IIF Statement On COVID-19 Regulatory Response

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Today, the Institute of International Finance (IIF) issued the following statement from Dr Axel Weber, IIF Chairman and Chairman of the Board of Directors of UBS Group AG, and Tim Adams, President and CEO of the IIF: 

COVID-19 pandemic presents a tremendous challenge to policymakers around the world. The IIF, which represents more than 450 financial firms across 70 countries, stands ready with the industry to continue supporting the overall economy and affected communities. To that end, we applaud the large scale, creative, and broad-based responses that policymakers have taken thus far in the face of this unprecedented health crisis.

However, with the COVID-19 pandemic continuing to cause significant pressures on markets, creating dislocations and impacting the adequate functioning of credit markets, in a short time, policymakers may need to move to new realms of response – including targeted supervisory and regulatory policy measures.

In doing so, we must remember that today’s global financial system is governed by a regulatory framework defined by global standards. More than ever, it is essential that potential decisions regarding interpretation, adjustments, and tailoring of regulations be properly coordinated, leveraging the work of global standard-setters such as the Financial Stability Board, the Basel Committee, IOSCO and the IAIS. Such measures refer to essential elements of the global capital and liquidity framework for banks such as capital and liquidity buffers and the treatment of provisions, just to name a few. Coordinated action would ensure not only greater effectiveness of measures that ultimately apply to global markets, but also a level playing field by minimizing competitive distortions.

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While national and regional financial markets are currently facing specific and idiosyncratic challenges, the response by policymakers bears similar characteristics around the fiscal stimulus, financing structures, credit and guarantee facilities and monetary policy interventions. Similarly, regulatory and supervisory authorities have begun to take urgent steps to provide the necessary conditions for banks and other financial services firms to be able to continue addressing the liquidity, credit, investment and risk management needs of consumers, small and medium enterprises, corporate customers, and policyholders.

The just-announced extraordinary virtual G20 Leaders’ Summit is a positive step to advance a coordinated response to the COVID-19 pandemic and its human and economic implications, but it can’t be the last. No one country or region can overcome this challenge alone. We live in an integrated global system and anything short of a global, integrated approach will prove unsuccessful.

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Hydeout: The Prelude Announces Phase Two of Immersive Digital Music Experience Platform

  • Featuring Charli XCX, Rita Ora, G Eazy, Wiz Khalifa, Tinashe, Kid Laroi, Alison Wonderland, TOKiMONSTA, Zedd, Hardwell, Fedde Le Grand, Armin Van Buren, Slushii, Pixel Terror, Habstrakt, Sullivan King, KTN, Yung Bae, Manila Killa, Bohan Phoenix and More
  • Kicking off April 11 with On Location Monstercat Stream Takeover
  • Purchase Season Pass for all HYDEOUT Phase Two Events and HydeCoins for Individual Show Access: hydeoutworld.com
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SINGAPORE - Media OutReach - 13 April 2021 - Today immersive digital music platform HYDEOUT has announced a star-studded lineup for The Prelude: Phase Two as a continuation of its globally leading programming. Since its January 2021 launch, HYDEOUT's goal has been simple: showcase the industry's most in-demand artists across genres in unique virtual settings while offering a gathering place for music fans around the world. With this ethos at its core, HYDEOUT will kick off Phase Two on April 11 with some of its most impressive shows to date.

From festival mainstages to industry leading studio artists, HYDEOUT's Phase Two programming defies genres and defines culture. Modern pop icons will be on full display with performances from English songstress Charli XCX, new-age America rap royalty G-Eazy and Wiz Khalifa, forward-thinking performer Tinashe and Australian wunderkind Kid Laroi.

Dance music's most famed legends will also take the digital stage with heroic progressive house sets in line from Zedd, Hardwell, Armin Van Buren, and Fedde Le Grand, plus multi-genre throwdowns from global stars TOKiMONSTA and Alison Wonderland. Fans of the heavier end of the electronic spectrum will be treated to a Monstercat takeover to launch phase two featuring an on-location spectacle with Pixel Terror, Habstrakt, Sullivan King and KTN. Manila Killa and Yung Bae will bring their unique indie-electronic stylings to the platform.

Hydeout: The Prelude phase one led the digital event landscape with marquee performances from Rita Ora, Martin Garrix, NGHTMRE, Andrew Rayel, Cosmic Gate, Don Diablo, Nervo, Yellow Claw, Dombresky, Eptic, Flux Pavillion and more. These shows took place across six fully immersive digital environments at The Mirage Stage, futuristic cityscapes of HydeCity, HydeAlley, The Arch and Pandemonium, or tropical worlds of Aqua Sphere and Sanctum. HYDEOUT's unique interactive features like global chat rooms, custom avatars, watch parties and mini games, offers a way forward for artists and fans looking for a deeper sense of connection.

Performance episodes from both phases are available after their premiere as Video on Demand for HYDEOUT Season Pass holders and Pay As You Go users alike. Season Passes allow access to over 40 episodes and all platform features for just $49.99 USD. HYDEOUT users looking to enjoy a handful of shows can opt for a Pay As you Go pass, with which they can gain access using HYDEOUT's own in-platform currency HydeCoins. Individual shows range from the HydeCoin equivalent of $5-$10 USD. Season Passes and HydeCoins are available via – www.hydeoutworld.com

IIF Statement On COVID-19 Regulatory Response - Brand Spur
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