Commenting on outcomes from the G20 summit held on April 2, 2009 the ACCA (Association of Chartered Certified Accountants) has underlined its concern that the meeting missed clarification of key issues, especially regarding regulation of hedge funds and toxic assets.
In a statement, Helen Brand, ACCA’s Chief Executive, said: “The G20 resulted in largely positive reactions from business leaders around the world. There were strong messages about global co-ordination and regulation. But there was no firm plan announced to deal with the billions of dollars of toxic assets clogging up the global banking system, although leaders did agree that there should be a global common approach to tackling them. And probably because it is such a complex issue, details about the regulation of hedge funds were missing.
“While we welcome the establishment of the Financial Stability Board, we do not yet know how it will work. It is crucial that reforms regarding the way the financial services sector is regulated forestall future crises, rather than simply focussing on past failings. We need a system where sound regulation, supervision and good corporate governance reinforce each other.”
“ACCA is also disappointed that there was very little mention of the environment, or of measures involving investment in a low-carbon economy. Ms Brand adds: “ACCA believes that the twin crunches of climate and finance have led to a unique and incredible opportunity to re-build global markets with systems sympathetic to climate change, that value societal and environmental costs and that are sustainable in the truest sense. It was a missed opportunity by the summit leaders not to place sustainability central to its plans.”
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