Financial Stability Board must identify new threats and refine existing rules, says chair
Randal Quarles wants the global regulatory body to focus on the future
The Financial Stability Board (FSB) needs to commit more resources to identifying new threats while reviewing existing reforms for refinement, its chair said on Sunday. Randal Quarles, who took over as chair of the FSB in November and is the US Federal Reserve’s vice-chair for supervision, aims to chart a new course for the international regulatory body. In particular, he said the body must retain its focus on seeking out unknown market threats, and also called for regulators to revisit existing reforms to see if they could be streamlined. “It is time for the FSB to turn more of its energy and attention to the future,” he said in Hong Kong, according to prepared remarks. In particular, Quarles said the FSB would be reviewing its framework for assessing vulnerabilities to ensure it can identify new and developing market threats. He also said the FSB was evaluating existing reforms for their effectiveness and seeking ways to make them more efficient.
Quarles was appointed to the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.