BRUSSELS, 9 November 2015 – WSBI-ESBG’s Coordination Committee members exchanged views on 29-30 October in Madrid with David Wright, Secretary General of IOSCO – the International Organization of Securities Commissions. Mr Wright gave his views on the latest global trends in the securities sector, banking regulation and financial markets.
The meeting is important to WSBI-ESBG because IOSCO works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda and brings together the world´s securities regulators.
Coordination Committee members further discussed the way forward for the Single Resolution Board (SRB) with one of its board members and Director of Resolution Planning and Decisions Antonio Carrascosa. During the meeting, Carrascosa gave insights into the SRB strategy, which has started its work in January 2015 and is aiming to establish its infrastructure to deliver cross-border resolution within the SSM area. It is in charge of the creation of the Single Resolution Fund and direct coverage of around 120 SSM significant institutionsand and close to 30 other remaining "cross-border banks" with a special separate treatment for the nine global systemically important banks.
The SRB will further ensure consistency of resolution planning and decision of the remaining banks within the Banking Union and will thus issue guidelines and instructions and be in exchange with national resolution agencies.