Regulators | |
Regulators | |
1962 VIEWS | |
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Wednesday,
November 21, 2018 09.59AM / By FSB Ref no: 46/2018
The
Financial Stability Board (FSB) published today its final report on the Evaluation of the effects of financial
regulatory reforms on infrastructure finance, following public
consultation earlier this year.
The
evaluation is among the first under the FSB framework for the
post-implementation evaluation of the effects of the G20 financial regulatory
reforms, and forms part of a broader FSB examination of the effects of reforms
on financial intermediation. It focuses on infrastructure finance that is
provided in the form of corporate and project debt financing (loans and bonds),
for which the financial regulatory reforms are of most immediate relevance.
The
report concludes that the effect of the G20 reforms on infrastructure finance
has been of a second order relative to factors such as the macro-financial
environment, government policy and institutional factors. In particular, for
the reforms that have been largely implemented and are most relevant for this
evaluation – namely, the initial Basel III capital and liquidity requirements
(agreed in 2010) and over-the-counter derivatives reforms – the analysis does
not identify material negative effects on the provision and cost of
infrastructure finance to date.
The evaluation further finds that:
The
FSB also published today an overview
of responses to the public consultation, which summarises the issues raised in the
public consultation and sets out the main changes that have been made in the
evaluation report to address them.
The
FSB published in July 2017 a Framework
for Post-Implementation Evaluation of the Effects of the G20 Financial
Regulatory Reforms that guides analysis of whether the
reforms are achieving their intended outcomes, and help identify material
unintended consequences that may have to be addressed, without compromising on
the objectives of the reforms. The framework provides the basis for dynamic
implementation, and ensures that reforms remain fit for purpose amidst changing
circumstances.
The
report published today forms part of the evaluation of the G20 financial
regulatory reforms on financial intermediation. The second part of the
evaluation examines the effects of reforms on the financing of small and
medium-sized enterprises and will be delivered to the G20 during the Japanese
G20 Presidency in 2019. The FSB will also undertake an evaluation on the
effects to date of reforms to end too-big-to-fail; that evaluation will be
launched in early 2019 and completed in 2020.
The FSB
coordinates at the international level the work of national financial
authorities and international standard-setting bodies and develops and promotes
the implementation of effective regulatory, supervisory and other financial
sector policies in the interest of financial stability. It brings together
national authorities responsible for financial stability in 24 countries and
jurisdictions, international financial institutions, sector-specific
international groupings of regulators and supervisors, and committees of
central bank experts. The FSB also conducts outreach with 65 other
jurisdictions through its six Regional Consultative Groups.
The
FSB is chaired by Mark Carney, Governor of the Bank of England. Its Secretariat
is located in Basel, Switzerland, and hosted by the Bank for International
Settlements.
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