FSB全球金融稳定委员会-FSB-Chairs-letter-to-G20-Leaders-meeting-in-Osaka_7页_525kb

FSB Summary Report to G20 Leaders (June 2019)

Core Content

The Financial Stability Board (FSB) has been tasked by the G20 Leaders since the 2008 financial crisis to coordinate post-crisis financial reforms. Over the past decade, the FSB has made significant progress in enhancing the resilience of the global financial system, including increasing capital and liquidity requirements for large banks, improving transparency in derivatives markets, and simplifying securitizations. However, the FSB acknowledges that promoting global financial stability is an ongoing process, requiring vigilance against emerging risks and the continued adaptation of regulatory frameworks to address technological innovation and demographic shifts.

Main Points of the Report

1. Addressing Emerging Vulnerabilities

• Corporate and public debt levels remain high, with particular concerns about financial institutions' exposure to leveraged loans and collateralized loan obligations (CLOs).
• Non-banks now account for almost half of global financial assets, raising concerns about the adequacy of existing policy tools to manage systemic risks.
• The FSB is developing a new surveillance framework to systematically identify and assess vulnerabilities, enhancing the rigor of its monitoring process.
• The FSB supports private-sector-led initiatives like the Task Force on Climate-related Financial Disclosures (TCFD), which has seen increased adoption, though more work is needed to ensure high-quality risk disclosures.

2. Harnessing Financial Innovation While Containing Risks

• Technological innovation in the financial sector offers benefits in efficiency and inclusiveness but also poses risks.
• The FSB is focused on understanding how decentralized financial services may affect stability, including the potential for greater competition and diversity.
• Crypto-assets are a specific area of concern, as they may fall outside regulatory scope or lack international standards.
• The FSB is also working on cyber resilience, developing a toolkit to assist financial institutions and supervisors in managing cyber incidents.

3. Completing Implementation of Reforms

• The FSB has issued an annual summary of reform implementation by member jurisdictions, highlighting that while the new financial regulatory framework is largely in place, implementation remains uneven and incomplete.
• A color-coded table illustrates the status of reforms across different areas, with some jurisdictions lagging behind.
• The FSB is conducting rigorous evaluations of the effects of implemented reforms, including an assessment of SME financing and the too-big-to-fail (TBTF) reforms.
• The third evaluation report on SME financing does not identify material negative effects, though transitory costs may exist.

4. Promoting an Integrated Global Financial System

• The FSB is working to reduce market fragmentation, particularly in cross-border derivatives trading, capital management, and data sharing.
• Remittance service providers face challenges due to the decline in correspondent banking relationships, especially in developing countries.
• The global Legal Entity Identifier (LEI) is being promoted to uniquely identify financial entities, with over 1.4 million entities now identified across 200+ countries.
• The FSB has published recommendations to achieve broader LEI adoption, as part of its post-crisis reform goals.

5. Strengthening Outreach and Accountability

• The FSB is enhancing outreach to non-member countries through a review of its regional consultative groups.
• It is also improving transparency and communication with external stakeholders, including through a standardized public consultation process and increased accessibility of information.
• The FSB is adopting a structured approach to involve stakeholders in its initiatives, ensuring broader input and understanding of its work.

Conclusion

The FSB has made substantial progress in building a more resilient financial system, but it recognizes that the task is ongoing. The transition from crisis response to reform evaluation and vulnerability assessment is underway, and the FSB emphasizes the need for continued G20 support to complete implementation of agreed reforms and to address new vulnerabilities. The report calls for international cooperation, private sector engagement, and academic input to ensure a sound, efficient, and inclusive financial system that supports sustainable global growth.

Key Recommendations

• Continue to monitor and address emerging financial vulnerabilities, especially those related to technological change.
• Ensure timely and consistent implementation of post-crisis reforms across all jurisdictions.
• Promote global integration of financial systems, including through the LEI initiative and improved access to banking services for remittance providers.
• Enhance stakeholder engagement and transparency to improve the FSB's effectiveness and accountability.

Attachments

• A table showing the status of reform implementation by FSB jurisdictions as of June 2019, with color codes and symbols indicating progress levels.