2014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_50页_584kb

Summary of the FSB Report on G20 Financial Stability Reforms (2014)

Introduction

In 2008, the G20 committed to reforming the global financial system to correct the fault lines that led to the financial crisis and to build a more resilient financial system. The Financial Stability Board (FSB) has been central to coordinating and monitoring these reforms, working with national authorities and international standard-setting bodies (SSBs). This report outlines the progress made in the implementation of these reforms since the G20 St Petersburg Summit in 2013.

Core Content

The report covers the implementation of the G20 recommendations across several key areas, including financial institutions, shadow banking, derivatives markets, accounting and disclosures, macroprudential frameworks, and international financial standards. It also addresses the ongoing challenges and future steps required to ensure full compliance and effectiveness.

Main Points and Progress

1. Building More Resilient Financial Institutions

• Basel III Implementation: The Basel Committee on Banking Supervision (BCBS) has largely completed the design of Basel III reforms and continues to monitor implementation.
• National Adoption: By end-2013, all BCBS/FSB member jurisdictions had adopted and implemented Basel III-based capital regulations. Implementation of liquidity and leverage ratio requirements is ongoing.
• Quantitative Impact Studies (QIS): Banks are progressing in meeting Basel III capital and liquidity requirements, with the average CET1 capital ratio of large internationally active banks rising from 9.5% to 10.2% of RWAs in 2013.
• Remaining Gaps: Some banks still need to meet fully phased-in requirements, and there are ongoing efforts to reduce variations in risk-weighted asset (RWA) calculations.

2. Completing the Basel Framework

• Leverage Ratio: Finalised in January 2014, with implementation starting in 2015.
• Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR): Final standards for LCR were endorsed in 2014, and NSFR is expected to become a minimum standard by 2018.
• Reforms on RWA Variability: The BCBS is working on reforms to improve the comparability of RWA calculations, focusing on policy measures, better disclosure, and ongoing monitoring.

3. Strengthening Risk Management

• Risk Appetite and Culture: The FSB issued principles and guidance to enhance risk appetite frameworks and risk culture practices.
• Supervisory Initiatives: The BCBS finalised guidelines on risk management for money laundering and terrorism financing, and issued updated supervisory guidelines for identifying weak banks.
• Operational Risk: A review of operational risk management principles was conducted, and the BCBS issued updated guidelines on Pillar 3 disclosure.

4. Enhancing Compensation Practices

• Sound Compensation Practices (P&S): Implementation is essentially complete, with few exceptions due to legal incompatibility.
• Ex Post Adjustments: Malus and clawback mechanisms are being used to align compensation with risk-taking behavior, with more progress on malus than clawbacks.
• Ongoing Challenges: Data transparency, risk metric application at the unit level, and alignment with prudent risk-taking remain key issues.

5. Ending "Too-Big-To-Fail" (TBTF)

• SIFI Framework: The framework includes assessing systemic importance, increasing loss absorbency, enhancing supervisory intensity, and improving resolution mechanisms.
• Designation of SIFIs: 30 G-SIBs and 9 G-SIIs were designated in 2014 based on updated methodologies.
• Resolution Planning: All G-SIBs have recovery plans, and most have developed resolution strategies. Cross-border crisis management groups have been established for these institutions.

6. Implementation of Key Attributes

• Resolution Regimes: Progress is being made, but most jurisdictions have not fully implemented resolution powers like bail-in or temporary stays on early termination rights.
• Legislative Reforms: The FSB will continue to monitor implementation and launch a second resolution peer review in 2014, focusing on banks.

7. Total Loss Absorbing Capacity (TLAC)

• Policy Proposal: The FSB published a proposal for public consultation on TLAC adequacy for G-SIBs in November 2014.
• Future Work: A comprehensive QIS, cost-benefit analysis, and macroeconomic impact assessment will be conducted in early 2015 to inform the common minimum TLAC requirement.

8. Cross-Border Recognition

• ISDA Protocol: A protocol to the ISDA Master Agreement was developed to support cross-border enforcement of temporary stays on early termination rights in OTC derivatives contracts.
• Adoption: Eighteen G-SIBs and other large dealer banks have adopted the protocol, with FSB members committed to promoting its broad adoption.

9. Information Sharing and Cooperation

• New Annex to Key Attributes: Principles for national legal gateways and confidentiality regimes were introduced in October 2014.
• COAGs Development: Cooperation agreements for resolution purposes are being developed, with only one formally signed so far.

Conclusion

The FSB and its members have made significant progress in implementing the G20 recommendations, particularly in the areas of Basel III, risk management, and reducing TBTF. However, challenges remain in ensuring consistent application of standards, improving data transparency, and fully implementing resolution frameworks across all sectors. The FSB continues to monitor and guide the process, with a focus on enhancing financial stability and resilience.