FSB issues update on global adherence to regulatory and supervisory standards

Dec 18 2013 – The Financial Stability Board (FSB) today published a statement providing an update of information on the jurisdictions evaluated to date under its initiative to encourage the adherence of all countries and jurisdictions to regulatory and supervisory standards on international cooperation and information exchange.

The initiative commenced in March 2010 in response to a call by the G20 Leaders at their April 2009SummitinLondonfor the FSB to develop a toolbox of measures to promote adherence to prudential standards and cooperation among jurisdictions. It complements similar initiatives by the Global Forum on Transparency and Exchange of Information for Tax Purposes to promote adherence to international standards in the tax area, and by the Financial Action Task Force for standards concerning anti-money laundering and combating the financing of terrorism.

This annual public statement is published to recognise the progress that most jurisdictions evaluated by the FSB under the current initiative have made towards implementing regulatory and supervisory standards on international cooperation and information exchange standards, and to incentivise improvements by those jurisdictions not cooperating fully.

Of the 61 jurisdictions evaluated by the FSB (selected on the basis of their financial importance), 45 have demonstrated sufficiently strong adherence to the relevant standards. Fourteen others are taking the actions recommended by the FSB but have yet to demonstrate sufficiently strong adherence. As noted in previous annual public statements, a very small number of jurisdictions elected not to engage in dialogue with the FSB and have therefore been identified as non-cooperative.

The full report is available here.

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