IASB Hedge Accounting - 11/03/11

IBFed has submitted its response to the IASB's Exposure Draft on Hedge Accounting. IBFed expressed support for principles that increase stakeholders' understanding of risk management activities and identified a number of technical amendments to enhance the operability of the proposals. IBFed will continue to engage with the IASB on this issue, including reviewing the IASB's forthcoming proposals on macro-hedging. read more

IBFed comments on IFRS Trustees’ Strategic Review - 04/03/11

IBFed has provided its views to the IFRS Foundation on the Trustees' strategic review of the IASB's activities. In doing so, IBFed supported further development of the governance of the IFRS Foundation and commented on the importance of developing high quality international financial reporting standards set within the context of the broader regulatory environment and macroeconomic considerations including financial stability. IBFed also underlined the importance of finding the right balance between accounting purity and ease of application. read more

IBFed responds to Basel consultative document on Pillar 3 requirements for remuneration - 25/

IBFed has responded to a consultative document from the Basel Committee which recommends new “Pillar 3 disclosure requirements for remuneration”. In the letter, IBFed has highlighted support for the use of disclosure to enhance market discipline by empowering market participants to assess the quality of banks' remuneration practices. The response urges the Basel Committee to clarify the precise objective and scope of the proposed disclosure requirements and to limit the requirement to provide prior year comparators. The likely implementation date for the proposals remains to be set; banks will need adequate notice before the requirements are introduced. read more

IBFed responds to IOSCO consultation report on issues raised by dark liquidity - 10/02/11

IBFed has commented on an IOSCO consultation report on dark liquidity. In commenting, IBFed has agreed with IOSCO that:(1) conceptually, a distinction needs be drawn between dark pools (i.e. pools of liquidity that provide no pre-trade transparency) and dark orders (i.e. orders for which there is no pre-trade transparency, notwithstanding the level of transparency of the venue where the order is received), (2) both dark pools and dark orders are not a new market feature and that both have existed - in levels that have not been subject to proper measurement - for a good reason, notably, to preserve an adequate level of anonymity for the quote and to execute orders minimising their market impact. Importantly, dark pools and dark orders meet a demand in the market,and (3) dark pools and dark orders are currently more prominent due to automation and the use of electronic trading. The increasing notability of dark liquidity is, therefore, a consequence of the advent of technology and broad market innovation. read more

IBFed responds to Basel consultative document on capitalisation of bank exposure to CCP - 10/

IBFed has expressed concerns about a consultative document from the Basel Committee on “Capitalisation of bank exposure to central counterparties”. In responding, IBFed has reiterated the view that central counterparties (CCPs) are vital to the stability of the financial system, and welcomed the ongoing work to develop international standards to oversee their operation. IBFed has asked the BCBS to consider these developments when agreeing rules on the capital banks should hold against exposures to CCPs and not to adopt the proposed rules which would reduce the existing capital relief available for central clearing. read more

Terry Campbell appointed to succeed Nancy Hughes Anthony as CEO of the Canadian Bankers Association

The Canadian Bankers Association (CBA) has appointed Mr Terry Campbell as President and Chief Executive Officer of the CBA, effective 1st March 2011. Accordingly, he succeeds Nancy Hughes Anthony as a member of the IBFed Board. Ms Hughes Anthony, former chairman of the IBFed, had served on the IBFed Board for four years. read more

Comments on IASB Consultation Paper: Effective Dates and Transition Methods - 31/01/11

IBFed has provided views to the IASB on the appropriate Effective Dates and Transition Methods for a range of new IFRSs and improvements to existing IFRSs, including IFRS 9. In responding, IBFed has supported a single date approach for key standards impacting on financial institutions and pointed out a vital need to provide further transitional assistance. In addition, IBFed expressed a preference for the IASB and FASB to align the effective dates for comparable standards. read more

IBFed Financial Crime Working Group Comments on Draft FATF Guidance Paper - 20/1/11

The IBFed Financial Crime Working Group has provided the Financial Action Task Force (FATF) with practical observations on its draft Guidance Paper on AML/CTF and Financial Inclusion. In doing so, IBFed expressed support for efforts to promote financial inclusion and stressed that AML/CTF should not impose specific rigid mandates on individual countries or individual financial institutions. The guidelines need to permit individual countries and financial institutions to assess risks and take steps to control those risks when experimenting with ways to reach new markets. read more

Responding to FATF Fourth Round of Mutual Evaluations paper - 12/1/11

IBFed has responded to a request for comments from the Financial Action Task Force (FATF) on the Fourth Round of Mutual Evaluations consultation paper. In responding, IBFed reiterated its continuing support for the development of an efficient and effective set of recommendations to detect and deter money laundering and terrorist financing. IBFed's comments provide practical measures covering a wide range of compliance issues such as the Risk-Based Approach, Scope of the Criminal Offence of Money Laundering, Customer Due Diligence (CDD), Politically Exposed Person (PEPs) and Third Party Reliance. read more

IBFed’s Recommendation to US Authorities on the Foreign Account Compliance Tax Act (FATCA)

IBFed has responded to a request for comments from the US Treasury and Internal Revenue Service on the US Foreign Account Tax Compliance Act (FATCA). In responding, IBFed reiterated its support for the US authorities and offered practical solutions to the operational challenges associated with the implementation of FATCA identified by the banking industry. IBFed will continue to provide the US authorities with constructive recommendations. read more

IBFed writes to G20 in Seoul - 5/11/10

IBFed has written to the Chair of the G20 Seoul summit in November, underlining our support for the leaders' commitment to the regulatory reform agenda. In the letter, IBFed urged the G20 to implement the new standards consistently to maintain a global level playing field and to avoid fragmentation, protectionism and regulatory arbitrage. We highlighted the new regimes for capital and liquidity (Basel III), measures to enhance crisis management frameworks and the quality of supervision as key priorities. We will continue to provide the FSB with advice and opinions. read more

BCBS consultation paper on countercyclical capital buffers - 20/09/10

IBFed has responded to the Basel Committee on Banking Supervision's (BCBS) recent consultation paper on countercyclical capital buffers. In doing so, IBFed made a point of stressing that such buffers should be seen as one of a range of measures that could be used to alleviate the risks caused by excessive credit growth. Other measures which could be equally or more appropriate include forward looking provisioning and more rigorous stress testing within Pillar 2. The response also suggests that the Basel Committee considers the adoption of a single variable capital buffer in place of the complex system of multiple buffers currently suggested. A single variable capital buffer would reduce this complexity whilst maintaining the flexibility for the Basel Committee to set the size and dynamics of the buffer by reference to its objectives. read more

US Foreign Account Compliance Tax Act (FATCA)-29/07/10

The IBFed has written to the US Treasury expressing concerns about the potential consequences of the US Foreign Account Compliance Tax Act (FATCA). Whilst IBFed supports the US authorities' goal of applying the legitimate tax regulation to the customers of banks, particularly US citizens, the industry is concerned by the onerous costs of complying with the new regime and the risk that it will place banks in conflict with their own domestic regimes. Detailed implementation guidance is expected from the US IRS. IBFed will respond to this. read more

IBFed provides observations on OTC derivatives contracts to regulators - 28/07/10

IBFed has provided evidence to the Bank for International Settlements (BIS) on over-the-counter (OTC) derivatives contracts. IBFed is aware that this issue is under discussion by regulators worldwide. In addressing this issue, IBFed believes that regulators should seek consistency and balance with prudential regulation, capital requirements and the future structure of the OTC derivative markets. In addition, IBFed is generally supportive of the introduction of Central Counterparties (CCP) for OTC derivatives, seeing them as an important means of mitigating risk. It is important, however, that the Basel framework provides appropriate capital relief for CCP clearing. read more

Responding to IOSCO’s Consultation Paper on Credit Rating Agencies - 27/07/10

The IBFed has responded to IOSCO's recent review of regulatory initiatives that will affect the activities of credit rating agencies (CRAs). The consultation paper assessed how regulatory initiatives will impact IOSCO's 2003 principles for the operation of CRAs in multiple jurisdictions. The principles address (1) quality and integrity in the rating process, (2) independence and conflicts of interest, (3) transparency and timeliness of ratings disclosure, and (4) confidential information. read more

Good Practice Principles on Supervisory Colleges - 01/07/10

IBFed has set out its views on draft Good Practice Principles for Supervisory Colleges published by the Basel Committee of the Banking Supervision (BCBS). The consultation paper proposes eight principles with the aim of promoting and strengthening the operation of supervisory colleges. In responding, IBFed offered support for the principles in terms of enhancing the supervision of cross-border banks but stressed that the principles could be more ambitious and that regulators should shape each college to reflect the more characteristics of the firm being supervised. read more

Comments on IASB Exposure Draft: Amortised Cost and Impairment - 30/06/10

In response to the International Accounting Standards Board (IASB)'s Exposure Draft on Amortised Cost and Impairment, IBFed has set out important industry concerns about the practicality of the IASB's proposed model. Whilst expressing general support for the Expected Loss approach, IBFed has stressed the importance of consistency with the current accounting methodology and banking practice. In particular, IBFed expressed concern about changes to the calculation of interest rate risk and credit risk, the departure from the way banks manage their portfolios, and the different treatment of individually impaired loans from the current accounting standards. read more

CPSS-IOSCO Joint Guidance on CCPs - 29/06/10

IBFed has produced an analysis of CPSS (Committee on Payment and Settlement System) –IOSCO (International Organisation of Securities Commissions)'s recent Guidance for Central Counterparties (CCPs) to over-the-counter (OTC) derivatives. In doing so, IBFed supported the general direction of the guidance but proposed changes to avoid it resulting in undue and prohibitive cost for transactions. IBFed will continue the dialogue with regulators. read more

Consideration for trade repositories (TRs) in OTC derivatives markets - 29/06/10

IBFed has responded to a consultative report about trade repositories (TRs) in OTC derivatives markets jointly published by the CPSS and IOSCO. In responding, IBFed welcomed steps to enhance the transparency of OTC derivatives markets, but suggested that the regulators consider more targeted measures designed to the particular market to mitigate unduly increasing the costs of transactions. IBFed will continue to engage with regulators. read more

News Release - IBFed response to G20 meeting in Toronto -28/06/10

Banking is an integral part of the modern global economy and fundamental to economic growth, employment and wealth creation. read more

IBFed writes to G20 in Toronto - 23/06/10

IBFed wrote to a number of senior figures ahead of the G20 summit in June, expressing support for the objectives of the G20 and the work of the international standard setters tasked with delivering an improved regulatory system. In doing so, IBFed expressed its willingness to participate in the regulatory reform process aimed at increasing the resilience of financial institutions, enhancing the robustness of financial markets and reducing systemic risk. IBFed also underlined the importance of open and transparent engagement with the industry as the reform process moves towards implementation. read more

IBFed Responds to Basel Principles on Corporate Governance - 15/06/10

IBFed has responded to the Basel Committee's proposed principles for corporate governance. In doing so, IBFed called for the guidelines to be principle-based, balanced and sufficiently flexible to allow them to be applied in different national financial structures and business models. read more

Letters to BIS and IOSCO on the Role of Markets - 14/06/10

IBFed has written to the BIS and IOSCO to provide observations on their work to build enhanced market resilience. In contributing, IBFed proposed a more systematic approach to promote the well-functioning of markets in support of economic growth rather than drastic measures that could cause negative impacts on the financial system and real economy. IBFed's observations cover the use of CCP clearing for OTC instruments, strengthening existing tools to mitigate counterparty risks and mark-to-market valuation practices. read more

IBFed submits its responses to the Basel Committee on Banking Supervision -16/04/10

Simon Hills, chair of the IBFed's Basel Working Party said "We look forward to working with the Basel Committee to refine their proposals so that a coherent, harmonised and realistic set of measures is introduced over the coming years". read more

Principles on Point of Sale Disclosure: consultation report -15/02/10

The IBFed is broadly supportive of the draft IOSCO principles put up for consultation. They are: (i) mindful of the need to ensure that disclosures for retail investors are effective; (ii) consistent with the existing disclosure requirements and modes of delivery in IOSCO jurisdictions; and (iii) cognisant of the special challenges faced by regulators. read more

IBFed and IIF joined with the Basel Committee on Pillar 3 of the Basel II Accord -16/01/10

IBFed and the Institute of International Finance today joined with the Basel Committee in a briefing for banking analysts to explain new risk disclosures to be made by banks under Pillar 3 of the Basel II Accord. read more

Banks call for Colleges of Supervisors to Better Manage Risk -12/01/10

A more globally coordinated approach to liquidity reporting by banks is needed the International Banking Federation [IBFed] said today. The IBFed called on the Basel Committee to use colleges of supervisors to help tailor liquidity reporting requirements for individual banks, based on a menu of different reporting options read more

Industry Groups issue Joint Statement on the Upcoming SWIFT Message Format Change -20/05/09

The Bankers Association for Finance and Trade, The Clearing House, The European Banking Federation, The International Banking Federation, The International Chamber of Commerce, The International Council of Securities Associations, The International Financial Services Association, SWIFT and The Wolfsberg Group are issuing this joint statement and associated presentation in order to raise awareness regarding the new SWIFT Message Format for Cover Payments, which will go live on November 21st, 2009. read more

Colleges of Supervisors will help global economy through the downturn, says IBFed - Nov 2008

Cross-border cooperation between the supervisors of major financial firms is essential to ensure commerce continues smoothly through the downturn, the International Banking Federation reports today. read more

Banks worldwide move to rebuild financial stability - 14/11/08

The International Banking Federation pledged its support to G20 leaders on the eve of their meetings in Washington to continue to cooperate in efforts to rebuild global financial stability. read more

IBFed news release Report provides valuable insight into financial turmoil - 29/05/08

IBFed welcomed the publication of the report by the IOSCO Technical Committee's Taskforce on the Subprime Crisis. read more

IBFed comments on role of rating agencies -25/04/08

IBFed comments on an IOSCO report into the role of credit rating agencies in structured credit read more

IBFed writes to new IASC Trustee Chairman - 24/04/08

IBFed supports improvements to IASB governance and accountability arrangements but expresses concern about plans for the measurement of financial instruments read more

IBFed’s Conceptual Paper for Accounting for Financial Instruments - 08/04/08

IBFed has responded to the International Accounting Standards Board (IASB) discussion paper on reducing complexity in financial statements. In responding, IBFed included a conceptual paper on the extent to which the fair value measurement meets the needs of the user community and the objectives of financial reporting. The conceptual paper represents an initial response on the relative merits of fair value and mixed measurement when used as the primary measurement basis for the published financial statements such as annual reports. read more

IOSCO Consultation Report: An Overview of the Work of the IOSCO Technical Committee -08/06/07

IBFED's response to the IOSCO Consultation Report: An Overview of the Work of the IOSCO Technical Committee. read more

Japanese Bankers Association adds breadth to global reach of International Banking Federation

The Japanese Bankers Association (JBA) has joined the banking associations of Europe, the United States, Australia and Canada to broaden the global reach of the International Banking Federation (IBFed). The association will be represented on the IBFed board by its secretary general, Mr Nagao Hashimoto. read more

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