February 20, 2018

At an FSB workshop in London, Dietrich Domanski, the FSB Secretary General, outlined the planned sessions on evaluating the effects of the financial regulatory reforms on financing for infrastructure investment. In the opening remarks, he offered an overview of the G20 post-crisis reforms, described the FSB approach to dynamic and effective implementation of reforms, and outlined the focus of the workshop on possible effects of the G20 regulatory reforms on infrastructure investment.

Mr. Domanski explained that careful evaluation of the effects that financial reforms have once they have been implemented is the centerpiece of the approach of FSB to reform implementation. "During 2017, FSB began its first two ex-post evaluations, working closely with the global standard-setting bodies. The first is a review of the incentives to centrally clear OTC derivatives. The second is the topic of today’s workshop; an evaluation of the effects of reforms on financial intermediation. This evaluation has two parts. By the Argentine G20 Leaders’ Summit in November 2018, we [FSB] will evaluate the effects of reforms on financing of infrastructure investment. The second component, which will continue into 2019, will examine financing for small- and medium-size enterprises."

He then noted few of the potential factors that influence the financing and delivery of infrastructure projects: the need for improvements in property rights and legal certainty, the need for more "investable" projects, or a lack of standardization in the terms of infrastructure financing. Against this backdrop, the overarching question, according to Mr. Domanski, is whether, and if so, how, financial regulation affects infrastructure finance. As outlined by the FSB Secretary General, two sessions at the workshop were expected to discuss this question for different stages of the infrastructure finance lifecycle. Before that, the morning sessions were expected to provide context on the trends in infrastructure finance and background on the work of FSB on the effects of reforms. FSB also planned to seek views on the qualitative survey it will launch in March. The survey will inform its evaluation work, which will, in turn, feed into the annual report for G20 Leaders that will be published in November 2018. Finally, he emphasized that FSB aims for a well-regulated, open, and integrated global financial system. 

 

Related Link: Speech (PDF)

Keywords: International Securities OTC Derivatives Regulatory Reforms, FSB

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