Latest news with #BaselCommittee
Bloomberg
16-05-2025
- Business
- Bloomberg
Basel Committee Resists US Pressure to Downplay Climate Risk
US efforts to rein in the Basel Committee's focus on climate risks were met with a rare show of resistance this week, according to people familiar with the matter. At a closed-door meeting that took place on Monday, the heads of the central banks and regulators that make up the Basel Committee on Banking Supervision rejected a proposal to dissolve the taskforce overseeing climate work, said the people, who asked not to be identified disclosing confidential conversations.
Reuters
12-05-2025
- Business
- Reuters
Global banking regulators agree to prioritise climate risk work
LONDON, May 12 (Reuters) - Global banking regulators on Monday agreed to intensify efforts to better understand the financial risks posed by climate change amid pushback from the United States. The oversight body of the world's forum for banking regulators met on Monday to take stock of the committee's work on climate-related financial risks and agreed to prioritise efforts to understand financial risk implications of extreme weather events, the Bank for International Settlements said in a statement. The agreement comes as policy makers and banking regulators on both sides of the Atlantic are debating the extent to which climate change should be embedded into central bank policy, a tussle analysts say is likely to shape central bank decision making around the world. In Europe, rulemakers have doubled down on efforts to address climate-related risks, with the European Central Bank making management of climate risks a key priority; in the United States, efforts have been scaled back or shelved. The group of central bank governors and heads of supervision, which make up the oversight body of the Basel Committee on Banking Supervision, also said it will publish a voluntary disclosure framework on climate-related financial risks for jurisdictions to consider. While the Basel Committee has no international authority or enforcement powers, its work on climate sets international standards which have a strong influence on national rulemaking. Analysts say its thinking is more closely aligned to European and British regulators which are taking steps to integrate climate risks into supervisory expectations for banks than to those in the United States. In recent years, the U.S. Federal Reserve has taken some steps to integrate climate change into its work through preliminary analysis and reports, but Chair Jerome Powell has repeatedly insisted the Fed has a limited role to play. More recently, U.S. President Donald Trump and other climate-sceptic Republicans have led a backlash against policies linked to environmental, social and governance issues across government, from coal mining to electric vehicles and DEI. In January, the Fed withdrew from, opens new tab the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system. The U.S. Treasury Department's Office of the Comptroller of the Currency in March withdrew from a jointly agreed set of climate principles for large U.S. banks, calling the framework "overly burdensome and duplicative". Law firm Mayer Brown said in April it expects the Federal Deposit Insurance Corporation ("FDIC") and Fed to withdraw from the joint climate principles in the near future.
Zawya
28-02-2025
- Business
- Zawya
ADGM sees 245% growth in assets under management in 2024
ABU DHABI: Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital, experienced unprecedented growth in 2024, with assets under management (AUM) surging 245 percent. The expansion to Al Reem Island was successfully completed, reinforcing Abu Dhabi's status as the 'Capital of Capital.' Ahmed Jasim Al Zaabi, Chairman of ADGM, said, 'Abu Dhabi stands at the forefront of global finance, exemplifying stability, ambition, and economic growth. As the 'Falcon Economy' strengthens its position as a premier destination for investment and innovation, ADGM plays a key role in supporting this growth.' ADGM saw a 245 percent increase in AUM in 2024, compared to 35 percent in 2023, now hosting 134 asset and fund managers overseeing 166 funds. The number of financial institutions rose to 275, with 79 newly licensed firms, including BlackRock, Polen Capital, PGIM, Nuveen, General Atlantic, Lone Star Funds, Investindustrial, Marshall Wace, AXA IM, Eiffel Investment ME, GQG Partners, SS&C Financial Services and Morgan Stanley. Following ADGM's jurisdictional expansion to Al Reem Island in 2023, integration was completed by the end of 2024, bringing in 1,100 businesses. ADGM introduced incentives such as fee exemptions for non-financial and retail businesses on Al Reem Island until 31st December 2024. The total number of operational entities grew to 2,381, marking a 32 percent year-on-year increase, with workforce numbers rising by 39 percent. Numou, ADGM's SME lending platform, strengthened its position in 2024 by expanding its partner network, including Khalifa Fund for Enterprise Development and private credit providers such as Credible-X, Klubworks and NymCard Payment Technologies. In 2024, ADGM's Financial Services Regulatory Authority (FSRA) introduced frameworks for fiat-referenced tokens (stablecoins), ESG Greenwashing guidance, IT Risk Management and updated Prudential Rules in line with Basel Committee recommendations. A whistleblowing framework was also launched, including a dedicated reporting portal. The Registration Authority (RA) enhanced Real Property Regulations, introduced off-plan development regulations, and launched AccessRP, a digital real estate transaction platform. ADGM reaffirmed its role in sustainable finance with a discussion paper on the region's first comprehensive Sustainable Finance Regulatory Framework. Key asset managers focused on sustainable investing—including TPG, Patrizia, Alterra, Fiera Capital, Nuveen, Kimmeridge, Marshall Wace, PGIM, Polen Capital, Joy Capital, BlackRock, General Atlantic, Ninety One, Golub Capital, APAX and AXA IM—established operations in ADGM. The FSRA granted Green Fund Designation to Vortex Energy IV, a US$1.8 billion AUM firm backed by Abu Dhabi's sovereign wealth funds and institutional investors. ADGM also welcomed 44 new signatories to the Abu Dhabi Sustainable Finance Declaration, raising the total to 160. An increasing number of global family offices and billionaires established operations in ADGM in 2024, including Leon Black's Elysium Management. Other prominent names include British businessman Asif Aziz, philanthropist Wafic Said, and Singaporean entrepreneur Kishin RK. ADGM strengthened its global reach through roadshows in major financial hubs, including New York, Washington, Paris, Switzerland, Hong Kong, Shanghai, Singapore and London. These engagements resulted in over 300 bilateral discussions with institutional investors, asset managers and financial leaders. ADGM Academy (ADGMA) expanded in 2024, doubling its physical space and enhancing its offerings in assessments, qualifications, consultancy and executive coaching. Over 2,000 UAE Nationals were trained and placed in key financial and fintech roles. The ADGMA Research Centre published 11 reports on AI, fintech, cybersecurity and digital transformation. The academy also secured eight global accreditations and signed 25 MoUs with institutions such as MIT, WMI and Ray Dalio, alongside UAE federal entities like GPSAA and the Federal Tax Authority.
