Featured Product

    FSB Issues Annual Report on Implementation and Effects of G20 Reforms

    November 28, 2018

    FSB published its fourth annual report on the implementation and effects of the G20 financial regulatory reforms. Also published were the latest annual survey responses by the member jurisdictions on the implementation of other areas of reform, along with the summary tables and jurisdiction profiles on implementation progress. The report includes a dashboard that summarizes the status of implementation for priority reform areas across FSB jurisdictions.

    The annual report highlights progress made in the reform agenda, as FSB pivots toward implementation and rigorous evaluation. Looking ahead, the report highlights some challenges in promoting a financial system that supports the G20 objective of strong, sustainable, and balanced growth, while preserving open and integrated markets and adapting to the rapid technological change.  The report covers the following key issues:

    • The substantial progress that has been made in implementing the key post-crisis financial reforms
    • Contribution of the reforms to the core of the financial system becoming more resilient to economic and financial shocks
    • Work of FSB to evaluate whether reforms are working as intended
    • The benefits of cooperation between jurisdictions in the aftermath of the crisis

    The report also includes key findings from the recently concluded FSB evaluations on the effects of G20 financial reforms on incentives to centrally clear over-the-counter (OTC) derivatives and infrastructure finance. The report, which will be delivered to the G20 Summit in Buenos Aires, calls for the support of G20 Leaders in implementing the agreed reforms, and reinforcing global regulatory cooperation. The report notes that regulatory and supervisory bodies should lead by example in promoting the timely, full, and consistent implementation of remaining reforms to Basel III, resolution regimes, OTC derivatives, and non-bank financial intermediation. This will support a level playing field and avoid regulatory arbitrage.

    Frameworks for cross-border cooperation between authorities should be enhanced to build trust, allow for the sharing of information, and to preserve an open and integrated global financial system. The report also mentions that authorities should evaluate whether the reforms are achieving their intended outcomes, identify any material unintended consequences, and address these without compromising on the objectives of those reforms. Financial stability authorities should continue to contribute to the FSB’s monitoring of emerging risks and stand ready to act if such risks materialize.

     

    Related Links

    Keywords: International, Banking, Insurance, Securities, Annual Report, G20, Basel III, OTC Derivatives, Regulatory Reforms, FSB

    Featured Experts
    Related Articles
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    IAIS Statement on Monitoring Period of Insurance Capital Standard

    IAIS published a statement from its Secretary General Jonathan Dixon on the Insurance Capital Standard (ICS) monitoring period.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Statement on Adverse Interest Rate Environment

    EIOPA published a supervisory statement on the impact of the ultra-low or negative interest rate environment on the insurance sector in EU.

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4720