2015年-FSB全球金融稳定委员会_First_FSB_Annual_Report_18页_467kb

First Annual Report Summary (28 January 2013 - 31 March 2014)

Core Content

The Financial Stability Board (FSB) is an international body established in 2009 by the G20 to coordinate financial stability work across national authorities and standard-setting bodies. It was formally recognized as a legal entity in January 2013 under Swiss law as an association ("Verein"). The FSB does not have its own assets, liabilities, or revenue, and operates under the financial and administrative support of the Bank for International Settlements (BIS). This report outlines the FSB's activities and financial statements for its first year of operation, from 28 January 2013 to 31 March 2014, and covers its ongoing work up to September 2014.

Main Activities and Key Initiatives

1.1 Reducing Moral Hazard of Systemically Important Financial Institutions (SIFIs)

• The FSB works to reduce the moral hazard of SIFIs by:

  • Developing a resolution framework to ensure SIFIs can be resolved without destabilizing the financial system.
  • Implementing higher loss absorbency for SIFIs, with five levels ranging from 1% to 3.5% of risk-weighted assets.
  • Enhancing supervisory oversight for SIFIs to improve risk management and governance.

• Key outputs:

  • Published guidance on recovery triggers and stress scenarios in July 2013.
  • Released consultative papers and assessment methodologies in August 2013.
  • Launched a public consultation in September 2014 on cross-border recognition of resolution actions.

1.2 Strengthening Oversight of Shadow Banking

• Shadow banking poses systemic risks due to maturity transformation, leverage, and regulatory arbitrage.

• The FSB issued five policy recommendations to mitigate these risks, including:

  • Managing spillovers between shadow and traditional banking systems.
  • Addressing vulnerabilities in money market funds.
  • Reforming securitisation and securities financing transactions.
  • Monitoring systemic risks from other shadow banking entities.

• Progress:

  • The recommendations were largely finalized by end-2014, with further refinements needed for securitisation.

1.3 Credit Ratings

• The FSB aims to reduce reliance on credit rating agencies (CRAs) by promoting alternative credit risk measures and strengthening internal credit risk assessment in banks.
• A peer review report was published in May 2014, assessing progress on reducing CRA dependence and improving internal credit risk assessment.

1.4 Financial Benchmarks

• The FSB promotes consistency and reliability in interbank benchmark interest rates.
• A high-level Official Sector Steering Group (OSSG) was formed to coordinate benchmark reviews and assess the feasibility of adopting new reference rates.
• A final report was published in July 2014, and a working group was established to address FX benchmark integrity issues, resulting in a report published in September 2014.

1.5 Addressing Data Gaps

• The FSB is developing a common data template for G-SIBs to improve transparency and risk management.
• A global data hub hosted by the BIS collects harmonized firm-level data on credit exposures of G-SIBs.
• Phase 2 of the data initiative was approved in March 2014, focusing on liabilities and funding.
• Phase 3 (2016) will involve collecting granular data on assets and liabilities, with a feasibility study planned by end-2014.

1.6 Legal Entity Identifier (LEI) for Transparency

• The FSB promotes the use of LEI to uniquely identify legal entities in financial transactions.
• A Regulatory Oversight Committee (ROC) was established in January 2013 to govern the LEI system.
• The Global LEI Foundation (GLEIF) was launched in June 2014 as the operational arm of the LEI system, under ROC oversight.

1.7 Enhanced Disclosure Task Force (EDTF)

• The EDTF was created to improve risk disclosure practices by major banks.
• It issued principles and recommendations in October 2012.
• Conducted surveys on the implementation of these disclosures in 2013 and 2014.

1.8 Monitoring Implementation of International Standards

• The Coordination Framework for Implementation Monitoring (CFIM) focuses on key reforms such as Basel III, OTC derivatives, and resolution frameworks.
• The FSB conducts peer reviews to assess compliance with international standards and policies.
• Peer reviews were completed for Germany, Indonesia, South Africa, the UK, and the US in 2013 and 2014.
• Venezuela was identified as a non-cooperative jurisdiction in June 2014.

1.9 Impact of Regulatory Reforms on EMDEs

• The FSB monitors the effects of reforms on emerging market and developing economies.
• It reports on unintended consequences and mitigation measures.
• This work is part of the broader implementation monitoring framework.

1.10 Strengthening Accounting Standards

• The FSB supports the development of high-quality global accounting standards.
• Encourages convergence between IASB and FASB.
• Progress was made in 2013, with key areas like loan impairment and insurance contracts finalized in 2014.

1.11 Long-Term Finance Availability

• The FSB monitors how financial regulations affect the supply of long-term finance.
• It provides updates to the G20 on this issue, as part of a broader study by international organizations.

Financial Statements Overview

• The financial statements cover a 14-month period from 28 January 2013 to 31 March 2014.
• The FSB does not have its own revenue, assets, or liabilities, and all funding comes from the BIS and other members.
• Operating expenses include:
  • Personnel costs: CHF 10,782,000
  • Administration costs: CHF 1,503,000
• Total contributions from members: CHF 12,285,000
• The FSB does not have a statement of financial position or cash flows due to limited financial activity.
• The financial statements are prepared under IFRS, with the functional currency being the Swiss Franc.

Governance and Structure

• The Plenary is the sole decision-making body of the FSB, composed of 69 representatives.
• The Chairman is Mark Carney, and the Secretary General is Svein Andresen.
• The FSB operates through four Standing Committees:
  • Steering Committee
  • Standing Committee on Assessment of Vulnerabilities (SCAV)
  • Standing Committee on Supervisory and Regulatory Cooperation (SCSRC)
  • Standing Committee on Standards Implementation (SCSI)
• Additionally, the Standing Committee on Budget and Resources (SCBR) oversees financial governance.
• The FSB also has six Regional Consultative Groups (RCGs) to engage with non-member jurisdictions.

Conclusion

This report highlights the FSB's role in global financial stability, regulatory coordination, and transparency enhancement. It outlines the frameworks and initiatives developed to address systemic risks, improve data collection, and promote consistent financial standards. The FSB continues to work closely with the BIS and other members to ensure the effective implementation of reforms and to monitor their impact on global and regional financial systems.