ESBG submits its response to the IASB consultation on Amendments to the Classification and Measurement of Financial Instruments

On 19 July, ESBG submitted its response to the IASB’s consultation on its Exposure Draft (ED) on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7).

The proposed amendments are a direct response to the feedback gathered from a post-implementation review of the classification and measurement requirements in IFRS 9 and include clarifications on the classification of financial assets with environmental, social and corporate governance (ESG) and similar features as well as on the Settlement of liabilities through electronic payment systems, among others. Additionally, the ED suggests introducing revisions and additions to the disclosure requirements stated in IFRS 7.

ESBG’s response concentrates on 5 different pillars :

  • Classification of financial assets – contractual terms that are consistent with a basic lending arrangement
  • Disclosures – contractual terms that could change the timing or amount of contractual cash flows
  • Derecognition of a financial liability settled through electronic transfer
  • Classification of financial assets – financial assets with non-recourse features
  • Disclosures – investments in equity instruments designated at fair value through other comprehensive income

Executive SummaryFull Position Paper

Andreea Lungu
Advisor- Financial Reporting and Taxation
t.: +32 2 211 11 64

European Commission: Roundtable on the distribution of retail investment products

Mr. Peter Simon ESBG Managing Director will speak at a FISMA, EC Roundtable on the distribution of retail investment products. New beginnings: A fairer consumer experience and increased retail investor participation in capital markets. Mr. Peter Simon will focus his presentation on highly insightful data on #RIS

More about the session

Follow the morning session here:


Follow the afternoon session here (14:00 – 14:50)


WSBI 29th Africa Regional Meeting


11 - 13 OCTOBER 2023

Register for the event


Dear Members,

You are kindly invited to join us in Marrakesh, Morocco, from the 11th to 13th of October 2023.
Our upcoming 29th WSBI Africa regional event will be held in Marrakesh, hosted by our Moroccan member, Al Barid Bank, on the 11th –12th October 2023.

The 40th WSBI Board of Directors will closely follow on the 12th October 2023 in the afternoon.
WSBI will organize its 30th WSBI General Assembly on the 13th of October, followed by its traditional annual WSBI Cocktail Reception in the evening, parallel to the World Bank & the International Monetary Fund meetings.

WSBI members are cordially invited to participate at this high-level exchange on global finance amongst international leaders of banks, politics, international organisations and globally relevant stakeholders.

Word Savings and Retail Banking Institute and Al Barid Bank cordially invites you to join us in Marrakech

Mr Peter Simon

Managing Director of WSBI

Mr Al-Amine Nejjar

African Regional President & Managing Director of AL BARID BANK & host of our 29th African Regional Event

29th African Regional Event

Day 1: October 11
Location: Hotel du Golf Marrakech Rotana Palmeraie

First Morning Session 9.30

Second Morning Session 11.30

First Afternoon Session 14.00

Second Afternoon Session 16.00

Evening 19.30

Day 2: October 12
Location: Hotel du golf Marrakech Rotana Palmeraie

First Morning Session 9.00

First Afternoon Session 16.30

Second Afternoon Session17.30

Evening 20.30

Day 3: October 13
Location: Hotel du golf Marrakech Rotana Palmeraie

First Morning Session – 9.30

Event Dedicated PageREGISTRATIONS

First Afternoon Session – 14.00

Evening – 18.00
Location: Le Nouba Zone de l’Agdal, Bd Mohamed VI, Marrakesh

29th African Regional Conference AGENDA



Due to high demand in Marrakesh on said dates, we strongly advise to book your accommodation as soon as possible.

Reservations can be made at the Hotel du Golf Rotana situated at Palmeraie, not far from the IMF meetings venue. Booking is available under preferential rates for WSBI members, through the local agency Alliance Travel. Please contact the local agent Mr Said: / tel: +212 6 18 12 36 07

Transport service will be provided to the meetings venue, dinner and cultural program. The invitation as well as the background documents will be circulated closer to the date of the meetings. For any assistance, please contact

Weather and dress code

Marrakech, also spelled Marrakesh, chief city of central Morocco. The first of Morocco’s four imperial cities, it lies in the centre of the fertile, irrigated Haouz Plain, south of the Tennsift River. The ancient section of the city, known as the medina, was designated a UNESCO World Heritage site in 1985.

Discover more

About Marrakech

What to pack for Marrakech in October in addition to your regular packing: Days will feel warm so bring lightweight, breathable cotton clothing. Floaty long dresses or skirts. Evenings can start to feel cool so take a lightweight shawl or jacket

ESBG submits its response to the European Commission consultation on the draft Delegated Act concerning EFRAG’s Set 1 ESRS

On 7 July, ESBG submitted its response to the consultation launched by the European Commission on the draft Delegated Act for the first set of European Sustainability Reporting Standards (ESRS). This act supplements the Accounting Directive as amended by the Corporate Sustainability Reporting Directive, which requires large companies and listed companies to publish regular reports on the social and environmental risks they face, and on how their activities impact people and the environment. This first delegated act sets out cross-cutting standards and standards for the disclosure of environmental, social and governance information.

In its response, regarding expanded materiality assessment vs. mandatory disclosures, ESBG suggests maintaining mandatory climate disclosure indicators and topics, including GHG emissions and climate targets, as well as retaining mandatory environmental and social disclosures necessary for SFDR compliance and Pillar 3 disclosure requirements. It also proposes reconsidering the voluntary nature of certain disclosures, such as those related to biodiversity and a company’s own workforce.

As for the phase-in of certain disclosure requirements, ESBG supports the intention of reducing the disclosure requirements on SMEs and expanding the flexibility on introducing the disclosure requirements. However, the new suggested phase-in approach risks making the implementation of the requirements more complex and less understandable and could potentially end up having the opposite of the desired effect.

Moreover, to ensure regulatory consistency and avoid duplication, ESBG recommends aligning the ESRS with the upcoming Corporate Sustainability Due Diligence Directive (CSDDD) and using a single definition based on the CSDDD for reporting purposes. Finally, the CSRD mandates the disclosure of a company’s business model and strategy, However, under the ESRS, the requirement to disclose a transition plan will be evaluated for its materiality, and there is a need for clarity on the priority between CSRD and ESRS disclosure requirements.

The Commission plans to adopt the Delegated (DA) in July, so then they can start the legal scrutiny period. The final adoption is envisaged to be by the autumn of 2023. ESBG will be following the developments in this regard.

Executive SummaryFull Position Paper

Andreea Lungu
Advisor- Financial Reporting and Taxation
t.: +32 2 211 11 64

Asia Regional Group Meeting & WSBI 2023 G20 Conference


Asia Regional Group Meeting & WSBI 2023 G20 Conference

17 MARCH 2023

Register for the event

We are delighted to invite you to:

The 29th Asia Pacific Regional Group Meeting, G20 Advocacy Panel, G20 Reception, and the 2023 Global SME Finance Forum.

These events, organized by the World Savings and Retail Banking Institute (WSBI) in conjunction with the State Bank of India, will take place in Mumbai from Sept. 11th to Sept. 14th.

These annual meetings provide a forum for members to engage in insightful discussions, share challenges, explore opportunities, and reflect on the past year’s developments in the banking sector.

The schedule is as follows:

September 11th, 2pm to 6pm – State Bank of India Headquarters, Mumbai: The 29th Asia Regional Group Meeting offers an excellent opportunity to discuss challenges, opportunities, and innovations of the past years and to set regional priorities for the upcoming year.

September 14th, 1pm to 8pm – Grand Hyatt Mumbai Hotel & Residences: The G20 Advocacy Event & Reception, recognized as an official G20 side event by the Indian Presidency, will feature over 500 CEOs from leading financial institutions, along with the Indian Finance Ministry, and the Reserve Bank of India. We will showcase our members’ innovative solutions and support to SMEs under various economic conditions and present a call to action to enhance gender equality in SME Financing.
The event will conclude with a reception attended by over 500 CEOs and regulators.

September 12th-14th – Grand Hyatt Mumbai Hotel & Residences: The 2023 Global SME Finance Forum, a platform founded by the G20 and operating under the World Bank, allows you to connect with global leaders in small business financing. This year’s theme is ‘Digital Ecosystems and the Future of SME Financing’, where we anticipate participation from esteemed figures like Nandan Nilekani, co-founder of Infosys and architect of Aadhar, India’s digital ID program.

Be informed that due to our enduring partnership with the SME Finance Forum, a limited number of WSBI members will have the opportunity to attend the SME. We hope you will join us from Monday, September 11th to Thursday, September 14th.

Finance Forum at no cost. We encourage you to contact us at your earliest convenience to secure your tickets.
Contact Person: Alessandro Bazzoli – WSBI Internation & Institutional Relations Advisor (Asia and the Pacific)
t.:+32 2 211 11 34

Finance Forum Website

WSBI-ESBG is looking for Administrative & ICT Officer m/f/d

About the Job
The WSBI-ESBG, the European Savings and Retail Banking Group and World Saving and Retail Banking Institute is located in Brussels and represents the interests of saving and retails banks and their associations worldwide :

We are currently looking for a:


The job entails the following main tasks :

Administration :
• Assist the organisation department in the day-to-day work ;
• Administration dealing with public authorities;
• Preparing invoices, reconciliations, prepare payments, etc. ;
• Assist HR in publication of vacancies, follow up of absences, maintain the internal rules up to date, order lunch vouchers etc.
• Administration dealing with the internal archives.

• Configure laptop’s, printers, create user profiles and e-mail addresses, etc. ;
• ICT help desk for MS Office applications and MS Dynamics (CRM) ;
• Maintain and develop the WSBI-ESBG intranet and extranet in Sharepoint with the help of an external provider ;
• Maintain the digital signage application ;
• Digital archives.

Profile :

• Bachelor of business administration/ ICT or similar degree;
• Relevant experience in administration work;
• Understanding of Human Resources procedures (Educational leave, Social secretariat, Insurances, Work permit; etc )
• Very well organised in the daily job;
• Ability to work in an international team;
• Ability to comply with tight deadlines and deal with several files in parallel;
• Language requested : French, Dutch and perfect command in English, other Eu Language are an asset;
• Proficiency in IT skills, including Word, PowerPoint, excel, Outlook; Ms Dynamics, SharePoint and server applications.

What we offer:
• Competitive remuneration with additional benefits (Group insurance, Health insurance, meal voucher, extra-legal holidays);
• Multi-cultural, dynamic, work environment;

Interested candidates are invited to send a C.V. accompanied by a covering letter by email before 31st July 2023.

ESBG stresses on the need to elaborate a clear and coherent framework in its response to the ESAs on the review of SFDR

On 3 July 2023, ESBG responded to the ESAs (the three European Supervisory Authorities: EBA, EIOPA and ESMA) Consultation Paper on the review of the Sustainable Finance Disclosure Regulation (SFDR) Delegated Regulation regarding PAI and financial product disclosures.

Overall, even though ESBG welcomes the objective to clarify the current framework as well as to make it more workable, we are stressing that implementing changes comes at a high economic expense, hence future changes must be considered carefully.

Moreover, defining a sustainable investment should be a priority and the prerequisite to all regulations concerning ESG products. It would enable product comparability and legal protection against greenwashing risk.

ESBG believes that the inclusion of new mandatory social indicators might not currently be the main priority given the lack of data and common measurement methodology. More clarity is needed regarding the definition and metrics of the proposed mandatory social indicators. Indeed, the existing PAIs already cover quite a wide range of issues.

On a more general note, ESBG kindly asks to consider very carefully any future changes to:
• avoid adding an extra layer of complexity to the current framework;
• avoid making it even more difficult to implement for financial market participants and;
• avoid causing fatigue to customers with new information/requirements in a short period of time.

Executive SummaryRead the full letter here


Adrien Boudet- Associate Advisor-Sustainable Finance
t.: +32 2 211 11 63