October 16, 2019 / 12:59PM
/ By FSB / Header Image Credit: FSB
The report, which has been delivered to the G20 meeting this week, sets out that implementation of the reforms called for by the G20 after the global financial crisis is progressing. This is contributing to an open and resilient financial system that supports the efficient provision of financing to the real economy.
Yet it is critical to maintain momentum and avoid complacency, in order to fully achieve the goal of greater resilience as vulnerabilities are evolving. Rapid structural and technological change require continued vigilance to maintain a sound and efficient financial system.
An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth. It requires the support of the G20 in implementing the agreed reforms and reinforcing global regulatory cooperation.
The report in particular recommends that:
This report includes an that summarises, in a colour-coded table, the status of implementation across FSB jurisdictions for priority reform areas. As part of its reporting, the FSB also published today the latest annual survey responses by its member jurisdictions on together with and . Taken together, these reports provide a comprehensive picture of the implementation of the G20 financial regulatory reforms.
As part of its ongoing evaluation work, the FSB in June 2019 that examined the effects of the post-crisis financial regulatory reforms on the financing of small and medium-sized enterprises. The FSB will publish its finalised report on this topic next month, taking account of public comments.
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 approximately 70 other jurisdictions through its six Regional Consultative Groups.
The FSB is chaired by Randal K. Quarles, Governor and Vice Chairman for Supervision, US Federal Reserve; its Vice Chair is Klaas Knot, President, De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.
Related to FSB
1. FSB Publishes Consultation On SME Financing Evaluation - Jun 10, 2019
7. FSB Publishes Global Shadow Banking Monitoring Report 2017 - Mar 05, 2018
8. FSB: Key Standards For Sound Financial Systems - Sept 05, 2017