2017年-FSB全球金融稳定委员会_Chairs_letter_to_G20_Finance_Ministers_and_Central_Bank_Governors_ahead_of_their_Baden_8页_156kb

G20 Financial Reforms Summary

Core Content

The document outlines the progress and ongoing priorities of the Financial Stability Board (FSB) in advancing the G20's financial reform agenda. The objective is to achieve a strong, sustainable and balanced growth by ensuring financial stability, resilient markets, and effective regulation.

Main Goals of the G20 Financial Reform

• Strengthening the global financial system through open markets, durable capital flows, and resilient financial institutions.
• Ending the too-big-to-fail phenomenon by implementing global standards and effective oversight.
• Transforming shadow banking into resilient market-based finance.
• Making derivatives markets safer through central clearing, margining, and transparency.
• Ensuring dynamic and effective implementation of reforms.
• Addressing new and emerging vulnerabilities, such as misconduct risks, correspondent banking issues, and climate-related financial risks.
• Supporting the safe development of financial technology (Fintech) to harness its potential without destabilizing the system.

Key Points and Recommendations

1. Shadow Banking Transformation

• The financial crisis exposed vulnerabilities in off-balance-sheet vehicles, money market funds, and repo markets.
• The FSB has implemented a comprehensive framework to monitor and address risks in shadow banking.
• Toxic forms of shadow banking have declined, reducing global stability risks.
• Asset management has grown, creating new sources of funding and investment, but also increasing the need for liquidity risk management.
• Recommendations to address structural vulnerabilities in asset management were finalized in January 2017 and are being operationalized.
• The FSB will report on shadow banking evolution and progress in asset management reforms by the Hamburg Summit.

2. Derivatives Market Safety

• The Pittsburgh Summit in 2009 initiated reforms to OTC derivatives markets.
• Progress includes increased central clearing but slower implementation of margining and reporting requirements.
• Central Counterparty (CCP) resilience is critical to reducing systemic risks.
• The FSB will publish final guidance on CCP resolution and resilience by the Hamburg Summit.

3. Dynamic Implementation of Reforms

• The FSB is focusing on assessing the effectiveness of reforms and their combined impact.
• Basel III reforms, including capital standards and Total Loss-Absorbing Capacity (TLAC), are being finalized.
• A structured framework for evaluating post-implementation effects will be delivered to the G20 Summit in Hamburg.
• The FSB will also publish its third Annual Report on the implementation and effects of G20 financial reforms.

4. Addressing New and Emerging Vulnerabilities

Misconduct Risks

• Misconduct in the financial industry has damaged market confidence and undermined trust.
• The FSB is implementing an action plan to address these issues through governance improvements, conduct standards, and benchmark reforms.
• A report on misconduct risk and a consultation paper on compensation tools will be delivered by the Hamburg Summit.

Correspondent Banking and Remittances

• De-risking in correspondent banking threatens access to the international financial system for emerging economies.
• The FSB has developed a four-point action plan to address this issue, including regulatory clarity, capacity building, and customer due diligence.
• A report on progress and next steps will be presented at the Hamburg Summit.

Climate-related Financial Disclosures

• The Task Force on Climate-related Financial Disclosures was established to improve climate risk transparency.
• The Task Force will publish its final report by the Hamburg Summit and continue to monitor adoption until September 2018.

Financial Technology (Fintech)

• Fintech innovations offer opportunities but also risks to financial stability.
• The FSB is assessing the implications of Fintech and will publish a report on these issues by the Hamburg Summit.

Conclusion

• The FSB's collaborative and consensus-based approach has led to effective international cooperation.
• A structured framework for evaluating reforms is being developed to ensure dynamic and transparent oversight.
• The G20 has made significant progress in building a more resilient and sustainable financial system.
• It is crucial to maintain and enhance these reforms to avoid fragmentation and support global growth.

FSB Priorities under the German Presidency

1. Transforming shadow banking into resilient market-based finance.
2. Making derivatives markets safer through central clearing and regulatory guidance.
3. Ensuring effective and dynamic implementation of post-crisis reforms.
4. Addressing new and emerging vulnerabilities, including misconduct, correspondent banking, climate risks, and Fintech.

The FSB aims to reinforce international regulatory cooperation and prevent regulatory arbitrage to support a more open and stable global financial system.