2010年-FSB全球金融稳定委员会_FSB_Framework_for_strengthening_adherence_to_international_standards_8页_169kb

FSB Framework for Strengthening Adherence to International Standards

Core Content

The Financial Stability Board (FSB) has developed a framework to enhance adherence to international financial standards across all countries and jurisdictions. This initiative is driven by the recognition that global financial markets require consistent implementation of standards to ensure international financial stability and prevent adverse cross-border developments.

Main Objectives

• Strengthen adherence to international financial standards.
• Promote transparency and cooperation among jurisdictions.
• Encourage a "race to the top" through peer reviews and public disclosure.
• Support non-cooperative jurisdictions through dialogue and capacity-building.

Key Components of the Framework

I. Framework for Strengthening Adherence

The FSB, through the Standing Committee on Standards Implementation, will:

• Lead by example by committing to implement and disclose adherence to international standards.
• Conduct periodic peer reviews to evaluate the implementation and effectiveness of standards and policies, avoiding duplication of existing assessments like FSAPs and ROSCs.
• Establish a toolbox of measures to promote adherence, including the potential publication of non-cooperative jurisdictions.

II. Leading by Example

All 24 FSB member jurisdictions are expected to:

• Implement international financial standards.
• Undergo FSAP assessments every five years.
• Disclose their adherence levels by publishing detailed assessments from the IMF and World Bank.
• Participate in peer reviews using FSAP and ROSC reports.

III. FSB Peer Reviews

• Thematic peer reviews focus on cross-country implementation of FSB-agreed policies or standards.
• Country peer reviews examine the implementation of standards in specific jurisdictions, particularly those with FSAP or ROSC recommendations.
• Peer reviews are conducted by expert teams, with the final approval resting with the FSB Plenary.
• Reports are published, including commentary from reviewed jurisdictions, and FSB monitors implementation, applying peer pressure if necessary.

IV. Promoting Global Adherence to Standards

• The FSB is finalizing procedures to encourage adherence across all jurisdictions, including identifying and engaging with non-cooperative ones.
• Three key standards are:
  • Basel Core Principles for Effective Banking Supervision
  • IAIS Insurance Core Principles
  • IOSCO Objectives and Principles of Securities Regulation
• The FSB will prioritize jurisdictions based on their financial importance, measured by:
  • Domestic and external financial assets/liabilities.
  • Gross capital flows.
  • Market share in key global segments (e.g., cross-border interbank assets, hedge funds, insurance premiums).
• Jurisdictions that are compliant or largely compliant with all or most of the relevant principles will not require further evaluation.
• Non-cooperative jurisdictions may be named in a public list by the end of 2010 if other measures fail to improve adherence.

Key Information

• Annex A provides a summary of FSB members' participation in the Financial Sector Assessment Program (FSAP), showing the status of initial assessments and updates.
• Annex B outlines the regulatory and supervisory standards concerning international cooperation and information exchange, including:
  • Basel Core Principles: Licensing criteria, supervisory reporting, consolidated and cross-border supervision.
  • IAIS Insurance Core Principles: Licensing, suitability of persons, group-wide supervision.
  • IOSCO Principles: Enforcement powers, information sharing, and assistance to foreign regulators.

Summary of Key Standards

Implementation Timeline

• First thematic peer review on compensation practices is completed by March 2010.
• The FSB aims to complete two more thematic reviews and three country reviews in 2010.
• The toolbox of measures to promote adherence is being finalized, with potential for public naming of non-cooperative jurisdictions by the end of 2010.

Conclusion

The FSB's framework is designed to ensure global consistency in financial regulation and supervision, enhance transparency, and promote international cooperation. It emphasizes peer pressure, public disclosure, and a balanced approach of positive and negative measures to encourage adherence to international standards.