On March 9, 2021, TC 68 held a Virtual Status Update Meeting to review the resolutions from the fall Plenary meeting and give indications of directions going forward. No resolutions were taken during the call. Following is a summary of the key messages from the meeting. Click on the header to read more...
The follow two groups have been established as resolved at the fall Plenary:
Sustainable Finance Advisory Group (TC68/AG4)
The Sustainable Finance Advisory Group (TC68/AG4) has been established and is chaired by Rebecca Healy (FIX). The group has met several times now and it working to prioritize and organize its work. This group plans to liaise with TC 309 Governance of Organizations to promote the adoption of our
TC 68/SC8 identifier and related standards regarding identification of directors (official roles standard in progress), entity legal forms. ISO TC 68 can play
a key role in helping TC 309 in this area.
Digital Currencies Advisory Group (TC68/AG5)
The Digital Currencies Advisory Group (TC68/AG5) has also been established and is currently chaired by Mr. Stanley Young (JPMC) from Singapore. There will be a global committee manager support team to assist Stanley. We will also have co-conveners from other regions. One of the first things the group has been asked to do is to work with the Communications SG to communicate by a report or article on what standards are already available to support digital currencies and more generally digital assets, such as ISO 4217 currency code, ISO 24165 DTI and ISO 6166 ISIN. One of the key aspects of digital currency is identity.
Other Updates from the TC 68 Chair:
- The is work ongoing to make plans for a fall plenary meeting to be held in October 2021. The ISO TC 68 Strategic Leadership Group (TC 68/CAG) will work to set the date. These meetings will be done over a two-week period similar to how the status plenary was conducted. Looking forward, the current plan is to have our next in-person meeting in April or May 2022 in Norway.
- The preponderance of influence policy is out for ballot now to TC68. Everyone is encouraged to participate on this vote. If approved, we would like to provide this policy to the ISO TMB as a possible inclusion in a future update of the ISO Directives.
- TC 68 is discontinuing our liaison with TC307 Asset Management technical committee as there is not a common body of work.
- TC 68 will not enter a liaison at this time with ISO/TC 332 Security equipment for financial institutions and commercial organizations. TC 68 via the SLG asked that TC 68/SC2 just follow TC332, but we do not need to have an active liaison with this group.
- Resolution 20/530 is a fast-track process document that was presented at Fall meeting. Stefan Marinkovic has asked TC 68 to participate in this work. The goal is to have a document our committees can review prior to the start of the next fast-track ballot. Once written and if successfully balloted at the TC 68 level, the subcommittees will be asked to adopt this as well.
- No consensus was reached on a way to move forward on resolution 20/531 regarding Remote Identity at the TC68 level. Norway is considering the possibility of submitting this item to SC2.
- For resolution 20/532, it was discussed whether to put together a business domain advisory group around core banking areas. It has been decided to make sure the Sustainable Finance (TC 68/AG4) and Digital Currency (TC 68/AG5) groups are operating well before proposing additional groups.
TC68 Subgroup Updates:
The FinTech TAG (TC 68/TAG1) led by Convener Bill Nichols (US) and Secretary Meredith Gibson (FIX/UK) has been working on a series of webinars with speakers. These are open to all and have been well received.
The Standards Best Practices advisory group (TC 68/AG 2) led by Karla McKenna is finishing up their current deliverable and should be able to start the work on reconfirming of registration authorities in the next 9-12 months.
The SAG (TC68/AG2) has acted on TC68 resolution 20/521 from September asking the SAG to consider taking on responsibility with interaction with
CPMI forum. The SAG has reached out to CPMI and is involved in discussions. The SAG also asked that national bodies look at their SAG participants
and confirm the information is correct.
ISO 20022 RA advisory group has their first meeting next week. The ISO 20022 RMG report will be on each SC9 meeting agenda to update what is going on within the RMG.
The Communications group (ISO TC 68/SG4) is doing a great job and is sending out monthly updates.
Reports of the SubCommittees:
Each of the SC’s reported on the work ongoing in their SC.
SC2 Financial Services – Security - Mr. Kim Wagner, Chairperson
SC8 Reference Data – Mr. Dominique Tanner, Chairperson
SC9 Information Exchange – Mr. Patrice Hertzog, Chairperson
Update from ISO CS – Mr. Stefan Marinkovic
Stefan Marinkovic provided an overview of a newly issued strategy document. There is a dedicated web page for the new Strategy 2030.