Another potential application of XBRL in the US took a step towards reality on 24 September, when President Biden signed the Congressional Budget Justification Transparency Act of 2021 into law.
The European Banking Authority (EBA) launched today its annual transparency exercise, as announced in March. As the EBA observes, this is based entirely on supervisory reporting data – powered by XBRL – so the additional burden on banks is minimal.
Gary Gensler, the Chair of the US Securities and Exchange Commission, gave testimony this week before the United States Senate Committee on Banking, Housing, and Urban Affairs.
“The independence of supervisory authorities is crucial for the legitimacy and credibility of the supervisory process,” says the European Insurance and Occupational Pensions Authority (EIOPA) – but how can we decide whether authorities are in fact free from conflicts of interest and undue external influence on supervisory decisions?
The balance between business confidentiality and transparency in reporting is a constantly disputed and ever-changing one. With that in mind, we are interested to note a recent announcement by the Australian Prudential Regulation Authority (APRA), affirming that it will publish entity-level data on authorised deposit-taking institutions – or in other words, banks.
In May 2021, the Financial Transparency Act (FTA) was reintroduced to the 117th United States Congress. This bill, if passed, would direct all eight major US financial regulatory agencies to implement consistent data standards for the information they collect from filers under existing securities, commodities and banking laws.
The European Banking Authority (EBA) has affirmed that its EU-wide 2021 transparency exercise will be carried out in autumn, with the launch planned for September. This annual exercise is part of the EBA’s endeavours to foster transparency and market discipline.
The European Banking Authority (EBA) has launched a consultation on its draft Guidelines on the delineation and reporting of ‘available financial means’ of Deposit Guarantee Schemes (DGSs), essentially ensuring that institutions really do have the resources to which they lay claim.
The Financial Stability Board (FSB) has published its final report on the impacts of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs), implemented following the global financial crisis. It found that the reforms have made banks more resilient and resolvable, and have reduced systemic and moral hazard risk.
The issue of investment stewardship is an increasingly visible one, thanks to the expansion of passive investment and expanded investor focus on ESG. It’s a topic we’re sure to explore further in the future, particularly with a view to the way that transparency can contribute to the functioning of markets in this field.