Official sector announcements, developments, consultations and activities at the global level and in jurisdictions elsewhere to Australia
The Financial Conduct Authority (FCA) is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.
Bank of England’s Prudential Regulation Authority (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates.
The European Securities and Markets Authority (ESMA) forms part of the European System of Financial Supervision (ESFS), a decentralised, multi-layered system of micro- and macro-prudential authorities established by the European institutions in order to ensure consistent and coherent financial supervision in the EU.
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Its main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
The Swiss Financial Market Supervisory Authority (FINMA) is Switzerland’s independent financial-markets regulator. FINMA is responsible for ensuring that Switzerland’s financial markets function effectively, including market preparedness for IBOR transition
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
The Alternative Reference Rates Committee (ARRC) is a group of private-market participants convened by the Federal Reserve Board and the New York Federal Reserve Bank of New York to help ensure a successful transition from U.S. dollar (USD) LIBOR to a more robust reference rate, its recommended alternative, the Secured Overnight Financing Rate (SOFR). It is the principal leadership forum on IBOR transition issues, although primarily focused on the needs of the US market.
The Bank of Japan is the central bank of Japan. It is a juridical person established based on the Bank of Japan Act (hereafter the Act), and is not a government agency or a private corporation.
The HKMA is the government authority in Hong Kong responsible for maintaining monetary and banking stability. As an international financial centre and a member of the FSB, Hong Kong is obliged to identify an alternative reference rate (ARR) for HIBOR
The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.
The Reserve Bank manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system, and supplies New Zealand banknotes and coins.
Established in 1930, the Bank for International Settlements (BIS) is owned by 60 central banks, representing countries from around the world that together account for about 95% of world GDP
In July 2013 the Financial Stability Board established an Official Sector Steering Group (OSSG), which comprises senior officials from central banks and regulatory authorities. The FSB’s work is focused on interest rate benchmarks that are considered to play the most fundamental role in the global financial system.
The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. IOSCO developed and published its Principles for Financial Benchmarks, which have been endorsed by the G20
The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation. The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards.