The Financial Stability Board (FSB) published today, ahead of the G20 Summit in Hamburg on 7-8 July, a letter from its Chair Mark Carney to G20 Leaders. The FSB is also publishing today its third Annual Report on the Implementation and Effects of the G20 Financial Regulatory Reforms and, to further enhance the analysis in future, a framework for evaluating such effects.
The letter sets out four main points:
The annual report asks for G20 Leaders’ support to reinforce global regulatory cooperation by: (i) revising legal frameworks to facilitate cooperation and information sharing amongst authorities; (ii) encouraging full and consistent implementation of standards; (iii) participating in post-implementation evaluations of the effects of reforms; and (iv) considering how progress made in agreeing and implementing standards can best be leveraged to preserve an open and integrated system. It also identifies three areas where authorities need to remain vigilant: