2017年-FSB全球金融稳定委员会_Proposed_Framework_for_Post_4页_332kb

Eurofi Perspectives on Global Financial Regulation Summary

Core Content

The document presents remarks by Svein Andresen, Secretary General of the Financial Stability Board (FSB), delivered in Malta on 6 April 2017, reflecting on the progress made in global financial regulation over the decade following the 2008 financial crisis. It highlights the significant improvements in the resilience of the financial system, the importance of international cooperation, and outlines the FSB's priorities for 2017.

Main Objectives of the Reforms

The G20 reforms, initiated in 2008 and 2009, aimed to:

• Correct the fault lines that led to the financial crisis.
• Build a safer, more resilient, simpler, and fairer financial system.
• Support open markets and inclusive growth.

These reforms have contributed to:

• Strengthening the core of the financial system.
• Enhancing the robustness of market infrastructure.
• Diversifying sources of finance between banks and markets.
• Improving the system's ability to dampen shocks rather than amplify them.
• Maintaining credit flows and keeping the cost of finance low.

Key Outcomes So Far

• Financial System Resilience: Large banks are stronger and less complex.
• Market Infrastructure: More robust and reliable.
• Diversification of Finance: Greater variety of financial sources.
• Shock Damping: The system is better at absorbing shocks.

Areas of Concern and Unintended Consequences

Despite the progress, the FSB acknowledges several ongoing challenges and areas needing further attention:

• Implementation Gaps: Some reforms, such as those related to resolving systemic institutions, are still pending.
• OTC Derivatives Reforms: Lags in some areas and challenges in achieving full effectiveness.
• Shadow Banking: Resuming rapid growth with associated innovation and arbitrage.
• Conduct Issues: Persistent problems in areas like correspondent banking.

Additionally, the FSB is monitoring:

• Market Liquidity: Limited evidence of deterioration, but some markets show reduced depth.
• Emerging Market and Developing Economies (EMDE): No major unintended consequences, but some evidence of reduced presence and activities by global banks.
• Financial System Integration: Need to maintain an open and integrated system to avoid fragmentation.

FSB Priorities for 2017

1. Full Implementation of Reforms: Support the consistent implementation of post-crisis reforms, including finalising bank capital standards and publishing guidance on internal Total Loss-Absorbing Capacity.
2. CCP Resilience Guidance: Finalise guidance on central counterparty (CCP) resilience, recovery, and resolution in collaboration with the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).
3. Asset Management Vulnerabilities: Address risks from asset management activities, including liquidity mismatches in open-ended funds and the development of consistent leverage measures.
4. Misconduct in Financial Institutions: Continue efforts to reduce misconduct, with a public consultation on compensation tools for misconduct.
5. FinTech Integration: Assess the intersection of FinTech developments with regulatory frameworks and identify key supervisory and regulatory issues.
6. Post-Implementation Evaluation Framework: Develop a framework for evaluating the effects of G20 reforms, focusing on both individual reforms and their combined impacts. This framework will be transparent and open for consultation.

Importance of International Cooperation

International cooperation among FSB members and standard-setting bodies is essential for:

• Maintaining a globally integrated and resilient financial system.
• Preventing fragmentation, which could lead to:
  • Divergences in regulatory approaches.
  • Reduced cross-border capital flows.
  • Increased financing costs and lower economic growth.
  • Higher systemic risks and unresolved vulnerabilities.

The FSB encourages the private sector to engage with regulators and advocate for the benefits of effective international standards.

Conclusion

The FSB has made substantial progress in addressing the fault lines of the financial crisis and building a more resilient system. However, continued monitoring, implementation, and international cooperation are necessary to ensure the reforms deliver their intended outcomes and to address any emerging risks. The focus for the future will remain on delivering resilience, encouraging implementation, and assessing the long-term effects of the reforms.