- The FSB is seeking feedback on principles to assist financial authorities in their efforts to improve the effectiveness, efficiency, risk focus, coherence, and forward-looking nature of regulatory and supervisory frameworks.
- The proposed principles recognise the link between financial stability and sustainable economic growth, build on FSB members’ commitment to implement internationally agreed standards, and aim to preserve or enhance existing levels of financial system resilience.
- The FSB is also issuing a second report of the G20 Implementation Monitoring Review (IMR) that assesses whether and how the FSB’s policy development process can facilitate implementation of agreed policies.
The Financial Stability Board (FSB) today published two reports: Regulatory and Supervisory Modernisation Principles: consultation report and G20 Implementation Monitoring Review: 2026 report.
The first report sets out eight high-level principles for financial authorities in FSB member jurisdictions to apply in their efforts to ensure regulatory and supervisory frameworks are forward-looking and responsive to new vulnerabilities, technologies, offerings and economic conditions. As financial authorities around the globe pursue such modernisation efforts, these principles should promote alignment and contribute to keeping regulatory and supervisory frameworks effective and responsible.
The proposed principles are based on FSB members’ shared understanding that: (1) financial stability provides the foundation for sustainable economic growth, which in turn supports financial stability; (2) the principles build on the commitment to implement internationally agreed standards; (3) implementation of the principles must be consistent with jurisdictions’ legal frameworks and circumstances; and (4) the principles aim to preserve or enhance existing levels of financial system resilience.
The FSB is inviting comments on this consultation report and the questions set out within it. Responses should be submitted via this secure online form by 8 January 2027. The final report will be published in the first half of 2027.
The 2026 G20 Implementation Monitoring Review report, also released today, analyses whether and how the way the FSB develops, drafts, and presents policies may influence the implementation of those policies. This follows the 2025 findings of the IMR that there has been a worrisome slowdown in implementation that could weaken the financial system’s capacity to withstand future shocks.
Today’s report finds that national circumstances – including legal frameworks, market structure, and political capacity – are the main reason why implementation has been uneven. Nevertheless, in a number of cases, difficulties encountered in implementing a standard can also be traced to the policy development process itself, including insufficient attention to these difficulties. These findings point to targeted and well calibrated reform of the policy development process itself as one element in improving implementation.
Background
In 2025, the South African G20 Presidency asked the FSB to review how it promotes and monitors implementation of G20 financial sector reforms. To undertake this work, the FSB established an Implementation Monitoring Review (IMR) working group led by an external Chair, Randal K. Quarles (former FSB Chair and Vice Chair for Supervision of the Federal Reserve Board), and supported by a small team of senior members of the FSB.
The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.
Publications
14 October 2026
Regulatory and Supervisory Modernisation Principles: Consultation report
As FSB members review their regulatory and supervisory frameworks, the proposed principles should contribute to efforts to keep such frameworks effective and efficient.
14 October 2026
G20 Implementation Monitoring Review: 2026 report
The second report from the FSB strategic review of implementation looks at how the FSB’s policy development process can help improve implementation outcomes.
