Industry Updates

FSB reports to G20 on progress in implementing recommendations for financial stability

Monday, April 26, 2010

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Opalesque Industry Update - The Financial Stability Board (FSB) reported (on Friday 23rd April 2010) to the G20 Finance Ministers and Central Bank Governors on Progress in Implementing the G20 Recommendations for Strengthening Financial Stability (Source).

The progress report consists of two complementary parts: the first part on the policy development work at international level; and the second part describing implementation at national and regional levels by FSB member jurisdictions.

A cover letter from the FSB Chair to the G20 highlights the areas in which progress is critical this year and next to achieve credible, global regulatory reform.

The reports are available on the FSB’s website, www.financialstabilityboard.org.

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

Report of the Financial Stability Board to G20 Finance Ministers and Governors

Introduction

At the Pittsburgh Summit, the G20 Leaders stressed that the Financial Stability Board (FSB)’s ongoing efforts to monitor progress would be essential to the full and consistent implementation of needed reforms. This was echoed by the G20 Finance Ministers and Central Bank Governors, who agreed at their November 2009 meeting in St Andrews “to work with the FSB to maintain the momentum of our programme of reforms, and ensure their full, timely and consistent implementation and a level playing field”.

This note describes the measures that have been taken and other progress made since the St Andrews meeting to implement the recommendations made by the G20 and the FSB for strengthening financial stability. The note consists of two complementary parts.

 The first focuses on the policy development work at international level.

 The second describes implementation at national and regional levels by FSB member jurisdictions of the G20 and FSB recommendations, which the FSB is also providing as an input into the mutual assessment process of the G20 Framework for Strong, Sustainable and Balanced Growth. It draws from information provided by FSB member jurisdictions on their planned next steps and schedules for each policy recommendation, including whether the implementation requires legislation or can take place within existing regulatory or supervisory powers.

The FSB will continue monitoring the implementation efforts both at international and national/regional levels and report again on progress to the G20 Leaders in advance of their Summit in June 2010.

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