Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency. All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.

Agency	Pending Comment Letters	Due Date

Recent News on our Competent Authorities

2024-05-29

Over 20 Jurisdictions Use or Plan to Use the ISSB’s Standards

According to the IFRS, “Jurisdictions representing over half the global economy by gross domestic product (GDP) have announced steps to use the International Sustainability Standards Board’s (ISSB) Standards or to fully align their sustainability disclosure standards with those of the ISSB.” This includes over 20 jurisdictions representing close to 55% of the GDP, over 40% of global market capitalization, and more than half of global greenhouse emissions.

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IFRS

Over 20 Jurisdictions Use or Plan to Use the ISSB’s Standards

2024-05-29

European Council Approves Artificial Intelligence Act

On May 21, 2024, the European Council announced its approval of the Artificial Intelligence or AI Act, to set a global standard AI regulation through a risk-based approach. “The new law aims to foster the development and uptake of safe and trustworthy AI systems across the EU’s single market by both private and public actors.” The AI Act provides classification of AI systems based on risk, with lower risk systems being subject to light transparency obligations and high-risk systems subject to more requirements and obligations. AI that is capable of cognitive behavioural manipulation, social scoring, and the use of AI for predictive policing based on biometric data that categorize people based on race, religion, or sexual orientation will be banned in the EU. An AI Office in the European Commission, scientific panel, and an AI Board with member states’ representatives will be implemented as governing bodies to ensure enforcement.

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Council of the European Union

European Council Approves Artificial Intelligence Act

2024-05-29

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

On May 16, 2024 the Basel Committee published a report on the Digitalisation of Finance, outlining the risks and benefits of new technologies and its suppliers for the purposes of banking services, as well as “eight implications for banks and supervisors relating to macro-structural elements, specific digitalisation themes, and capacity building and coordination.” The report expands on the 2018 Sound Practices: implications of fintech developments for banks and bank supervisors. Technologies such as application programming interfaces, artificial intelligence and machine learning, distributed ledger technology and cloud computing, as well as new technologically enabled suppliers (eg big techs, fintechs and third-party service providers) and business models are reviewed within the report. The Committee hopes to address regulatory and supervisory implications such as:

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Basel

Basel Committee Publishes Report on Implications of Digitalization of Finance on Banks and Supervision

2024-04-22

FSB Consults on Liquidity Preparedness

The Financial Stability Board (FSB) published a consultation report on liquidity preparedness for margin and collateral calls. The report sets out eight proposed policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets (including securities financing such as repo).

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Financial Stability Board

2024-04-22

FSB Europe Group discusses Crypto and Real Estate Risks

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met in London to discuss global an regional macroeconomic developments and their implications for financial stability. In particular they discussed the macro-financial environment that continues to be shaped by the adjustment of the global economy to high interest rates, while geopolitical factors are weighing on the outlook.

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Financial Stability Board

FSB Europe Group discusses Crypto and Real Estate Risks

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