The Chairman of the Financial Stability Board (FSB) reported to the G20 Finance Ministers and Central Bank Governors today on progress in the financial regulatory reform programme.
In connection with this, the FSB is publishing today:
- a letter by the FSB Chair to the G20, sent ahead of their meeting, reporting on the progress being made in the following priority reform areas: (i) building resilient financial institutions; (ii) ending “too big to fail”; (iii) strengthening the oversight and regulation of shadow banking activities; (iv) completing OTC derivatives and other reforms to create core continuous markets; and (v) implementing agreed G20 reforms in a timely and consistent manner;
- a report on progress in extending the framework for Global Systemically Important Financial Institutions (G-SIFIs) to domestic systemically important banks;
- a report on progress in strengthening the oversight and regulation of the shadow banking system;
- a joint report from the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board on their progress in converging their standards, together with a report on enhancements to the governance of the IASB.
At today’s meeting the G20 Finance Ministers and Central Bank Governors reaffirmed their commitment to common global standards by pursuing the financial regulatory reform agenda according to their agreed timetable in an internationally consistent and non-discriminatory manner.
The reports are available on the FSB’s website, www.financialstabilityboard.org/.
