Science Based Targets initiative’s Post

#Financial #institutions are the #engine for #change towards a net-zero world as they touch virtually every sector of the #economy. We are inviting financial institutions (FIs) worldwide to pilot the upcoming draft Financial Institutions Net-Zero (FINZ) Standard.

🌐 **FBR Revolutionizes Data Integration!** 🚀 📊 In a significant move towards transparency, the Federal Board of Revenue (FBR) is set to integrate with licensed remittance gateways, bringing real-time access to economic transaction information. 💳🔄 🚨 The FBR has officially notified a comprehensive list of integrated organizations, spanning agencies, authorities, and institutions outlined in section 175A of the Income Tax Ordinance. These entities will seamlessly connect with FBR's cutting-edge "real-time accessed data analysis repository (RADAR)." 📈🔍 📆 The deadline for integration is fast approaching, and the FBR is gearing up for a game-changing leap in data analytics and financial transparency. 🕒💡 📑 The list of financial institutions mandated to integrate with FBR's RADAR includes a diverse range: Non-Banking Financial Institutions (NBFIs), Asset Management/Mutual Funds Institutions, commercial banks, Micro Finance Banks, Development Financial Institutions (DFIs), Real Estate Investment Trusts (REITs), Insurance Companies, and many more. 💼💰 📈 This move is set to enhance FBR's data analytics capabilities and streamline the collection of real-time information on economic transactions. 🔄📊 📌 Notable entities in the integration list are National Database and Registration Authority (NADRA), Federal Investigation Agency (FIA), and the Bureau of Emigration and Overseas Employment, each contributing unique data sets related to identity, international travel, and employment details. 🌐🛂 💡 Stay tuned for further updates as FBR paves the way for a more transparent and efficient financial ecosystem! 🔗Courtesy Business Recorder🚀 #FBRIntegration #RADAR #FinancialTransparency #DataAnalytics #EconomicTransactions #BreakingNews 💻📈

🚀 In Conversation with Dany Mawas: Finalto ODP Solutions and FMAS:24 🌍 This year, FMAS:24 was particularly significant for Finalto SA, whose innovative ODP (Over-the-Counter Derivatives Provider) solutions garnered considerable attention.   We sat down with Dany Mawas, CEO of Finalto SA, to discuss the highlights of FMAS:24, the growing importance of ODP compliance in South Africa, and how their plug-and-play solutions are reshaping the market. 🔗 Click the link below to read the full interview. 👇  https://lnkd.in/dKAzKVCv #FMAS24 #FinaltoSA #ODP #Innovation #Compliance #FinaltoInterviews

🌍💼 The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) have released new policies targeting liquidity mismatch in #openendedfunds (#OEFs). This development is not just a change; it's a transformation! 🚀 🔍 𝗧𝗵𝗲 𝗖𝗼𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗵𝗮𝗻𝗴𝗲: The Revised #FSB Recommendations, along with #IOSCO's Guidance on Anti-Dilution Liquidity Management Tools (#LMTs), are set to revolutionize liquidity management by OEF managers. We're talking about a significant elevation from the current norms. 💡 𝗪𝗵𝗮𝘁'𝘀 𝗡𝗲𝘄? Clarity in Redemption Terms: OEFs will now offer redemption terms to investors that are crystal clear and based on the liquidity of their asset holdings. This is a game-changer in terms of transparency and investor confidence. #Categorization Approach: OEFs will be classified based on asset liquidity (liquid, less liquid, illiquid). Each category will come with specific expectations regarding redemption terms and conditions. This structured approach is a step towards more prudent and tailored fund management. Consistent Use of Anti-Dilution LMTs: The aim is to standardize the use of these tools, ensuring a level playing field and enhanced protection against market dilution effects. 📅 𝗟𝗼𝗼𝗸𝗶𝗻𝗴 𝗔𝗵𝗲𝗮𝗱: By 2028, the FSB and IOSCO will review the progress and assess if these reforms have effectively mitigated financial stability risks. This ongoing assessment underscores the commitment to a stable and robust financial system. #IlliquidAsset #LiquidAsset #FinancialStability #OEFs #LiquidityManagement #FSB #IOSCO #InvestmentStrategy #ALM #Keops

A new comprehensive framework has been introduced by leading financial infrastructure providers The Depository Trust & Clearing Corporation (DTCC), Clearstream, and Euroclear – in collaboration with Boston Consulting Group (BCG). The Digital Asset Securities Control Principles (DASCP) aim to manage risks and foster operational excellence in financial markets driven by distributed ledger technology (DLT). The DASCP, based on extensive industry experience, outlines a safe and efficient ecosystem for digital asset securities (DAS). It identifies potential risks and provides recommendations for controls, with its asset class and technology neutrality ensuring wide-ranging adaptability. The objective of the DASCP is to catalyze understanding, collaboration, and advancement in the digital asset ecosystem. Its development marks the beginning of a broader initiative, with plans to transition its stewardship to an industry association for continued relevance and dynamism. Key Takeaways: 1. Comprehensive Framework Development 2. Foundational Principles for Industry Standardization 3. Identifying Risks and Establishing Controls 4. Encouraging Active Industry Participation 5. Future-Proofing Financial Markets The DASCP represents a significant step towards shaping the future of finance through innovative technologies. It is poised to serve as a dynamic catalyst for the ongoing evolution of the digital asset landscape. #DigitalAssetSecurities #DLT #DASCP #RiskManagement #FinancialMarkets #Innovation #Fintech #Collaboration #FutureOfFinance

⏰  We’re less than 24 hours out from this year’s Open Source in Finance Forum! Hosted by FINOS the event drives innovation and collaboration between the Fintech and Open-Source communities.     Our CEO, Leo Labeis will be taking part in the opening keynote where he will present the exciting Rune contribution to FINOS announced yesterday.     You can also catch Leo who will lead the closing panel discussion which focuses on the Common Domain Model (CDM)’s path to industry-wide adoption and its application to regulatory reporting, alongside Eleanor Kelly of JPMorganChase, Carlos Vivas Augier of The Depository Trust & Clearing Corporation (DTCC) and kei miyazato of Japan Securities Clearing Corporation   For more info on the event, click here: https://lnkd.in/ghFRQx3F    Read more about the Rune announcement in FinTech Global here: https://lnkd.in/etiGGpZy    #OSFF #FINOS #Rune  #EMIR #EMIRRefit #DRR #DigitalRegulatoryReporting #CFTCRewrite #CFTC #RegTech #RegulatoryReporting #Regulation #Reporting #CDM #Derivative #OpenSource #CDE #CriticalDataElements #Data #EMIR #EMIRRefit #JFSA #MAS #ASIC

Members of FinCoNet’s Governing Council held an in-person meeting on the sidelines of last week’s Joint Meeting of the G20/OECD Task Force on Financial Consumer Protection and FinCoNet, held at the OECD - OCDE headquarters in Paris.   As FinCoNet’s governing body, the Governing Council is responsible for leading the organisation. There are currently eleven members on the Governing Council, representing authorities from: Australia (ASIC), Brazil (Banco Central do Brasil), Canada (Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada ), Indonesia (Otoritas Jasa Keuangan), Ireland (Central Bank of Ireland), Italy (Banca d'Italia), Japan (Financial Services Agency, Japan (JFSA, 金融庁)), Portugal (Banco de Portugal), Rwanda (National Bank of Rwanda (NBR)), South Africa (FSCA South Africa) and Spain (Banco de España).   At its meeting last week, the Governing Council discussed FinCoNet’s progress against its 2023-2024 Programme of Work and received updates from the Secretariat regarding membership applications. The Governing Council also discussed plans for the 2024 Annual General Meeting, to be hosted by Superintendencia de Banca, Seguros y Administradoras de Fondos de Pensiones del Perú in Lima on 27-29 November 2024, in conjunction with an International Seminar on Financial Consumer Protection. To learn more about FinCoNet and its organisational structure, visit: https://lnkd.in/emTKHze8

The Principles for financial market infrastructures (PFMI) are the "international standards aimed at ensuring that the infrastructure supporting financial markets is robust enough to withstand financial or operational shocks." The PFMI covers inter alia "- securities settlements systems (SSS) – systems that enable the transfer and settlement of securities by book entry according to a set of predetermined multilateral rules - central counterparties (CCPs) – parties that interpose themselves between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts" That is #ASX is subject to PFMI which, to their credit, they implement admirably today with #Chess But #ASX have failed with respect with respect to key principles "Principle 2: Governance - (all) FMIs should have governance arrangements that are clear and transparent, promote safety and efficiency and support the stability of the broader financial system. Principle 3: FMIs should have a sound framework for comprehensively managing legal, credit, liquidity, operational and other risks." Clearly in the case of the Chess Replacement program the #ASX Board failed to put in place clear transparent governance arrangements and a sound framework for managing 'other' risks, in particular technology, jeopardizing "safety and efficiency" and "the stability of the broader financial system." As demonstrated in evidence from the #ASX and others to the Parliamentary Joint Committee on Corporations and Financial Services, #ASX continue to transgress these principles by plowing ahead with initaives that have not been agreed with industry nor regulators. Regulators, #ASIC and #RBA should act! [As should shareholders in the coming weeks] https://lnkd.in/gCbbydbf Thanks Joshua Rosenberg

A month after ISSB released final IFRS S1 and S2 standards the International Organization of Securities Commissions (IOSCO) endorsed their adoption in its member jurisdictions.   Does it mean that we will soon be enjoying consistent and aligned sustainability reporting across the world? Yes and no. The European Union moves forward with their own sustainability framework, the SEC works on finalization of the US specific climate disclosure rule. Other territories? There are early indications that a lot of other territories will adopt standards issued by the International Sustainability Standards Board (ISSB) in some form, including Canada. Good news is that all of those frameworks are based on TCFD principles, so the core structure is the same.   But even for ISSB standards we will probably not see 100% alignment. Devil is in details, as always. Canadian Securities Administrators are considering an option to "adopt disclosure standards based on ISSB Standards, with modifications considered necessary and appropriate in the Canadian context". I wouldn't be surprised to see "modifications" in final disclosure rules in other territories as well. Let's face it, in the push to make IFRS Sustainability Disclosure Standards the global baseline the ISSB had to embed certain flexibility into the final standards to make it easier for different territories to adopt with "modifications considered necessary". So investors will perhaps still need pages long manuals that highlight differences between disclosure requirements of different jurisdictions. Well, it's still a huge improvement compared to the 'alphabet soup' we used to have just recently, isn't it? At PwC we proud ourselves to be very good at writing manuals, you can count on us!   #issb #iosco #sustainabilityreporting #pwc

After a detailed analysis, IOSCO has determined that the ISSB Standards are appropriate to serve as a global framework for capital markets to develop the use of sustainability-related financial information in both capital raising and trading and for the purpose of helping globally integrated financial markets accurately assess relevant sustainability risks and opportunities. #ifrssustainability #sasb #tcfd #iosco #globalbaseline