{"id":108371,"date":"2025-02-20T17:13:25","date_gmt":"2025-02-20T22:13:25","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-global-regulatory-brief-risk-capital-and-financial-stability\/"},"modified":"2025-02-20T23:10:34","modified_gmt":"2025-02-21T04:10:34","slug":"february-global-regulatory-brief-risk-capital-and-financial-stability","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/regulation\/february-global-regulatory-brief-risk-capital-and-financial-stability\/","title":{"rendered":"February Global Regulatory Brief: Risk, capital and financial stability"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6aba2e297511f]::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-6aba2e297511f'>\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:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/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\">February Global Regulatory Brief: Risk, capital and financial stability<\/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-6aba2e297b2fc'>\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\">February 20, 2025<\/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-6aba2e297d4b9'>\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-6aba2e297ee13'>\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>Recent periods of financial stress and the proliferation of risks across the financial system are fueling the development of regulatory initiatives to strengthen requirements and promote international best practice. The following policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more.<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span class=\"TextRun SCXW232451622 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW232451622 BCX0\"><b><span data-contrast=\"auto\">Europe: <\/span><\/b>ESRB publishes report on a monitoring framework for systemic liquidity risks in financial system<\/span><\/span><span class=\"EOP SCXW232451622 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span class=\"TextRun SCXW130887290 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130887290 BCX0\"><b><span data-contrast=\"auto\">Australia:<\/span><\/b> APRA highlights the need for improved valuation and liquidity risk governance in superannuation<\/span><\/span><span class=\"EOP SCXW130887290 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><strong><span class=\"TextRun MacChromeBold SCXW84845460 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW84845460 BCX0\"><b><span data-contrast=\"auto\">International: <\/span><\/b><\/span><\/span><\/strong><span class=\"TextRun SCXW84845460 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW84845460 BCX0\">FSB publish impact report on reforms to <\/span><span class=\"NormalTextRun SCXW84845460 BCX0\">securitization<\/span><span class=\"NormalTextRun SCXW84845460 BCX0\"> markets<\/span><\/span><span class=\"EOP SCXW84845460 BCX0\" data-ccp-props=\"{}\">\u00a0<\/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-6aba2e29809a4'>\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 class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_6933831586287050842\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\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 right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\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-6aba2e298537e'>\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>ESRB publishes report on a monitoring framework for systemic liquidity risks in financial system<\/h2>\n<p><span data-contrast=\"auto\">The European Systemic Risk Board (ESRB) has <\/span><a href=\"https:\/\/www.esrb.europa.eu\/news\/pr\/date\/2025\/html\/esrb.pr250203~a4b1990d58.en.html\"><span data-contrast=\"none\">published<\/span><\/a><span data-contrast=\"auto\"> a comprehensive report on liquidity risk that provides a detailed framework for monitoring systemic liquidity risks in the financial system, focusing on both funding liquidity and market liquidity.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">In more detail:<\/span><\/b><span data-contrast=\"auto\"> The report emphasizes the importance of understanding and measuring risks to systemic liquidity by paying attention to financial system entities beyond banks and key asset classes beyond sovereign bonds. It outlines the following key components:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Conceptual Considerations:<\/span><\/b><span data-contrast=\"auto\"> The report defines systemic liquidity risk and its essential dimensions, including funding liquidity risk and market liquidity risk. It also discusses the interactions between these dimensions and the potential for contagion and amplification of liquidity stress.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Monitoring Framework:<\/span><\/b><span data-contrast=\"auto\"> The framework identifies key entities and markets that should be systematically monitored for emerging liquidity risks. It presents indicators for funding liquidity risk, market liquidity risk, and contagion and amplification risks. The framework includes composite indicators that capture the main dimensions of systemic liquidity risks.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Country Applications:<\/span><\/b><span data-contrast=\"auto\"> The report provides examples of how the framework can be applied to specific countries, such as the Netherlands and Finland. These applications highlight the importance of considering country-specific features and financial structures when assessing systemic liquidity risks.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Case Studies:<\/span><\/b><span data-contrast=\"auto\"> The report includes case studies that illustrate the application of the framework to real-world scenarios, such as the COVID-19 pandemic and the liquidity stress faced by GBP funds following liability-driven investment strategies in September 2022.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Main lesson:<\/span><\/b> The report underscores the need for a macroprudential approach to monitoring systemic liquidity, complementing ongoing micro-prudential initiatives to increase resilience at the level of individual entities, markets, and activities. It also highlights the importance of using a comprehensive set of indicators to capture the various dimensions of liquidity risk and the interactions between them.<\/p>\n<p><span class=\"TextRun SCXW177839138 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW177839138 BCX0\"><b><span data-contrast=\"auto\">Significance:<\/span><\/b> The monitoring framework can be applied in all EU <\/span><span class=\"NormalTextRun SCXW177839138 BCX0\">jurisdictions<\/span><span class=\"NormalTextRun SCXW177839138 BCX0\"> and enriched by adding further dimensions in the future. It can also inform the design of early warning indicators for systemic liquidity risk and the development of systemic liquidity stress tests.<\/span><\/span><\/p>\n<h2>APRA highlights the need for improved valuation and liquidity risk governance in superannuation<\/h2>\n<p><span style=\"font-weight: 400;\"><span class=\"TextRun SCXW141612763 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW141612763 BCX0\">The Australian Prudential Regulation Authority (APRA) has <\/span><\/span><a class=\"Hyperlink SCXW141612763 BCX0\" href=\"https:\/\/www.apra.gov.au\/news-and-publications\/apra-review-highlights-need-for-improved-valuation-and-liquidity-risk\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW141612763 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW141612763 BCX0\">released<\/span><\/span><\/a><span class=\"TextRun SCXW141612763 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW141612763 BCX0\"> findings from its review of superannuation trustees&#8217; valuation governance and liquidity risk management practices.\u00a0<\/span><\/span><span class=\"EOP SCXW141612763 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/span><\/p>\n<p><b><span data-contrast=\"auto\">Summary: <\/span><\/b><span data-contrast=\"auto\">Conducted in December 2023, the review covered 23 trustees managing 80% of APRA-regulated assets, totaling $2.7 trillion, with $500 billion in unlisted assets. While progress has been made since 2021, 12 trustees showed significant gaps in areas like board oversight, conflict management, revaluation processes, and liquidity planning.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">In more detail: <\/span><\/b><span data-contrast=\"auto\">APRA expects trustees to address deficiencies promptly and align with Prudential Standard SPS 530 Investment Governance (SPS 530), warning of further regulatory action if necessary. Key findings include:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\"><b>SPS 530:<\/b>\u00a0A significant proportion of trustees still displayed material gaps in key areas, including the need for material improvements in either or both their valuation governance or liquidity risk management frameworks to meet the requirements of SPS 530.<\/span><\/li>\n<li><span data-ccp-props=\"{}\"><span class=\"TextRun SCXW76734637 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW76734637 BCX0\"><b>Unlisted asset valuation governance<\/b> There was <\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW76734637 BCX0\">particular weakness<\/span><span class=\"NormalTextRun SCXW76734637 BCX0\"> across board oversight and conflict of interest management, revaluation frequency and triggers, valuation control, and fair value reporting.<\/span><\/span><span class=\"EOP SCXW76734637 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span>\u00a0<\/span><\/li>\n<li><span class=\"TextRun SCXW224960285 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224960285 BCX0\"><b><span data-contrast=\"auto\">Liquidity risk management:<\/span><\/b> There was particular weakness in liquidity stress trigger frameworks, unlisted asset liquidity risks and liquidity action plans.<\/span><\/span><span class=\"EOP SCXW224960285 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun SCXW109444218 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW109444218 BCX0\"><b><span data-contrast=\"auto\">What this means for trustees:<\/span><\/b> APRA has said that these findings are &#8216;concerning and highlight the need to further lift practices across the industry&#8217;. APRA will engage directly with those trustees identified as having deficiencies and will expect them to formulate <\/span><span class=\"NormalTextRun SCXW109444218 BCX0\">appropriate<\/span><span class=\"NormalTextRun SCXW109444218 BCX0\"> and <\/span><span class=\"NormalTextRun SCXW109444218 BCX0\">timely<\/span><span class=\"NormalTextRun SCXW109444218 BCX0\"> remediation plans. APRA expects all trustees to review the findings, assess themselves against SPS 530, and, if needed, enhance their valuation governance and liquidity risk frameworks. APRA has noted that where necessary, it will take further action to<\/span><span class=\"NormalTextRun SCXW109444218 BCX0\"> enforce SPS 530 and related requirements.<\/span><\/span><span class=\"EOP SCXW109444218 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>FSB publish impact report on reforms to securitization markets<\/h2>\n<p><span class=\"TextRun SCXW212122733 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW212122733 BCX0\">The Financial Stability Board (FSB) has <\/span><\/span><a class=\"Hyperlink SCXW212122733 BCX0\" href=\"https:\/\/www.fsb.org\/2025\/01\/fsb-finds-that-the-g20-financial-regulatory-reforms-have-enhanced-the-resilience-of-securitisation-markets\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW212122733 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW212122733 BCX0\">published<\/span><\/span><\/a><span class=\"TextRun SCXW212122733 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW212122733 BCX0\"> the final report on the impact of the G20 Financial Regulatory Reforms on <\/span><span class=\"NormalTextRun SCXW212122733 BCX0\">Securitization<\/span><span class=\"NormalTextRun SCXW212122733 BCX0\">, particularly the IOSCO minimum retention recommendations and the Basel revisions to prudential requirements.<\/span><\/span><span class=\"EOP SCXW212122733 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">In summary:<\/span><\/b><span data-contrast=\"auto\"> The evaluation finds that these reforms, introduced in the aftermath of the 2008 global financial crisis, have contributed to the resilience of the securitization market without strong evidence of material negative side-effects on financing to the economy.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"18\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Complex structures that contributed to the GFC \u2013 including securitizations of subprime assets, collateralized debt obligations and re-securitizations \u2013 have declined significantly, while the securitization market is more transparent.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"Arial\" data-listid=\"18\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">However, the market has not yet been tested through a full credit cycle to fully confirm the evidence on enhanced resilience, particularly in the case of collateralized loan obligations (CLOs) <\/span><span data-contrast=\"none\">that have seen significant growth in recent years but have not yet experienced a prolonged downturn.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span class=\"TextRun SCXW206580677 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW206580677 BCX0\"><b><span data-contrast=\"auto\">Non-bank growth:<\/span><\/b> The reforms appear to have contributed to a redistribution of risk from banks to the non-bank financial intermediation (NBFI) sector, with banks shifting towards higher-rated tranches. <\/span><\/span><span class=\"EOP SCXW206580677 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span class=\"TextRun SCXW148182270 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW148182270 BCX0\">This redistribution of risk has been driven both by an increase in non-bank financing of the economy and by the growth of non-bank investors in <\/span><span class=\"NormalTextRun SCXW148182270 BCX0\">securitizations<\/span><span class=\"NormalTextRun SCXW148182270 BCX0\">.\u00a0<\/span><\/span><span class=\"EOP SCXW148182270 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Key regulatory issues:<\/span><\/b><span data-contrast=\"auto\"> The report highlights key issues for national authorities and international bodies to consider:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"20\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The need to monitor risks in securitization markets in light of developments such as the growth of synthetic risk transfers and private credit in securitization structures;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"20\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The effectiveness of risk retention requirements for risk alignment in CLOs, given the fact that a large part of the global CLO market does not currently operate under such requirements and given the use of third-party risk financing for CLO structures; and<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\u25cf\" data-font=\"\" data-listid=\"20\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\u25cf&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Differences in reform implementation across FSB member jurisdictions, whose impact needs to be considered as authorities explore opportunities for framework adjustments<\/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-6aba2e2988174'>\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\/insights\/regulation\/february-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/february-global-regulatory-brief-green-finance\/\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/february-global-regulatory-brief-digital-finance\/\">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-6aba2e2989c7a'>\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    <style>section[data-anchor=row-6aba2e298bd03]::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-6aba2e298bd03'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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strengthen requirements and promote international best practice.<\/p>\n","protected":false},"author":1935,"featured_media":97114,"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":[500],"series":[],"class_list":["post-108371","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","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>February Global Regulatory Brief: Risk, capital and financial stability | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Recent periods of financial stress and the proliferation of risks across the financial system are fueling the development of regulatory initiatives to 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