Policymakers simply cannot dictate the details of risk management based upon assumed market developments. Markets currently are in tremendous flux, and policymakers cannot foresee the needs in future years. Thus, the soundest course is to create a clear legal and regulatory environment within which market participants can develop risk management tools as needed.
Since then, we have been reviewing both the comments submitted in written form and those provided during the public hearing, and we are now aiming to publish the final Guidance in Spring 2017. Through the work of the High Level Group we identified a number of best practices relating to NPL management.