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Financial conglomerates-focused supervisory college starts in Q2

BSP Governor Benjamin Diokno MANILA - An inter-agency cross-sectoral supervisory college for financial conglomerates is scheduled to start its pilot run in the second quarter of 2022 as regulators bid for closer collaboration and further align supervisory practices with international standards. In a virtual briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said financial conglomerates account for around 60 percent of the domestic financial system. "Given the systemic importance of these entities, FSF (Financial Sector Forum) members felt the need to further strengthen supervision for a more effective discharge of their mandates under their respective charters," he said. Diokno said members of the FSF inked last January 25 a memorandum of understanding (MOU) for the establishment of the Supervisory College for Financial Conglomerate Supervision. He said the supervisory college will be a forum for regulators to "discuss emerging significant r ....

Benjamin Diokno , Bangko Sentral , Basel Committee On Banking Supervision , Financial Stability Coordination Council , Financial Sector Forum , Supervisory College For Financial Conglomerate Supervision , Exchange Commission , International Association Of Insurance Supervisors , International Organization Of Securities Commission , Department Of Finance , Insurance Commission , Philippine Deposit Insurance Corporation , Governor Benjamin Diokno , Supervisory College , Financial Conglomerate , Basel Committee , Banking Supervision , International Organization , Securities Commission , International Association , Bsp Governor Benjamin Diokno Manila An Inter Agency Cross Sectoral Supervisory College For Financial Conglomerates Is Scheduled To Start Its Pilot Run In The Second Quarter Of 2022 As Regulators Bid Closer Collaboration And Further Align Practices With International Standards Ina Virtual Briefing On Thursday , Angko Sentral Ng Pilipinas Bsp Governor Benjamin Diokno Said Financial Conglomerates Account For Around 60 Percent Of The Domestic System Quot Given Systemic Importance These Entities , Sf Financial Sector Forum Members Felt The Need To Further Strengthen Supervision Fora More Effective Discharge Of Their Mandates Under Respective Charters , Uot He Said Diokno Members Of The Fsf Inked Last January 25a Memorandum Understanding Mou For Establishment Supervisory College Financial Conglomerate Supervision Will Bea Forum Regulators To Quot Discuss Emerging Significant Risk Issues , Arry Out Impact Analysis Of The Conglomerate Risks , Nd Come Up Witha Supervisory Plan Quot The Mou ,

Katharine Kellar

Katharine Kellar
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Statement On OCA's Continued Focus On High Quality Financial Reporting In A Complex Environment, Paul Munter, SEC Acting Chief Accountant, Dec. 6, 2021

<h2><span style="font-size: small;">Introduction<a name=" ednref1" href="https://www.sec.gov/news/statement/munter-oca-2021-12-06?utm medium=email&amp;utm source=govdelivery# edn1">[1]</a></span></h2> <p><span style="font-size: small;">The events of the past year bring to mind the old saying that &ldquo;change is the only constant in life.&rdquo; Our capital markets continue to evolve and adapt in response to changes in the economic environment, investors&rsquo; needs for new types of information, and challenges related to the ongoing effects of the pandemic. Amidst these changes, the U.S. financial reporting system remains strong, largely due to the cumulative efforts of thousands of stakeholders who have exhibited resilience and adaptability, while remaining focused on the need for high quality financial reporting for the benefit of investors.</span></p> ....

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