The IFSB Releases Summaries of Public Consultation Comments for Exposure Drafts of TN-2 and IFSB-19
Date posted: 20 June 2017
20 June 2017, Kuala Lumpur – The Islamic Financial Services Board (IFSB) is pleased to announce the release of the Summaries of Public Consultation Comments received for the Exposure Drafts of TN-2: Technical Note on Stress Testing for Institutions offering Islamic Financial Services and IFSB-19: Guiding Principles for Disclosure Requirements for Islamic Capital Market Products. The release of these summaries of comments, and the corresponding IFSB Secretariat actions in the respective Standard/Technical Note, is in line with the revised ‘Guidelines and Procedures for the Preparation of Standards and Guidance/Technical Notes – April 2016’ which stipulate that the Secretariat may publish on the IFSB’s website a summary of the feedback received during the public consultation period; along with any responses by the Secretariat.
Commenting on this release, Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher, stated that, “These initiatives are part of the ongoing efforts by the IFSB to further enhance transparency and inclusiveness in its standards-setting process. In selecting a style of releasing these summaries, the IFSB has benchmarked to the style-preferences of its counterpart international standard-setting bodies.”
Mr. Khokher further added that in maintaining the confidentiality of the parties in relation to individual comments, the IFSB duly acknowledges in a separate list all parties that had contributed oral and written comments during the public consultation period.
The comments are summarised based on their main themes, and segregated by the sections of the respective Standard/Technical Note. The corresponding IFSB response/actions to the comments are also listed alongside.
The Public Consultation period for the Exposure Draft of TN-2 was 21 March to 21 June 2016, while the Exposure Draft of IFSB-19 was 31 October to 31 December 2016. This particular style of releasing comments and draft summaries for both TN-2 and IFSB-19 were presented at, and approved by the IFSB Technical Committee in its 42nd Meeting held on 25 May, 2017 in Cairo, Egypt.
The softcopies of the Summaries of Public Consultation Comments for the Exposure Drafts of TN-2 and IFSB-19 are available on the IFSB website www.ifsb.org.
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