The China Securities Regulatory Commission (CSRC) said that limits on foreign ownership of futures, securities and mutual fund companies will go from January 1, 2020.

Though the mission of reforming the global financial system is nearly complete, there is still a lot of work to be done, such as around resilience, stability and sustainability, the Financial Stability Board (FSB) said. 

Global standard setters have set out the key criteria, functions and bodies for the governance arrangements for a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

In its 2020 work programme, the European Banking Authority (EBA) will focus on six key areas covering data through to financial stability. 

Changes to the Volcker rule, which is designed to stop banks engaging in certain types of proprietary trading, have been finalised by the five regulatory agencies responsible for its oversight.

Three US regulatory agencies have warned in a joint statement that the financial services industry must comply with banking rules when it comes to crypto-currencies.

The current expected credit loss (CECL) standard will make it harder to compare bank reserve levels and will hit firms in a variety of ways when it comes in on January 2020, according to a report by Fitch Ratings. 

Substantial progress has been made in addressing the data that is needed to monitor global financial risks, but high level political support is needed to tackle remaining challenges, the Financial Stability Board (FSB) and International Monetary Fund (IMF) said in a report. 

Banks will be classified into four categories reflecting factors such as risk profiles as part of the US Federal Reserve Board’s framework for tailoring enhanced prudential standards for firms with $100bn or more in assets.