{"id":46909,"date":"2024-01-04T11:10:37","date_gmt":"2024-01-04T16:10:37","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-risk-capital-and-financial-stability-january-edition-1\/"},"modified":"2025-12-30T18:16:20","modified_gmt":"2025-12-30T23:16:20","slug":"global-regulatory-brief-risk-capital-and-financial-stability-january-edition-1","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-risk-capital-and-financial-stability-january-edition-1\/","title":{"rendered":"Global Regulatory Brief: Risk, capital and financial stability, January edition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe27c1040b1]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe27c1040b1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Global Regulatory Brief: Risk, capital and financial stability, January edition<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c10aa22'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 4, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c10d0b8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/i><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c10ee6d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Risk, capital and financial stability regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">Following a year of intensified and evolving risks to financial markets, regulators are starting 2024 with a range of initiatives across banking, asset management, and insurance sectors to strengthen firm requirements and promote international best practice. From the UK to Japan, the following global developments in risk, capital, and financial stability from the past month stand out:\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Japan: <\/b><span style=\"font-weight: 400;\">Government sets out reform agenda for asset management industry<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Hong Kong:<\/b><span style=\"font-weight: 400;\"> Insurance Authority issues draft rules to implement risk based capital regime<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK: <\/b><span style=\"font-weight: 400;\">PRA publish near-final Basel 3.1 implementation rules<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>International: <\/b><span style=\"font-weight: 400;\">FSB and IOSCO publish policies to address vulnerabilities from liquidity mismatch in open-ended funds<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Saudi Arabia:<\/b><span style=\"font-weight: 400;\"> Insurance Authority announces start of its operations<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK: <\/b><span style=\"font-weight: 400;\">FCA consults on reforms for Money Market Funds<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US: <\/b><span style=\"font-weight: 400;\">CFTC proposes new rule on protection of DCO member funds and assets<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Switzerland: <\/b><span style=\"font-weight: 400;\">FINMA publish findings from the Credit Suisse crisis<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US: <\/b><span style=\"font-weight: 400;\">CFTC proposes amendments to capital and financial reporting requirements of swap dealers and major swap participants<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> FSOC releases 2023 annual report<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c110e85'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Japan sets out reform agenda for the asset management industry<\/h2>\n<p><span style=\"font-weight: 400;\">The Government of Japan <\/span><a href=\"https:\/\/www.fsa.go.jp\/en\/policy\/pjlamc\/20231214.html\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a policy plan designed to reform Japan\u2019s asset management sector and asset ownership.<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">Under Prime Minister Kishida, Japan\u2019s Government has taken various measures to achieve greater household savings flow into more productive investments, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Doubling Asset-based Income Plan (November 2022)<\/b><span style=\"font-weight: 400;\"> designed to support steady asset building by households, including significant expansion and permanent establishment of the tax exemption scheme for retail investors<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Corporate governance reforms (April 2023)<\/b><span style=\"font-weight: 400;\"> designed to promote sustainable corporate growth and increased corporate value over the medium to long term<\/span><\/li>\n<\/ul>\n<p><b>Policy plan: <\/b><span style=\"font-weight: 400;\">To reform Japan\u2019s asset management sector and asset ownership, the \u2018policy plan\u2019 centers on the following themes.\u00a0<\/span><\/p>\n<p><b>Asset management sector reform: <\/b><span style=\"font-weight: 400;\">Call for major financial groups to develop their plans to describe their asset management business strategy, enhance their investment management capabilities, and improve governance.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Develop product governance principles to clarify the intended customers for individual financial products<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rectify Japan\u2018s unique business practices and resolve barriers to entry through encouraging single-check calculation of net asset values of investment trusts\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Establish special zones with a policy packaged published by summer 2024\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Introduce a new program to assist new entrants and request financial institutions use emerging asset managers and not to exclude them simply because their business history is short. Additional plans to deregulate to allow asset managers to outsource middle- and back- office operations<\/span><\/li>\n<\/ul>\n<p><b>Asset ownership reform: <\/b><span style=\"font-weight: 400;\">The government pledges to develop \u2018asset owner principles\u2019 by summer 2024 that include common principles of investment policy, governance, and risk management.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To reform occupational pension funds by reviewing the investment companies selected for defined benefit (DB) pensions and to promote disclosure of investment policy and portfolio information for defined contribution (DC) pensions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To promote disclosure of investment information in a comparable manner<\/span><\/li>\n<\/ul>\n<p><b>Financing for growth: <\/b><span style=\"font-weight: 400;\">To promote investment in start-up companies through the developments of principles for venture capital funds, deregulate investment crowdfunding, promote issuance and circulation of unlisted securities.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To diversify investment opportunities such as alternative investments and sustainable investments through allowing partial inclusion of non-listed equities in investment trusts and enhancing sustainability investment products<\/span><\/li>\n<\/ul>\n<p><b>Stewardship activities:<\/b><span style=\"font-weight: 400;\"> To work with the Tokyo Stock Exchange (TSE) to follow up on the initiatives of planning, disclosure, and implementation by listed companies.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To promote effective engagement efforts between institutional investors and companies, including through a review of the large shareholding reporting rule<\/span><\/li>\n<\/ul>\n<p><b>Public relations and communications: <\/b><span style=\"font-weight: 400;\">To launch the Asset Management Forum in collaboration with domestic and overseas investment companies and investors and establish a preparatory committee for the forum by the end of 2023.<\/span><\/p>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The Cabinet Secretariat will conduct a review of progress around June 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c113214'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Hong Kong consults on Risk Based Capital rules for insurance industry<\/h2>\n<p><span style=\"font-weight: 400;\">The Hong Kong Insurance Authority (IA) <\/span><a href=\"https:\/\/www.ia.org.hk\/en\/infocenter\/press_releases\/20231205.html\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> proposals detailing the rules to implement the Risk Based Capital (RBC) regime.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> The RBC regime requires insurers to maintain capital that is commensurate with the risks they bear. In formulating the new regime, the IA has observed three overarching principles:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compliance with relevant Insurance core principles issued by the International Association of Insurance Supervisors (IAIS)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meeting needs and ensuring competitiveness of insurance industry<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Strengthening resilience of insurance industry for protection of policy holders\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> This consultation covers two draft rules, namely:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Valuation and capital rules <\/b><span style=\"font-weight: 400;\">&#8211; Detailed capital adequacy requirements and prescriptive rules for the valuation of assets and liabilities of insurers under Pillar 1 of the proposed RBC regime, covering areas such as the valuation basis, eligibility of capital, capital requirements, as well as fund requirements.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Submission of statements, reports and information rules <\/b><span style=\"font-weight: 400;\">&#8211; These prescribe the information required to be submitted to the IA under Pillar 3 of the RBC regime, including financial statements, regulatory returns, and actuarial reports<\/span><\/li>\n<\/ul>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">The Insurance (Amendment) Ordinance 2023 was enacted in July 2023 which provides the legal basis for the implementation of the RBC regime for the insurance industry in Hong Kong, empowering the IA to make rules to prescribe detailed requirements to implement the RBC regime.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The consultation comes as Hong Kong seeks to strengthen the financial soundness of insurers and put Hong Kong on a par with international standards<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The IA is a member of the International Association of Insurance Supervisors (\u201cIAIS\u201d) and adheres to the Insurance Core Principles (\u201cICPs\u201d) promulgated by the IAIS, which provide an internationally accepted framework for insurance supervision<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">Submissions are due by January 16, 2024 and feedback will help shape the final rules which will be published and submitted to the Legislative Council later in 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c11c409'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>UK banking regulator issues near-final Basel bank capital rules<\/h2>\n<p><span style=\"font-weight: 400;\">The UK&#8217;s Prudential Regulation Authority (PRA) <\/span><a href=\"https:\/\/www.bankofengland.co.uk\/prudential-regulation\/publication\/2023\/december\/implementation-of-the-basel-3-1-standards-near-final-policy-statement-part-1?utm_source=Bank+of+England+updates&amp;utm_campaign=7aa278f210-EMAIL_CAMPAIGN_2023_12_12_09_10&amp;utm_medium=email&amp;utm_term=0_-7aa278f210-%5BLIST_EMAIL_ID%5D\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> its near-final policy statement on certain sections of the Basel 3.1 banking capital standards.<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The PRA has issued its feedback to industry on the implementation of the Basel 3.1 standards and its near-final policy material regarding the scope and levels of application, market risk (FRTB), credit valuation adjustment (CVA) and counterparty credit risk, operational risk, interactions with the PRA\u2019s Pillar 2 framework, and currency redenomination.<\/span><\/p>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> In Q2 2024 the PRA will publish a second near-final policy statement on the remaining sections, including the standardized approach (SA) and internal ratings based approach IRB) to credit risk, credit risk mitigation, the output floor, disclosure (Pillar 3), and reporting.<\/span><\/p>\n<p><b>Status of final rules:<\/b><span style=\"font-weight: 400;\"> The rules are not technically &#8216;final&#8217; as HM Treasury is still to revoke the relevant parts of the Capital Requirements Regulation (CRR) before the PRA can replace them. Once this happens, the PRA will publish a single, final policy statement.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c11e481'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FSB and IOSCO publish policies to address vulnerabilities from liquidity mismatch in open-ended funds<\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Stability Board (FSB) <\/span><a href=\"https:\/\/www.fsb.org\/2023\/12\/revised-policy-recommendations-to-address-structural-vulnerabilities-from-liquidity-mismatch-in-open-ended-funds\/\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds, (OEFs) and the International Organization of Securities Commissions (IOSCO) <\/span><a href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD756.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> final guidance on Anti-Dilution liquidity management tools (LMTs) for the effective implementation of the Recommendations for Liquidity Risk Management for Collective Investment Schemes.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> These recommendations from the FSB and IOSCO aim to achieve a significant strengthening of liquidity management by OEF managers compared to current practices.<\/span><\/p>\n<p><b>Revised FSB recommendations: <\/b><span style=\"font-weight: 400;\">These are addressed to financial regulatory and supervisory authorities and set out the key objectives for an effective regulatory and supervisory framework to address vulnerabilities arising from liquidity mismatch in OEFs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To address structural liquidity mismatch in OEFs, the Revised FSB recommendations aim to provide greater clarity on the redemption terms that OEFs can offer to investors, based on the liquidity of the OEF asset holdings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This would be achieved through a categorisation approach, where OEFs would be grouped depending on the liquidity of their assets (e.g liquid, less liquid, illiquid)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">OEFs in each category would then be subject to specific expectations in terms of their redemption terms and conditions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Authorities should set expectations for OEF managers to use a mixture of quantitative and qualitative factors when determining the liquidity of OEF assets in normal and stressed market conditions within the context of the domestic liquidity framework set out by authorities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Revised FSB Recommendations seek to achieve (i) greater inclusion of anti-dilution LMTs in OEF constitutional documents and (ii) greater use of, and greater consistency in the use of, anti-dilution LMTs in both normal and stressed market conditions<\/span><\/li>\n<\/ul>\n<p><b>IOSCO LMT Guidance:<\/b><span style=\"font-weight: 400;\"> This guidance aims to support the greater use of anti-dilution LMTs by OEFs to mitigate investor dilution and potential first-mover advantage arising from structural liquidity mismatch in OEFs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The LMT Guidance sets out key operational, design, oversight, disclosure and other factors and parameters that responsible entities should consider when anti-dilution LMTs are used, to promote greater, more consistent, and more effective use of these tools<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For example, responsible entities should have appropriate internal systems, procedures and controls in place at all times in compliance with applicable regulatory requirements for the design and use of anti-dilution LMTs as part of the everyday liquidity risk management of their OEFs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Furthermore, anti-dilution LMTs used by responsible entities should impose on subscribing and redeeming investors the estimated cost of liquidity<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This encompasses the explicit and implicit transaction costs of subscriptions or redemptions, including any significant market impact of asset purchases or sales to meet those subscriptions or redemptions<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The FSB and IOSCO will both review progress by member jurisdictions in implementing their respective revised recommendations and guidance.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This will begin with a stocktake, to be completed by the end of 2026, of the measures and practices adopted and planned by FSB member jurisdictions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">IOSCO will aim to coordinate a stocktake of its recommendations and guidance with the FSB\u2019s stocktake to provide a comprehensive picture<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FSB and IOSCO will, by 2028, assess whether implemented reforms have sufficiently addressed risks to financial stability<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This will include, if appropriate, assessing whether to refine existing tools or develop additional tools for use by fund managers or authorities<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c1208a6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Saudi Insurance Authority commences its duties<\/h2>\n<p><span style=\"font-weight: 400;\">The Chairman of the Board of Directors of Saudi Arabia\u2019s Insurance Authority (IA) <\/span><a href=\"https:\/\/ia.gov.sa\/en\/News\/news-8.html\"><span style=\"font-weight: 400;\">announces<\/span><\/a><span style=\"font-weight: 400;\"> the start of the IA&#8217;s operations as the independent regulator of the insurance sector.<\/span><\/p>\n<p><b>The mandate:<\/b><span style=\"font-weight: 400;\"> The IA seeks to achieve a number of objectives, including the regulation and supervision of the insurance sector in the Kingdom, as well as protecting the rights of policyholders and beneficiaries, establishing the principles of insurance contractual relationships, fostering innovation in insurance products, and raising insurance awareness.<\/span><\/p>\n<p><b>Practical implications: <\/b><span style=\"font-weight: 400;\">Current regulations, rules, and instructions related to the insurance sector will continue to be in effect until further instructions are issued by the IA.\u00a0<\/span><\/p>\n<p><b>Wider context:<\/b><span style=\"font-weight: 400;\"> The IA will work to enhance competitiveness through the quality of the services provided and the creation of an attractive investment environment. The authority will also support and strengthen the role of the insurance sector in the national economy.\u00a0\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c1226fe'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FCA consults on reforms to the regime for Money Market Funds<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) issued proposals to enhance the resilience of Money Market Funds (MMFs) based in the UK.\u00a0<\/span><\/p>\n<p><b>What are MMFs?<\/b><span style=\"font-weight: 400;\"> MMFs are widely used by UK financial institutions as a means by which investors can manage their short-term needs for cash, such as payments to pension holders and staff salaries or for meeting margin calls. In practice, there are few alternatives for larger corporate and financial institutions that meet their needs.<\/span><\/p>\n<p><b>Important context:<\/b><span style=\"font-weight: 400;\"> In a severe market stress such as the onset of the Covid-19 pandemic in March 2020, investors may not be able to get their money back from a MMF quickly, or not without a noticeable and unanticipated loss.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MMFs typically use liquid assets to return money to redeeming investors and if a MMF runs out of liquid assets and investors are still demanding the return of their investment, it would either need to \u2018fire sale\u2019 assets in stressed markets and pass the resulting losses on to investors or be \u2018suspended\u2019 (temporarily stop returning investors\u2019 money)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There is a \u2018first-mover advantage\u2019 in MMFs which can itself also drive additional investor demands for their money back as investors who redeem first in a stress are more likely to get paid out without unanticipated delays or losses\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Two main proposals:<\/b><span style=\"font-weight: 400;\"> Alongside other changes, the FCA is proposing two main significant changes to current MMF regulation to reduce the vulnerability of MMFs while maintaining the broad current MMF operating model.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A significant increase in the minimum proportion of highly liquid assets that all MMF types have to hold: This is intended to ensure that MMFs have enough liquid assets to withstand large amounts of withdrawals over a short period in severe but plausible market stresses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&#8216;Delinking&#8217; the levels of liquid assets in important types of MMFs with the need for the MMF manager to impose or consider imposing tools that would reduce the ability of investors to get their money back without unanticipated delays or losses. This is intended to reduce the additional first-mover advantage<\/span><\/li>\n<\/ul>\n<p><b>Closely related<\/b><span style=\"font-weight: 400;\">: The UK government has published a <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/656f32261104cf000dfa755a\/2023.12.01__V16C__MMF__Restatement_Provisions__Regs_2024__NSP_.doc\"><span style=\"font-weight: 400;\">draft<\/span><\/a><span style=\"font-weight: 400;\"> of the statutory instrument (SI) and a <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/656f51c49462260721c56960\/Money_Market_Funds_Framework_Policy_Note.pdf\"><span style=\"font-weight: 400;\">policy note<\/span><\/a><span style=\"font-weight: 400;\"> that will replace the existing Money Market Funds Regulation.\u00a0<\/span><\/p>\n<p><b>International context:<\/b><span style=\"font-weight: 400;\"> The close coordination between the UK Treasury, Bank of England and FCA is part of broader international efforts to address vulnerabilities and increase the resilience of MMFs. The proposals reflect the Financial Stability Board\u2019s (FSB) ongoing work to address MMF vulnerabilities.\u00a0<\/span><\/p>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The FCA consultation is open until March 8, 2024 and feedback will help shape future policy decisions.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c12493e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>CFTC proposes new rule on DCO member funds and assets<\/h2>\n<p><span style=\"font-weight: 400;\">The US Commodity Futures Trading Commission (CFTC)<\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8838-23\"> <span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> a rule to provide new protections for clearing member funds and assets held by a Derivatives Clearing Organization (DCO).\u00a0<\/span><\/p>\n<p><b>The intention:<\/b><span style=\"font-weight: 400;\"> The proposed rule seeks to provide protections for clearing member funds and assets held by a DCO.\u00a0<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The rule would require, among other things, that clearing member funds be segregated from the DCO\u2019s own funds and held in a depository that acknowledges, in writing, that the funds belong to clearing members, not the DCO.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In addition, the commission is proposing rules that would enable DCOs to hold customer and clearing member funds at certain foreign central banks subject to certain requirements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The commission is also proposing to require DCOs to conduct a daily calculation and reconciliation of the amount of funds owed to customers and clearing members and the amount actually held for customers and clearing members<\/span><\/li>\n<\/ul>\n<p><b>Deadline for comments: <\/b><span style=\"font-weight: 400;\">The comment period will be open for 60 days after publication, with a closing date of February 16, 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c12682e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Swiss regulator publish findings from the Credit Suisse crisis<\/h2>\n<p><span style=\"font-weight: 400;\">The Swiss Financial Market Supervisory Authority (FINMA) <\/span><a href=\"https:\/\/www.finma.ch\/en\/news\/2023\/12\/20231219-mm-cs-bericht\/\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its report on the Credit Suisse crisis in which it analyzes the factors that ultimately led to the loss of confidence in March 2023, including FINMA\u2019s supervisory work with the bank.\u00a0\u00a0<\/span><\/p>\n<p><b>Key conclusions \u2013 looking back: <\/b><span style=\"font-weight: 400;\">FINMA considers that<\/span> <span style=\"font-weight: 400;\">Credit Suisse lost the confidence of its clients, investors, and the markets as a result of inadequate implementation of its strategic focus areas, repeated scandals, and management errors.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FINMA underlines the far-reaching and invasive measures supervisory activities it took to rectify deficiencies, particularly in the bank\u2019s corporate governance and in its risk management and risk culture<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While the actions taken by the authorities \u2013 including the Confederation, SNB and FINMA \u2013 to safeguard the solvency of Credit Suisse and support the takeover by UBS protected the bank\u2019s creditors and upheld financial stability, FINMA calls for a number of changes in light of the crisis<\/span><\/li>\n<\/ul>\n<p><b>Key conclusions &#8211; looking ahead:<\/b><span style=\"font-weight: 400;\"> FINMA draws a number of lessons from the Credit Suisse crisis, including<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Stronger legal basis: <\/b><span style=\"font-weight: 400;\">FINMA advocates for more influence on the governance of supervised institutions, potentially a Senior Managers Regime with the power to impose fines and publish enforcement proceedings on a regular basis<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Improve capital regulation:<\/b><span style=\"font-weight: 400;\"> In the area of capital requirements, the legal obligation to grant exemptions at the level of the specific institution led to the parent company being weakened. FINMA is therefore calling for stricter standards for regulation at the specific institution level in the context of a review of the \u201ctoo big to fail\u201d requirements<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Focus on additional capital charges: <\/b><span style=\"font-weight: 400;\">FINMA ordered far-reaching additional capital charges to counter the increased risks from Credit Suisse\u2019s business activities. In future, FINMA will analyze the risks involved in strategy implementation or an inadequate control environment and the resulting potential for losses by financial institutions even more systematically, and will impose and disclose additional capital charges if necessary. It should be examined whether this will also require a change to the regulatory principles<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Focus on feasibility of recovery and resolution measures:<\/b><span style=\"font-weight: 400;\"> Some of the measures in the recovery plan reviewed and approved by FINMA could not be implemented as planned during the current crisis. In future, FINMA will therefore place a stronger focus on ensuring that the measures can be implemented effectively and consider tightening up its approval practice. It will also adapt the resolution plan to include faster bank runs and more crisis scenarios<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c128981'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>CFTC proposes amendments to capital and financial reporting requirements of swap dealers and major swap participants<span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8836-23#:~:text=The%20proposed%20amendments%20are%20intended,close%20on%20February%2013%2C%202024.\"><span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> amendments are intended to make it easier for Swap Dealers (SDs) and Major Swap Participants (MSPs) to comply with the CFTC\u2019s financial reporting obligations and demonstrate compliance with minimum capital requirements.<\/span><\/p>\n<p><b>Proposed amendments:<\/b><span style=\"font-weight: 400;\"> The rule would amend the capital and financial reporting requirements of SDs and MSPs by codifying a staff letter relating to tangible net-worth calculations (No. 21-15) and two CFTC no-action staff letters regarding alternate financial reporting requirements for SDs subject to capital requirements of a prudential regulator (No. 21-18 and No. 23-11).\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The amendments would also revise financial reporting requirements of SDs relating to approval of subordinated debt for capital, notification timing, and reporting forms<\/span><\/li>\n<\/ul>\n<p><b>Deadline for comments:<\/b><span style=\"font-weight: 400;\"> The comment period will be open for 60 days after publication and close on February 13, 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c12a894'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FSOC releases 2023 Annual Report<span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The US Financial Stability Oversight Council (FSOC) unanimously <\/span><a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2023AnnualReport.pdf\"><span style=\"font-weight: 400;\">approved<\/span><\/a><span style=\"font-weight: 400;\"> its 2023 annual report that reviews financial market developments, describes potential emerging threats to financial stability, identifies vulnerabilities in the financial system, and makes recommendations to mitigate those threats and vulnerabilities.\u00a0<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> FSOC&#8217;s recommendations in the annual report cover banking; cybersecurity; artificial intelligence; nonbank financial intermediation; climate-related financial risk; and digital assets.\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c12c668'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-trading-and-markets-january-edition-1\/?tactic-page=747199\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-green-finance-january-edition-1\/?tactic-page=747199\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-digital-finance-january-edition-1\/?tactic-page=747199\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c12ea61'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--black  text--white row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c130e0c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--halign-center\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 style=\"text-align: center;\">Bloomberg Products and Solutions<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p style=\"text-align: center;\">Everything your firm needs to navigate a rapidly changing landscape.<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div>\n<div\n  id=\"cta_3416531073972828099\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p center\">\n      <a\n        class=\"bbg-cta-link link bbg-cta-button large\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Explore Bloomberg Regulation\"\n        >\n                      Explore Bloomberg Regulation\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card_hasCta bbg-card_hasLinkWrap bbg-card-text-white\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #000000;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tbackground-color: #ffffff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #ffffff !important;\n\t}#card_1:hover .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #ffffff !important;\n\t}#card_1 .bbg-card__innerwrapper:hover .bbg-card__content,#card_1 .bbg-card__innerwrapper:hover .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n      <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/risk\/lqa\/\" target=\"\" rel=\"\" class=\"bbg-card-link_wrap\">\n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\">REGULATION<\/div>\n      \n                      <h3 class=\"bbg-card__title\">Liquidity Assessment (LQA)<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_3146777248617549762\"\n  class=\"wpb_content_element bbg-cta 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reform agenda for the asset management industry, Saudi Insurance Authority commences its duties , and more. <\/p>\n","protected":false},"author":1679,"featured_media":45286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[453,486,469],"tags":[843,500],"series":[],"class_list":["post-46909","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","tag-843","tag-credit-risk","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Regulatory Brief: Risk, capital and financial stability, January edition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"January&#039;s risk, capital and financial stability Regulatory Brief covers: UK banking 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