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.

 

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

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