regulatory capital, liquidity, recovery and resolution, disclosure, accounting, anti-money laundering, insurance, systemically important financial institutions, derivatives and upcoming events.

Publication
March 3, 2015

The IIF has submitted a response letter to the BCBS-IOSCO-IAIS Joint Forum consultation on the Developments in Credit Risk Management Across Sectors: Current Practices and Recommendations.

Significantly, the Joint Forum’s consultative document refers to credit risk models and regulatory capital, which are the subject of two concurrent BCBS consultations, on revisions to the Standardized Approach and the proposed introduction of Capital Floors.

Publication
February 23, 2015

The Cross-Border Regulation Forum (including the IIF and other associations) submitted the industry’s response to IOSCO’s ‘Cross Border Regulation Consultation Report’on February 23.

IOSCO’s consultation covered the available ‘tools’ for greater regulatory co-ordination across national borders, most notably national treatment, recognition (deference) and passporting. The industry’s response has conveyed that there is no ‘one size fits all’ solution, but that recognition/deference generally offers the most advantages for policymakers and market participants alike.

Publication
February 20, 2015

The joint associations (ISDA/IIF/GFMA) submitted on February 20 two letters on the Fundamental Review of the Trading Book (FRTB) to the Basel Committee. The first letter is addressed to the co-chairs of the Basel Trading Book Group (TBG) and is in response to the third FRTB consultation. In addition, the letter also contains the industry's current thinking on a number of different areas, including topics in previous consultations that have not been yet addressed. The second letter is addressed to the Secretary General of the Basel Committee and expresses the industry's concerns about the timeline announced in the third FRTB consultation paper to complete the FRTB framework by the end of 2015 and continue the calibration work in 2016 and beyond.

Publication
February 20, 2015

Ahead of their meeting in Frankfurt on February 24, the IIF and GFMA sent a letter to the Basel Committee's Task Force on Standardized Approaches (TFSA) requesting an extension of the deadline of the QIS and for the comments on the consultative document in order to improve the quality of these exercises. The letter also recommends multiple-phased and logically-ordered data collection exercises conducted for different exposure categories.

Publication
February 16, 2015

On February 16, the Joint IIF/Geneva Association (GA) ICS Task Force submitted a response letter to the IAIS Risk-based Global Insurance Capital Standard (ICS) consultative document released on December 17, 2014. In general, the IIF/GA ICS Task Force supports the IAIS’ efforts in exploring various possible solutions to accommodate differences across markets, business models and product offerings across jurisdictions.

Publication
February 13, 2015

On February 13, the IIF, GFMA, ICMA and ISDA (together, the Associations) responded to the BCBS-IOSCO consultative document “Criteria for identifying simple, transparent and comparable securitizations”, commenting on the proposed 14 criteria that could be used to identify securitizations that lend themselves to less complex analysis and therefore could contribute to building sustainable securitization markets.

Publication
February 3, 2015

This month’s IIF Global Regulatory Update provides updates on current work streams in regulatory capital, liquidity, recovery and resolution, disclosure, accounting, anti-money laundering, insurance, systemically important financial institutions, derivatives and upcoming events.

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