FSB全球金融稳定委员会-FSB-work-programme-for-2020_9页_313kb

FSB 2020 Work Programme Summary

Core Content

The Financial Stability Board (FSB) is an international organization that coordinates the work of national financial authorities and standard-setting bodies to develop and promote effective financial sector policies. Its mandate is outlined in the FSB Charter, and its activities are not legally binding.

Main Work Priorities for 2020

The FSB's 2020 work programme focuses on the following key areas:

1. Addressing New and Emerging Vulnerabilities

• Vulnerability Assessment: The FSB continues to monitor macro-financial developments and conducts biannual Early Warning Exercises with the IMF.
• Interest Rate Environment: Focus on the implications of a "lower for longer" interest rate environment and high debt levels, including follow-up on leveraged loans and CLOs.
• Climate Change: Examines the financial stability implications of climate change.
• Non-Bank Financial Intermediation (NBFI): Enhances annual monitoring and data frameworks for NBFI.
• Insurance: IAIS provides annual updates on systemic risk in the insurance sector and supervisory responses.
• FinTech: Reviews the impact of financial innovation, third-party dependencies, and new technologies on the regulatory perimeter.
• Global Stablecoins: Identifies regulatory challenges and advises on multilateral responses.
• Cyber Resilience: Finalizes a toolkit for effective practices in cyber incident response and recovery.
• Cross-Border Payments: Develops a roadmap to improve global cross-border payment systems in coordination with CPMI and other SSBs.
• Correspondent Banking: Monitors the causes and consequences of the withdrawal of correspondent banking relationships.
• Accounting and Audit: Supports consistent application of accounting standards and audit quality, especially for systemically important institutions.

2. Finalising and Operationalising Post-Crisis Reforms

• Resilient Financial Institutions: Monitors progress on the Insurance Capital Standard.
• Too-Big-to-Fail (TBTF): Develops guidance on financial resources for CCP resolution, including non-default loss scenarios.
• Derivatives Markets: Works on improving trade reporting effectiveness and establishing governance arrangements for derivatives data elements.

3. Implementation of Reforms

• G20 Reforms Monitoring: Continues with progress reports and peer reviews on Basel III, resolution regimes, and TLAC standards.
• Country Reviews: Completes reviews for Germany, Indonesia, Mexico, South Africa, and the UK.
• Thematic Reviews: Launches a second thematic review on NBFI implementation and reviews for China, the Netherlands, Saudi Arabia, and Spain.
• LIBOR Transition: Conducts a survey on exposures and supervisory measures to support the transition away from LIBOR by end-2021.
• Data Gaps Initiative: Monitors progress with the IMF and Inter-Agency Group on Economic and Financial Statistics.
• TCFD Implementation: Monitors and provides further guidance on climate-related financial disclosures.

4. Evaluating the Effects of Reforms

• Reform Evaluation: Assesses the effectiveness of post-crisis reforms, including TBTF reforms for banks and money market fund reforms.
• Market Fragmentation: Addresses issues through enhanced regulatory and supervisory cooperation, including pre-positioning of capital and liquidity.
• Resilient NBFI: Evaluates the effectiveness of 2017 recommendations on structural vulnerabilities from asset management activities.

Key Publications and Deliverables

• FSB Financial Stability Surveillance Framework
• Annual Global Monitoring Report on Non-Bank Financial Intermediation
• Report on BigTech in Finance in EMDEs
• Report on Range of Practices on RegTech and SupTech
• Public Consultation on Stablecoins
• Final Report on Stablecoins
• Roadmap for Enhancing Global Cross-Border Payments
• Progress Report on Correspondent Banking and Remittance Issues
• Consultation Document on Financial Resources for CCP Resolution
• Final Guidance on Financial Resources for CCP Resolution
• Assessment Methodology for Insurance Sector
• Annual Resolution Report
• Stocktake of TLAC Implementation Practices
• Progress Report on Benchmark Transition
• TCFD Implementation Monitoring Report
• Annual Report on Implementation and Effects of G20 Financial Reforms

Conclusion

The 2020 FSB work programme is focused on enhancing financial stability through the identification and mitigation of new risks, the completion of post-crisis reforms, the monitoring of their implementation, and the evaluation of their effectiveness. It emphasizes international cooperation, regulatory innovation, and the adaptation of frameworks to evolving challenges in the global financial system.