The FDIC provided an update on its work related to the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank. A discussion ensued on resolution aspects, where the EU updated on its recent legislative proposal for the review of the EU crisis management and deposit insurance framework. federal banking regulators provided updates on their work and anticipated future plans regarding implementation of Basel III. Participants reaffirmed the importance of strong bank prudential standards, resolution frameworks, their effective application, and robust supervision practices. International cooperation and continued dialogue remain important for monitoring vulnerabilities and enhancing the resilience of the financial system.Īn exchange followed on the developments related to the implementation of Basel III reforms, including on scope and process. The European Commission gave a short overview of the advanced stage of legislative negotiations on the EU’s Banking Package proposals. Participants discussed the recent events in the banking sector and the associated market reactions. The financial sector continues to remain exposed to risks both in the EU and the United States, due to persistent inflationary pressures, uncertainties in the global economic outlook, and the current challenging geopolitical situation following Russia’s war of aggression against Ukraine. cooperation in a range of areas and focused on six themes: (1) market developments and financial stability risks (2) regulatory developments in banking and insurance (3) anti-money laundering and countering the financing of terrorism (AML/CFT) (4) sustainable finance and climate-related financial risks (5) regulatory and supervisory cooperation in capital markets and (6) operational resilience and digital finance. The Forum emphasised close ongoing EU and U.S. participants expressed views on issues in their respective areas of responsibility. Department of the Treasury and staff from independent regulatory agencies, including the Board of Governors of the Federal Reserve System (FRB), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Securities and Exchange Commission (SEC). participants included representatives from the U.S. Joint Financial Regulatory Forum took place on June 27-28, 2023, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue.ĮU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA), the European Central Bank (ECB), and the Single Resolution Board (SRB).
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