2013年-FSB全球金融稳定委员会_Progress_and_Next_Steps_Towards_Ending_quotToo_3页_106kb

FSB Reports to the G20 on Progress Toward Ending "Too-Big-To-Fail"

Core Content

The Financial Stability Board (FSB) published a report for the upcoming G20 Summit, outlining the progress made and the next steps required to address the "too-big-to-fail" (TBTF) problem in the financial sector. This initiative is part of the FSB's policy framework, which was endorsed by G20 leaders in November 2010 to reduce the moral hazard associated with systemically important financial institutions (SIFIs).

Main Points

• Progress Made: Significant progress has been achieved in implementing the FSB's policy framework to reduce the TBTF problem. Firms and markets are starting to adjust to the authorities' commitment to ending this issue.

• Remaining Challenges: Despite the progress, more legislative, regulatory, and international agreement actions are needed to fully resolve the TBTF problem.

• Key Actions Required:

  • Legislative Reforms: Jurisdictions must complete necessary legislative reforms by 2015 to implement the "Key Attributes of Effective Resolution Regimes for Financial Institutions" across all parts of the financial sector, including systemically important insurers and financial market infrastructure.
  • Enhanced Cooperation: Domestic authorities should be empowered to share information and cooperate fully, especially in cross-border contexts.
  • Resolvability Measures: Address structural complexities that hinder the resolvability of financial institutions.
  • Domestic Structural Measures: Consider domestic measures that promote financial stability and improve resolvability without creating regulatory arbitrage or disrupting global integration.
  • Implementation of Policies: Enforce policies for domestic systemically important banks.
  • Supervisor Capacity: Ensure supervisors have the resources and independence to fulfill their mandates.

Key Information

• SIFI Definition: Systemically important financial institutions are those whose failure could cause significant disruption to the financial system and adverse economic consequences.
• TBTF Problem: This occurs when the failure of a SIFI forces public authorities to bail it out with public funds, encouraging excessive risk-taking and implicit public subsidies.
• SIFI Framework: The framework includes requirements for assessing systemic importance, enhancing loss absorbency, increasing supervisory intensity, improving resolution mechanisms, and strengthening financial market infrastructure.
• Key Attributes: These are the international standard for resolution regimes, issued in 2011 and endorsed at the Cannes Summit. They are a critical component of the FSB's policy framework.
• Public Consultation: On 12 August 2013, the FSB launched a public consultation on applying the Key Attributes to non-bank financial institutions and on information sharing principles. A consultative document on the assessment methodology was released on 28 August 2013.
• FSB Role: The FSB coordinates the work of national financial authorities and international standard-setting bodies to develop and promote effective financial sector policies for global financial stability.
• Membership: The FSB includes 24 countries and jurisdictions, international financial institutions, sector-specific regulatory groups, and committees of central bank experts.
• Leadership: The FSB is chaired by Mark Carney, Governor of the Bank of England, and its Secretariat is located in Basel, Switzerland, hosted by the Bank for International Settlements.

Conclusion

The FSB's report emphasizes that while substantial progress has been made, continued legislative and regulatory efforts are essential to fully eliminate the TBTF problem. The report outlines specific actions that jurisdictions and international bodies must take to ensure the robustness and fairness of the global financial system.