Latest articles from Justin Pugsley

Three Singapore market operators exempted from CFTC swap requirements

Three Singapore-authorised Recognized Market Operators (RMOs) have been exempted from US swap execution facility (SEF) registration requirements by the Commodity Futures Trading Commission (CFTC). 

US regulators seek to spruce up resolution rules as banks grow in size

Feedback is being sought by US prudential regulators over proposals to enhance their ability to resolve big banks following a considerable increase in their size, which could include the use of a long-term debt requirement.

UK recognises crypto as regulated financial instruments

The UK still maintains an ambition to become a major global crypto currency hub as it rebrands stablecoins as ‘digital settlement assets (DSAs)’ and recognises crypto as a regulated financial instrument. 

Banks lobby against Basel Committee’s proposed capital treatment of crypto-assets

Banks are lobbying the Basel Committee on Banking Supervision to raise caps on unbacked crypto-assets, such as bitcoin, to 5% from 1% of bank Tier 1 capital, a clear indication of the industry’s interest in the sector. 

IOSCO appoints head of Belgium’s securities regulator as its new chair

Jean-Paul Servais, chair of Belgium's Financial Services and Markets Authority, has been appointed as the new chair of the International Organization of Securities Commissions (IOSCO), replacing Ashley Alder.

FSB consults on cyber incident reporting

Growing geopolitical risks and interconnectedness within the financial system is exposing the industry to greater risks of disruptive cyber events, the Financial Stability Board (FSB) warned on October 17 as it set out proposals to tackle reporting on the issue.

SEC modernises securities swaps related reporting requirements

The prompt production and recording of electronic information relating to securities swaps is to be modernised following an amendment adopted by the Securities and Exchange Commission (SEC).

SEC reopens consultations following technical glitch

Due to a technical glitch, the Securities and Exchange Commission (SEC) said it had not received comments for some consultations submitted from June 2021 to August 2022.

Six largest US banks to participate in pilot climate stress test

In 2023, six of the largest US banks are to participate in a pilot climate stress test lasting for about a year so supervisors can better manage climate-related financial risks.

Traditional risk management approaches can contain digital asset risks

Proven risk management and regulatory approaches can do the job of overseeing digital assets meaning there is little need to invent new processes, said EY in a report published on September 30.