The Financial Stability Board (FSB) met today on key elements of financial reforms ahead of the G20 Summit in Seoul. The meeting welcomed the Basel Committee’s global bank capital and liquidity standards; agreed on a framework for addressing systemically important financial institutions; endorsed recommendations for increasing the intensity and effectiveness of financial supervision; approved recommendations for implementing central clearing and trade reporting of over-th-counter (OTC) derivatives; and endorsed principles for reducing reliance on credit rating agency ratings.
The meeting also reviewed progress on other elements of the financial regulatory reform agenda, including accounting convergence, established FSB regional outreach arrangements, and discussed the future work programme.
The FSB expressed its appreciation for Korea’s support as the G20 Chair for the FSB’s reform work and its completion within the time frame set by G20 Leaders.
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