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
IFRS	Amendments to the Classification and and Measurements of Financial Instruments	July 19, 2023
IFRS	Methodology for Enhancing the International Applicability of the SASB Standards and SASB Standards Taxonomy Updates	August 9, 2023

Recent News on our Competent Authorities

2023-05-30

Statistical release: BIS international banking statistics and global liquidity indicators released

The Bank for International Settlements issued its BIS locational banking statistics (LBS) on global liquidity indicators. The key findings of this report are as follows:

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Bank of International Settlements

Statistical release: BIS international banking statistics and global liquidity indicators released

2023-05-30

IASB to Undertake Project on Climate-Related Risks in Financial Statements

The International Accounting Standards Board (IASB) met in March to initiate its project to examine how to improve companies’ disclosures on climate-related risks. In March 2021, the IASB published a request for information on its Third Agenda Consultation, and received feedback that:

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IFRS

IASB to Undertake Project on Climate-Related Risks in Financial Statements

2023-05-30

IASB Plans to Propose Amendments to the IFRS for SMEs Standard

The International Accounting Standards Board (IASB) has plans to amend the IFRS for SMEs Standard on June 1, 2023 through publication of its Exposure Draft International Tax Reform—Pillar Two Model Rules—Proposed Amendments to the IFRS for SMEs Standard, which will be available through the Amendments to the IFRS for SMEs Accounting Standard—International Tax Reform—Pillar Two Model Rules project page and its Open for comment section.

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IFRS

IASB Plans to Propose Amendments to the IFRS for SMEs Standard

2023-05-30

Basel Committee Meets to Discuss Market Developments and Risks, and Policy/Supervisory Initiatives

In March of this year 2023, the Basel Committee on Banking Supervision met in Hong Kong and virtually to discuss current market developments, risks and vulnerabilities to the global banking system, and policy and supervisory initiatives including review of its Core Principles for Effective Banking Supervision. Recent market developments have highlighted the need for “resilient global banking system underpinned by effective bank governance and risk management practices, robust regulatory standards, and strong supervision supported by proactive cross-border cooperation.” According to the Basel Committee, current risks include inflation, lower growth and geopolitical tensions; and in response the Committee plans to implement the Basel III framework “in a full and consistent manner”.

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Basel

Basel Committee Meets to Discuss Market Developments and Risks, and Policy/Supervisory Initiatives

2023-05-01

FSI Issues Executive Summary of Proportionality in Banking Supervision

The Financial Stability Issued and Executive Summary of Proportionality in Banking Supervision to summarize various proportionality approaches to implementing the Basel III Framework. Notable in the summary is the reiteration of the principles of proportionality built into the Basel III Framework and most recently elaborated on the Basel Committee on Banking Supervision’s High-level Considerations on Proportionality.

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Basel

FSI Issues Executive Summary of Proportionality in Banking Supervision

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