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G20 Maintains Pressure On Financial Regulatory Reform

by Glen Shapiro,, New York

08 November 2012

The G20 Finance Ministers and Central Bank Governors, during their meetings in Mexico City on November 4-5, 2012, reaffirmed their commitment to rebuild confidence in global financial markets, and acknowledged the progress already made in the design and implementation of policy measures to strengthen their resilience and reduce systemic risks.

Stressing their commitment to the full, timely and consistent implementation of the financial regulation agenda, they discussed the latest reports by the Financial Stability Board. They welcomed the publication of an updated list of global systemically important financial institutions (SIFIs), the framework for dealing with domestic systemically important banks, and the consultation paper on policy measures for global systemically important insurance companies.

In particular, they committed to making the necessary changes to resolution regimes to enable authorities to resolve SIFIs, and welcomed the initial integrated set of policy recommendations to strengthen the oversight and regulation of shadow banking. They called for finalized policy measures on the latter by the St. Petersburg Leaders' Summit in September 2013.

On other matters, they also welcomed the recommendations to increase the intensity and effectiveness of SIFI supervision, and the FSB’s roadmap to accelerate implementation of its principles for reducing the reliance on credit rating agency ratings. They encouraged further work to enhance transparency of and competition among credit rating agencies and asked for a report on on-going work at their next meeting in April 2013.

They supported measures to strengthen the transparency of financial institutions and recognize the contribution of the Enhanced Disclosure Task Force. They looked forward to the implementation of the data reporting templates for global SIFIs, but were concerned about the slow progress achieved toward a single set of high quality accounting standards. The International Accounting Standards Board and the Financial Accounting Standards Board were encouraged to complete work promptly, and report to their next meeting.

Finally, they welcomed actions taken and on-going reviews to identify measures to address weaknesses and restore confidence in benchmark and index setting practices (such as LIBOR), and asked for a report by April 2013 on the next steps on the functioning of credit default swaps markets.

TAGS: Finance | investment | law | accounting | banking | financial services | capital markets | insurance | G20 | standards | regulation | services

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