FSB Reports to G20 on Progress of Financial Regulatory Reforms
On 16 February 2013, the Chairman of the Financial Stability Board (FSB) reported to the G20 Finance Ministers and Central Bank Governors on progress in the financial regulatory reform programme. In connection with this report, the FSB published three documents.
First, a letter by the FSB Chair to the G20, sent ahead of their meeting, reporting on the good progress being made in financial reforms, including in the following priority areas: creating continuous core markets by completing OTC derivatives and related reforms; strengthening the oversight and regulation of shadow banking; building resilient financial institutions; and ending “too big to fail”.
Second, an assessment of the effect of the G20 financial reform programme on the availability of long-term finance. This assessment has been contributed by the FSB as part of a broader diagnostic report prepared by international organisations to assess factors affecting longterm financing. The FSB assessment concludes that, while there may be short-term adjustment effects, the most important contribution of the financial reform programme to long-term investment finance is to rebuild confidence and resilience in the global financial system.
Third, a joint update by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board on the status and timeline of their remaining projects on converging their standards.
Originally Published:
16/02/2013