2011年-FSB全球金融稳定委员会_Assessment_of_the_macroeconomic_impact_of_higher_loss_absorbency_for_global_systemically_important_banks_18页_251kb

A Coordination Framework for Monitoring the Implementation of Agreed G20/FSB Financial Reforms

Core Content

This document outlines the Coordination Framework for Implementation Monitoring (CFIM), established by the Financial Stability Board (FSB) in collaboration with standard-setting bodies (SSBs) to ensure the effective and consistent implementation of G20/FSB financial reforms. The CFIM aims to improve coordination, reduce duplication, and enhance transparency in monitoring efforts across member jurisdictions.

Main Objectives of the CFIM

• Comprehensiveness and Rigor: Ensure that implementation monitoring processes are thorough and timely, especially in designated priority areas.
• Consistency and Coherence: Promote cross-sectoral and functional consistency in the implementation of reforms.
• Identify Barriers and Gaps: Highlight obstacles to implementation and unintended consequences, and provide recommendations to address them.
• Public Transparency: Share detailed information with the G20 and the public to enhance accountability and encourage best practices.

Scope of the CFIM

The CFIM applies to G20/FSB financial reforms agreed after the global financial crisis. It does not cover other financial sector policies or standards unless explicitly mandated by the G20/FSB. The framework focuses on priority areas that require more intensive monitoring and reporting.

Key Components of the CFIM

1. Reporting Structure

• The CFIM information flows are structured in a pyramid (see Figure 1), with detailed national implementation data collected by relevant bodies and reported to the FSB and G20.
• The Standing Committee on Standards Implementation (SCSI) coordinates the CFIM within the FSB, leveraging its role in overseeing the Implementation Monitoring Network (IMN) and conducting peer reviews.
• SSBs may take primary responsibility for monitoring and reporting in certain areas, especially those within their purview (e.g., sector-specific standards).

2. Information Requirements

• The CFIM distinguishes between priority areas and other areas in terms of the depth of information required.
• Priority areas require:
  • Frequent reporting (at least annually).
  • Detailed country-by-country implementation data, including the scope of application in national laws and regulations, and the timeline for implementation.
  • Additional relevant information, such as the impact on the financial industry, feedback from the public and industry, and lessons learned.
• Other areas are monitored less intensively, relying on existing IMN efforts and periodic thematic peer reviews.

3. Process

• The process is flexible and streamlined, designed to facilitate ongoing consultation and collaboration between the FSB and SSBs.
• Progress reporting is handled by the FSB Secretariat, with input from the IMN and relevant SSBs.
• Thematic peer reviews are conducted by the FSB or relevant SSBs based on the scope and nature of the reform, following the procedures outlined in the Handbook for FSB Peer Reviews.

Priority Areas

The following are the current priority areas under the CFIM:

1. Basel II/II.5/III framework:

   • Commitment to implement Basel III by 1 January 2013, fully phased in by 1 January 2019.
   • Basel II was adopted by major G20 financial centres by 2011.
   • A coordinated start date for Basel II.5 (trading and securitisation package) was set for 31 December 2011.

2. OTC derivative market reforms:

   • FSB members committed to implement recommendations by end-2012, including standardisation, central clearing, and transaction reporting.

3. Compensation practices:

   • FSB members agreed to implement the Principles for Sound Compensation Practices and their Implementation Standards by end-2010.

4. Policy measures for global systemically important financial institutions (G-SIFIs):

   • Loss absorbency requirements for G-SIFIs are to be implemented from 2016 to 2019.
   • Resolvability assessments, recovery and resolution plans, and cross-border cooperation agreements are to be implemented from 2012 onwards.
   • A Peer Review Council will oversee the full and consistent implementation of these measures.

5. Resolution frameworks:

   • The Key Attributes for Effective Resolution Regimes will be submitted to the G20 Summit in November 2011.
   • Jurisdictions must enact legislative and regulatory changes to implement these attributes.

6. Shadow banking:

   • Recommendations to strengthen regulation and oversight of shadow banking were included in a G20 report in October 2011.
   • Further detailed work is planned for 2012 to specify the policies.

Existing Monitoring Mechanisms

The FSB and SSBs use a variety of mechanisms to monitor implementation, including:

• FSAP and ROSC assessments (by IMF and World Bank).
• FSB thematic and country peer reviews.
• IMN progress reports.
• SSB-specific monitoring processes (e.g., BCBS, IOSCO, IAIS).

These mechanisms vary in intensity and scope, with some involving collective scrutiny and others focusing on information dissemination.

Implications for the IMN

• The IMN remains the central hub for collecting and reporting on national implementation progress.
• In certain areas (especially priority areas), the IMN will rely on SSBs and other bodies to report, rather than national authorities.
• The IMN will play an enhanced role by reviewing information, ensuring consistency, and identifying lagging areas for further peer review.

Conclusion

The CFIM is a strategic framework designed to improve the coordination, consistency, and transparency of the implementation of G20/FSB financial reforms. It ensures that priority areas receive focused attention, while other areas are monitored in a more general manner. The framework also strengthens collaboration between the FSB and SSBs, promotes efficient use of resources, and enhances public accountability through detailed reporting and transparency.