February 12, 2019

FSB published, for the first time, its annual work program. The work program describes the planned work of FSB and contains an indicative timetable of the key FSB publications planned for 2019. It reflects the continued pivot of FSB from post-crisis policy design to the implementation and evaluation of the effects of reforms. The focus will also be on vigilant monitoring to identify and address new and emerging risks to financial stability.

As explained in the work program for 2019, the following are the key areas of work during the year:

  • Addressing new and emerging vulnerabilities in the financial system. FSB will continue to scan the horizon to identify and assess emerging risks through regular discussion by its members of macro-financial developments as well as through the biannual Early Warning Exercise conducted jointly with the IMF. FSB will also continue to assess the impact of evolving market structures and of technological innovation on global financial stability. This includes the resilience of financial markets in stress, the implications of the growth of non-bank financial intermediation, and operational issues such as cyber risks.
  • Finalizing and operationalizing post-crisis reforms. FSB is working with standard-setting bodies to complete work on a few final issues in the main reform areas. IAIS will finalize the Insurance Capital Standard (ICS) for the five-year monitoring period and the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). Moreover, FSB will work on providing additional guidance on the adequacy of financial resources for central counterparties (CCPs) to support resolution and the treatment of CCP equity in resolution.
  • Implementation of reforms. Implementation of the reforms is not complete and it remains uneven. It is critical to maintain momentum and avoid complacency, to achieve the goal of greater resilience. FSB, in collaboration with standard-setting bodies, will continue work on implementation monitoring through regular progress reports and peer reviews. These include identification of G-SIBs for 2019, review of the technical implementation of the TLAC Standard, resolution progress report, progress report on implementation of OTC derivatives market reforms, and progress report on the implementation of the FSB Principles & Standards for Sound Compensation Practices.
  • Evaluating the effects of the reforms. FSB will also take forward its program to evaluate the effects of post-crisis reforms. The objective is to assess whether reforms are operating as intended in an efficient manner and to identify and deliver adjustments, where appropriate, without compromising on the agreed level of resilience.

 

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Keywords: International, Banking, Work Program, Post-crisis Reforms, Too Big to Fail, ICS, FSB

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