Italy G7 Ministers, Leaders

On May 13, Italy issued communique from meeting of G7 ministers.

  • May 11-13 meeting in Bari convene G7 finance ministers, central bank governors.
  • Delegates of Italy, Canada, Japan, US, UK, France, Germany, EC, ECB, Eurogroup.
  • Agenda
  • May 12 meeting with academics, on economic growth, and fight against inequality.
  • The second session discuss issues related to financial services, regulation, growth.
  • Communique
  • Enhance implementation of structural reforms, and coordinate with macro policies.
  • Committ to reinforce tools and instruments to effectively counter terrorist finance.
  • Robust implementation of sanctions adopted by Security Council as a strategic tool.
  • Support inclusion and mitigate AML risks in money value transfer services (MVTS).
  • Cyber Risk at Firm Level
  • Pursue effective approaches to assess cyber security risk at a financial entity level.
  • Common practices to timely detect vulnerabilities is key element for firm resilience.
  • By regular cyber exercise and simulations, to effectively leverage penetration tests.
  • Mandate G7 cyber expert group (G7 CEG) develop cyber assessment by Oct. 2017.
  • CEG to work on the third party risks and the coordination with other critical sectors.
  • Cyber Risk Coordination
  • Recognize that cyber incidents represent growing threat, needing policy response.
  • No point of cyberspace secure, as long as cyber threats persist in the environment.
  • Drive to strengthen financial system against cyber attack can only achieve results.
    if accompanied by measures that reduce level of insecurity in cyberspace as whole.
  • Policies must be based on reliable, impartial, comprehensive and accessible data.
  • Call on governmental and industry to enhance sharing cyber security information.
  • Definition, collection method, data, to be consistent across countries, comparable.
  • Sharing experiences and best practices among stakeholders would be beneficial.
  • OECD Cyber Insurance
  • G-7 welcomed the development of cyber insurance market and OECD sector work.
  • Backed OECD May 2017 report on supporting an effective cyber insurance market.
  • Insurance cover for cyber risk allows companies, individuals to transfer exposures.
  • Insurance markets and companies can potentially contribute to manage cyber risk.
  • Promote awareness, encourage measurement, and by incentives for risk reduction.
  • Market must offer a material cover, to large share of companies, individuals at risk.
  • May 27 Leaders Summit
  • On May 27, 2017, G7 leaders issued communique, after their meeting in Taormina.
  • Did not mention new regulations or implementation, nor any need for deregulation.
  • Committed to tackle all corruption and tax evasion to reinforce trust in government.
  • Noted US is not in a position to join consensus of other countries on climate topics.
  • Also issued plan on innovation, skills and labor, and a gender-responsive economy.

Regulators Banca D'Italia; G-8; ITA Government; OECD
Entity Types B/D; Bank; Ins; SIFI
Reference Cmq, PR, 5/27/2017, Cmq, PR, 5/13/2017
Functions Financial; Reporting; Risk; Treasury
Countries Canada; European Union; France; Germany; Global Regulator; Italy; Japan; United States of America
Products Banking; Corporate; Insurance; Securities
Regions Global
Rule Type Guidance
Rule Date 5/13/2017
Effective Date 5/27/2017
Rule Id 32203
Linked to N/A
Report Issue 6/1/2017
Report Section International

Last substantive update on 05/28/2017