ESBG provides input on technical negotiations of the Artificial Intelligence Act
In Q4 of 2022, ESBG staff was invited to three stakeholder info sessions on the technical negotiations on the Artificial Intelligence Act, organized by the offices of MEP Voss (EPP, LIBE Shadow/JURI Opinion), MEP Clune (EPP, LIBE Shadow), and MEP Maydell (EPP, ITRE Opinion). During these info sessions, stakeholders were updated about the articles discussed during the technical meetings that took place in the Parliament and invited to provide concrete input on concrete issues.
The definition of AI remains a highly debated issue. According to ESBG members, the proposed definition is currently too broad. ESBG members argued for a narrow scope, since a scope that is too broad could potentially include more traditional software systems that should not fall under the scope of the proposal The definition of AI needs to take into account the different levels of autonomy and explainability of the system, as well as the level of control and human participation. Furthermore, it must contain the ability to learn and reason as central element.
Stakeholders were also asked for concrete examples of overlap with other pieces of legislation, also of sector-specific legislation. ESBG pointed out a number of articles where overlap with other legislation, notably the GDPR exists. There has also been discussion on the high-risk classification, extraterritorial applications, cooperation mechanisms, and access to data. Therefore, ESBG provided input on those matters as well.
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Crypto-asset Activities: WSBI-ESBG calls for a more consistent regulatory approach
The Financial Stability Board (FSB) which is an international body that monitors and makes recommendations about the global financial system published a proposed framework for International Regulation of Crypto-asset Activities on 11 October 2022. The said framework sets out a) the key issues and challenges in developing a comprehensive and consistent regulatory approach that captures all types of crypto-asset activities that could rise to financial stability risks; b) policy initiatives at the jurisdictional and international levels; c) the FSB’s proposed approach for establishing a comprehensive framework.
The FSB reports that crypto-assets and markets must be subject to effective regulation and oversight commensurate with the risks they pose. Crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.
WSBI-ESBG, for its part, welcomed the initiative of addressing the above-mentioned crucial issues and replied to the call for feedback on this consultative document on a proposed framework for International Regulation of Crypto-asset Activities, in particular calling for a more measured regulatory approach between the several players (i.e.; financial institutions, issuers, and providers of crypto assets) and for consistency between regulations and requirements applicable to traditional finance and crypto-based finance.
Finally, members underlined the importance of having a clear and dynamic regulatory approach to avoid confusion on the categorization of crypto-assets (i.e.; stablecoins, global stablecoins, digital assets), and the need for a higher consistency between local and international regulations.
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WSBI-ESGB members call for aligned approach between regulatory bodies on Cyber incident reporting
On 17 October 2022, the Financial Stability Board (FSB) published a consultative document on Achieving Greater Convergence in Cyber Incident Reporting (CIR). In parallel, the FSB invited feedback on this document. Back in 2021, the FSB already published a report on CIR. The report set out three ways the FSB would take work forward to achieve greater convergence in cyber incident reporting: developing best practices, creating common terminologies for CIR, and identifying common types of information to be shared across jurisdictions and sectors.
To inform on its work, the FSB conducted a survey amongst FSB members to identify the most common reporting objectives and types of reporting performed; understanding the practical issues financial authorities and financial institutions have in collecting or using incident information; identifying the information items authorities collect to meet the common reporting objectives, including a review of existing incident reporting templates; and exploring the mechanisms for financial authorities to share incident information across borders and sectors.
Drawing on the survey findings, the FSB has set out recommendations to address impediments to achieving greater convergence in CIR with a view to promote better practices. This work also helped to inform refinements to the Cyber Lexicon, which resulted in the addition of four terms and revision of three definitions. The FSB also reviewed financial authorities’ incident reporting templates and identified commonalities in the information collected. Leveraging on this work, the FSB presented a concept for a format for incident reporting exchange (FIRE) to promote convergence, address operational challenges arising from reporting to multiple authorities and foster better communication.
In the face of the above mentioned initiative, WSBI-ESBG replied to the call for feedback on this consultative document on cyber incident reporting, in particular calling for a harmonised reporting approach between different regulatory bodies, processes, and data requests. In terms of promoting greater convergence in CIR, financial authorities could offer tools and platforms that minimize operational issues for reporting of incidents.
Finally, members underlined the importance of having clear definitions to avoid confusion and to differentiate between the terms ‘cyber incident’ and the subcategory thereof of ‘cybersecurity incident’.
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WSBI and BTN Collaboration Encourages Global Financial Digitalization and Inclusion
Brussels, 16 December 2022 - World Saving and Retail Banking Institute (WSBI), incollaboration with PT Bank Tabungan Negara (Persero) Tbk (BTN), held the 28th meeting of the WSBI Asia Pacific Regional Meeting. The meeting was held under the theme "Sustainable and Resilient - Savings and Retail Banks in the Post-Pandemic Era". The event was a follow-up to the results of the G20 summit in Denpasar, Bali.
WSBI Managing Director Peter Simon delivered the Paris Declaration to representatives of the Indonesian G20 Presidency. In his speech, Mr Simon insisted on the need for shared solutions to common problems that go beyond geopolitical division. To this end, he reiterated the main points of the Paris Declaration, which calls for harmonizing green taxonomies among jurisdictions following science-based, pragmatic principles. In line with the theme, there were a number of discussion topics at the Regional Meeting, which was held on December 15-16, 2022, in Bali, Indonesia. Among them are digitalization and financial inclusion, sustainability, green finance, innovation, fintech, and payments. These topics were elaborated from different perspectives: business side and regulatory.
WSBI delegation was led by WSBI – ESBG Managing Director, Peter Simon and the meeting saw the participation of many members such as the President Director of
Bank BTN, Haru Koesmahargyo, Shantan Yoosiri Senior Executive Vice President of Government Saving Bank Thailand, and a number of delegates from various countries and banks such as Imagin, CaixaBank, the Sparkassestiftung for International Cooperation, Germany, the Saving Bank of Thailand, Cambodian Bank, Xalk Bank Uzbekistan, Bostwana Savings Bank, Bostwana, the European Union Delegation to ASEAN, the European Investment Bank, European Union. This very intense three-day event was a great chance to concretely discuss best practices and share strategies both from the perspective of regulators and the banking industry. Participants learnt and discussed practical solutions to improve the reliability of green finance product data. Tools and strategies were presented for very advanced banks as well as for institutions catering for the less well-off. The European Investment Bank and the Indonesian Ministry for Housing and Public Works gave a bunch of concrete projects that are being launched in the region where socially responsible banks can play a crucial role while developing their green finance portfolio.
Media coverage in other languages
Article from : Liputan 6 (The 6 Report), Indonesian flagship television news program broadcasts on SCTV
Article from: Suara.com, a Indonesian news portal that presents informations from political, business, legal.
Article from: Media Indonesia is a national newspaper published since January 19, 1970
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