The Financial Stability Board ("FSB") updated the list of global systemically important banks ("G-SIBs") for 2019 based on end of year data from 2018 and the assessment methodology of the Basel Committee on Banking Supervision ("BCBS").
According to FSB, the G-SIB list now includes The Toronto-Dominion Bank. As a result, the overall number of G-SIBs increased from 29 to 30.
FSB stated that member authorities apply several requirements to G-SIBs, including:
- holding higher capital buffers according to their allocated buckets and international standards;
- meeting the total loss-absorbing capacity (or "TLAC") standard, in addition to capital requirements outlined in the Basel III regulatory framework;
- conducting resolution planning and frequent resolvability assessments; and
- maintaining higher supervisory practices for (i) risk management functions, (ii) risk data aggregation capabilities, (iii) risk governance and (iv) internal controls.
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