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Wednesday, November 4, 2015

Basel Updates List of Global SIFIs

The Basel, Switzerland-based Financial Stability Board updated its list of global systemically important banks subject to supplemental loss absorbency requirements. Spanish-based BBVA was removed from the list, and the China Construction Bank was added. Royal Bank of Scotland was moved to a tier requiring lower loss absorbency requirements. G-SIB designations are made using criteria issued by the Basel Committee on Banking Supervision.

Meanwhile, the FSB issued final guidance on making cross-border resolutions more effective and on how regulators can cooperate effectively when a G-SIB has a significant presence in a particular jurisdiction but the local regulator is not represented on the cross-border regulatory working group for that institution. This guidance must now be implemented by national regulators.

The board also issued three consultative documents on which it will accept comments through Jan. 4. The documents propose principles for funding a G-SIB’s orderly resolution, continuing operations during a G-SIB’s resolution and developing resolution strategies for systemically important insurers.

View the list of G-SIBs.
View the FSB documents.

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