FSB publishes its 2022 work programme 01 April 2022Switzerland Reporter: Bob Currie
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The Financial Stability Board (FSB) has published its work programme for 2022 and will focus on five major workstreams.
This implements a work schedule set out in a letter from FSB chair Klaas Knot to G20 finance ministers and central bank governors, reported in SFT on 18 February.
At the top of its agenda will be efforts to facilitate international cooperation on financial stability issues, particularly in response to the Russian invasion of Ukraine and continuing impact from the COVID-19 pandemic. In September, the FSB announced a new financial stability surveillance framework that will enhance its ability to identify and respond to vulnerabilities in a “forward-looking manner”.
The FSB has committed to a series of actions under its roadmap to enhance the efficiency and stability of cross-border payments.
It will also focus on harnessing the benefits of digital innovation, while taking measures to limit any associated risks. It will concentrate particularly on identifying potential vulnerabilities linked to investment in cryptoassets and use of decentralised finance, recognising the growing interconnectedness of the global financial system and the wider opportunities this may present for cyber attacks.
With this in mind, the FSB will concentrate on identifying the regulatory and supervisory implications of technological innovation and the steps needed to promote operational and cyber resilience.
More broadly, this agenda will extend the roadmap that it has set in place for addressing climate-related financial risks and for strengthening the analytical tools it has in place for monitoring climate-related risks to financial stability.
It will also continue in its work to improve the resilience of non-bank financial intermediation (NBFI).
This provides the centrepoint of the FSB’s efforts during 2022 to coordinate the work of international financial authorities and standard-setting bodies. It brings together national authorities responsible for financial stability in 24 jurisdictions and provides outreach activities with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is currently chaired by Klaas Knot, president of the Dutsch central bank, De Nederlandsche Bank.
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