The Chairman of the Financial Stability Board (FSB) reported to the G20 Finance Ministers and Central Bank Governors today on progress in the financial regulatory reform programme. In connection with this, the FSB published a letter by the FSB Chair to the G20, sent ahead of their meeting, reporting on the solid progress being made in financial reforms. The letter also  welcomes the recent publication of the recommendations of the Enhanced Disclosure Task Force to improve risk disclosures by major banking institutions, and emphasises the importance of  completing  convergence on a single set of accounting standards.

• a summary of FSB member jurisdictions’ declared  regulatory  approaches to achieving the G20 commitment that all standardised OTC derivatives be centrally cleared; 
• a roadmap for authorities and market  participants to implement the FSB’s Principles for reducing reliance on CRA ratings; and
• the Charter for the Regulatory Oversight Committee of the global  legal  entity identifier (LEI) system, together with a progress report on the development of the global LEI system.