FSB全球金融稳定委员会-Implementation-and-Effects-of-the-G20-Financial-Regulatory-Reforms_-Fifth-Annual-Report_40页_2mb

报告摘要

Summary of the G20 Financial Regulatory Reforms Implementation and Effects

Core Content

The G20 Financial Regulatory Reforms were launched in 2009 to address the vulnerabilities that contributed to the global financial crisis and to build a more resilient and open financial system. These reforms are coordinated by the Financial Stability Board (FSB), which oversees the implementation of international standards and policies across financial sectors. The 2019 Annual Report highlights the progress made, ongoing challenges, and the effects of these reforms on the global financial system.

Main Reforms and Implementation Status

1.1 Building Resilient Financial Institutions

Basel III reforms have been implemented in most FSB jurisdictions, with core elements like risk-based capital and liquidity coverage ratio (LCR) in place.
Higher loss absorbency requirements for global systemically important banks (G-SIBs) are in force in all jurisdictions with G-SIBs headquartered there.
Domestic systemically important banks (D-SIBs) have also seen implementation of higher loss absorbency requirements in 23 jurisdictions.
However, some Basel III standards such as leverage ratio and net stable funding ratio (NSFR) are not fully implemented in all jurisdictions. As of September 2019, only 16 jurisdictions had the leverage ratio in force, and 11 jurisdictions had the NSFR in place.
The large exposures framework is also not fully implemented in all jurisdictions, with only 10 jurisdictions having final rules in force.

1.2 Ending Too-Big-to-Fail (TBTF)

G-SIB identification processes are in place, and G-SIBs are subject to resolution regimes.
The BCBS has revised its assessment framework for G-SIBs, and the IAIS is developing a framework for the insurance sector to mitigate systemic risk.
The FSB has decided to pause G-SII identification until the IAIS framework is finalised, which is expected in 2020.
Resolution frameworks are being developed, and resolution plans for systemic banks are in place. However, resolution regimes for insurers and central counterparties (CCPs) remain under development.

1.3 Making Derivatives Markets Safer

OTC derivatives markets have become simpler and more transparent due to reforms.
Central clearing has increased, and collateralisation is more widespread.
Trade reporting is still a challenge, with some jurisdictions facing legal barriers to full implementation. The FSB is working to remove these barriers.

1.4 Enhancing Resilience of Non-Bank Financial Intermediation (NBFI)

Structured finance and other NBFI activities that contributed to the financial crisis have declined significantly.
Money market funds (MMFs) have seen final implementation measures in place for valuation, liquidity management, and stable NAV.
Securitisation has also seen final adoption measures for incentive alignment regimes and disclosure requirements.
However, implementation is uneven, and some areas still require further work.

Effects of Reforms

2.1 Financial System Resilience

The reforms have improved the resilience of the financial system to shocks.
Large banks are better capitalised, less leveraged, and hold more liquidity.
The system is more resilient to future crises, which reduces the likelihood and severity of public costs.

2.2 Trends in Financial Intermediation

The financial system continues to grow and financial services have become more diversified.
Lending to firms and households has increased, and costs remain low, partly due to accommodative monetary policies.
SME financing has improved, especially in advanced economies, with no material negative effects reported so far.

2.3 Global Financial Integration

The reforms have supported global financial integration.
However, market fragmentation could be a by-product of some measures aimed at domestic resilience.
The FSB is working to enhance international cooperation and mitigate any negative effects on financial stability.

2.4 Evaluation of SME Financing

The FSB's analysis does not identify material and persistent negative effects of the G20 reforms on SME financing.
Ongoing evaluation is needed to ensure reforms remain fit for purpose as the financial system evolves.

Looking Ahead

3.1 Promoting a Resilient Financial System

The FSB continues to monitor and assess the resilience of evolving market structures.
Digitalisation of finance presents new risks and opportunities, requiring continued vigilance.
The FSB is working to strengthen NBFI oversight and implement agreed reforms to address asset management vulnerabilities.

3.2 Implications of Digitalisation

The increasing use of crypto-assets, particularly stablecoins, requires close scrutiny to ensure they are subject to high regulatory standards.
Cyber risks and innovation in financial services need to be monitored and addressed to maintain a sound and efficient financial system.

3.3 Reinforcing Global Regulatory Cooperation

International cooperation is crucial to maintain an open and integrated global financial system.
The FSB is working to improve frameworks for cross-border cooperation and information sharing.
Regulatory arbitrage should be avoided, and frameworks should be consistent across jurisdictions.

Key Challenges and Remaining Work

Implementation is not complete and remains uneven across jurisdictions.
Insurance sector and CCPs require further policy work and regulatory development.
Rigorous evaluation is needed to ensure reforms are effective and adaptable to new vulnerabilities.
Digital risks, cyber threats, and evolving market structures require continued monitoring and regulatory adaptation.

Conclusion

The G20 financial regulatory reforms have made significant progress in building a more resilient and open financial system. While major elements are in place, implementation is not complete, and new challenges continue to emerge. The FSB remains committed to monitoring, evaluating, and adjusting the reforms to ensure their effectiveness and support sustainable growth.

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