October 06, 2017

The FSB plenary met in Berlin and reviewed the workplan for the remainder of 2017-18, along with the next steps on evaluation of the effects of the post-crisis reforms. The work coordinated by FSB to agree on the international post-crisis policy reform agenda is nearly complete. Nevertheless, in cases, important policies have yet to be fully operationalized. Monitoring and publicly reporting on member jurisdictions’ implementation of agreed reforms remains a priority.

The following key items in the work program were also discussed:

  • The Plenary agreed that FSB, in coordination with the relevant standard-setting bodies, should evaluate the effects of reforms on financial intermediation. This will be the second evaluation to be launched under the FSB framework. The first evaluation, a review of the incentives for central clearing of over-the-counter derivatives, began in July and will conclude in late 2018. Members discussed progress on this project, which will include a public consultation in mid-2018.
  • The Plenary reviewed the results of a stocktake of existing publicly available regulations and supervisory practices with respect to cyber-security in the financial sector, as well as existing international guidance. The stocktake will be delivered to the G20 meeting in Washington DC next week and published thereafter.
  • The Plenary discussed progress in the development of a toolkit to strengthen governance frameworks to mitigate misconduct risks, which is planned to be published in April 2018. The Plenary approved for publication (shortly) a progress report on reforms to major interest rate benchmarks from the FSB’s Official Sector Steering Group, which was set up to coordinate these reforms.
  • The Plenary received updates on the annual global shadow banking monitoring exercise, the results of which will be published by the end of 2017. FSB also approved the operational arrangements to initiate data collection and aggregation of global securities financing transactions, beginning with the end-2018 data. The detailed reporting guidelines will be published later this year.
  • The Plenary agreed to undertake a review of the jurisdictions represented in FSB’s six Regional Consultative Groups (RCGs). To this end, the RCGs will recommend for Plenary decision, at its next meeting, any changes to the jurisdictions in the RCGs’ membership.

 

Related Link: Press Release (PDF)

Keywords: International, Banking, Insurance, Securities, Workplan Review, Shadow Banking, Post-crisis Reforms, Misconduct Risks, FSB

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