2012年-FSB全球金融稳定委员会_Overview_of_Progress_in_the_Implementation_of_the_G20_Recommendations_for_Strengthening_Financial_Stability_64页_231kb

U.S. Progress in Implementing G20/FSB Recommendations – June 2012 Summary

Core Content Overview

This document outlines the progress made by the United States in implementing G20/FSB recommendations up to June 2012. The focus areas include refining the regulatory perimeter, enhancing supervision, building macro-prudential frameworks, improving oversight of credit rating agencies, aligning accounting standards, strengthening risk management, deposit insurance, and consumer protection. The report provides a detailed status of each recommendation, including deadlines, current progress, and planned next steps.

1. Refining the Regulatory Perimeter

Main Recommendations:

• Strengthening oversight of shadow banking.
• Reviewing the boundaries of the regulatory framework.
• Regulation (including registration) of hedge funds.
• Effective oversight of cross-border funds.
• Enhanced disclosure of securitised products.

Progress to Date:

• Shadow Banking Oversight: Implementation ongoing. Draft regulations are being developed and expected publication.
• Regulatory Framework Review: Ongoing. The FSOC has authority to expand the regulatory perimeter by designating nonbank financial firms. Final rules were published by April 11, 2012.
• Hedge Fund Regulation: Registration of hedge fund managers in force; data collection from largest managers started in June 2012, with all managers expected to be covered by early 2013.
• Cross-border Fund Oversight: The SEC and CFTC participate in the IOSCO Task Force on Unregulated Entities. A global survey was conducted by September 30, 2010.
• Securitised Product Disclosure: Implementation ongoing. Final rules on credit risk retention and disclosure for ABS were adopted in January 2011.

Key Actions:

• The FSOC published a final rule on nonbank financial firm designation.
• The SEC completed rulemaking for hedge fund registration.
• The Dodd-Frank Act mandated credit risk retention for securitisation sponsors.

2. Enhancing Supervision

Main Recommendations:

• Consistent, consolidated supervision of SIFIs.
• Establishment of supervisory colleges for cross-border firms.
• Risk assessments through international supervisory colleges.
• Supervisory exchange of information and coordination.
• More effective oversight and supervision.
• Supervisory resources and expertise for financial innovation.

Progress to Date:

• SIFI Supervision: Implementation ongoing. The FSOC has been established and is actively designating SIFIs.
• Supervisory Colleges: Established for significant U.S. cross-border banking firms, with regular meetings.
• Risk Assessments: Conducted through supervisory colleges and CMG meetings.
• Information Exchange: Ongoing through supervisory colleges and international cooperation.
• Oversight Tools: Supervisors have strong mandates and tools for stress testing and early intervention.
• Financial Innovation Oversight: Resources and expertise are in place, with guidance on counterparty credit risk management issued in 2011.

Key Actions:

• The Dodd-Frank Act created the FSOC.
• U.S. agencies have developed guidance on counterparty credit risk management.
• Supervisory colleges are in place and active.

3. Building and Implementing Macro-prudential Frameworks and Tools

Main Recommendations:

• Amendment of regulatory systems to account for macro-prudential risks.
• Powers for national regulators to gather relevant information.
• Use of macro-prudential tools like quantitative indicators and constraints on leverage and margins.

Progress to Date:

• Macro-prudential Risk Assessment: Ongoing. The FSOC issued its first annual report in 2011.
• Information Gathering Powers: Implemented with the 165(d) Rule and Covered IDI Rule, effective by November 30, 2011, and April 1, 2012.
• Macro-prudential Tools: Ongoing. The CFTC issued a notice on margin requirements for uncleared swaps in April 2011.

Key Actions:

• The FSOC has been actively identifying and coordinating responses to systemic risks.
• The Federal Reserve and FDIC issued rules requiring detailed information from covered companies.
• Margin requirements for uncleared swaps were proposed in 2011.

4. Other Key Areas

Credit Rating Agencies:

• Implementation ongoing. The U.S. is improving oversight of credit rating agencies through regulatory actions.

Accounting Standards:

• Implementation ongoing. Efforts are being made to enhance and align accounting standards with international norms.

Risk Management:

• Implementation ongoing. Risk management frameworks are being strengthened, including counterparty risk management.

Deposit Insurance:

• Implementation ongoing. The U.S. is strengthening deposit insurance through regulatory actions and oversight.

Financial Market Integrity:

• Implementation ongoing. The U.S. is working to safeguard the integrity and efficiency of financial markets.

Consumer Protection:

• Implementation ongoing. Consumer protection measures are being enhanced in line with G20/FSB recommendations.

Summary of Key Achievements

• The Financial Stability Oversight Council (FSOC) has been established and is actively designating SIFIs.
• Hedge fund registration is in place, with data collection ongoing.
• Credit risk retention for securitisation is implemented through the Dodd-Frank Act.
• Supervisory colleges are in operation, facilitating cross-border cooperation.
• Macro-prudential frameworks are being developed, with some rules already in force.
• Information gathering and risk assessment tools are being used to monitor systemic risks.

Next Steps

• Final rules on shadow banking and hedge fund regulation are expected to be published.
• The NAIC is reviewing Risk-Based Capital Factors for structured securities.
• The CFTC is finalizing margin requirements for uncleared swaps.
• Ongoing discussions and refinements are being made to enhance the effectiveness of macro-prudential tools and risk management practices.

Conclusion

The U.S. has made significant progress in implementing the G20/FSB recommendations, particularly in areas such as regulatory perimeter refinement, supervision enhancement, and macro-prudential risk management. While some measures are still in development or under review, the country has demonstrated a strong commitment to financial stability and transparency.