2015年-FSB全球金融稳定委员会_Implementation_and_effects_of_the_G20_financial_regulatory_reforms_33页_1mb

Summary of the Implementation and Effects of the G20 Financial Regulatory Reforms

Core Content

This report provides an overview of the implementation and effects of the G20 financial regulatory reforms, focusing on the progress made in key areas and the challenges that remain. It highlights the importance of these reforms in enhancing the resilience of the global financial system while preserving its open and integrated structure.

Main Objectives of the Report

• Describe progress in implementing the reforms.
• Present early analysis on the overall effects of the reforms.
• Highlight key areas that merit senior-level attention.

Key Reforms and Their Objectives

The G20 financial reform agenda includes four main areas:

1. Building Resilient Financial Institutions

   • Aimed at increasing the resilience of financial institutions through higher capital and liquidity standards, improved risk management, and sound compensation practices.

2. Ending Too-Big-to-Fail (TBTF)

   • Focus on reducing the risk of systemic failure by ensuring higher loss absorbency, more intensive supervision, and legal frameworks for the resolution of systemically important institutions.

3. Making Derivatives Markets Safer

   • Includes reforms such as trade reporting, central clearing, and higher capital and margin requirements for non-centrally cleared derivatives.

4. Transforming Shadow Banking into Resilient Market-Based Finance

   • Aims to strengthen oversight and regulation of shadow banking activities, particularly in the areas of money market funds and securitisation.

Implementation Status (as of 31 October 2015)

• Basel III Implementation

  • Most jurisdictions have implemented Basel III risk-based capital rules.
  • Liquidity coverage ratio (LCR) rules are in force in 22 out of 24 jurisdictions (98% of the market).
  • Higher loss absorbency requirements for G-SIBs are in place in 9 out of 10 jurisdictions.
  • D-SIB assessment methodologies and requirements are in place in 14 jurisdictions (45% of the market).

• Compensation Frameworks

  • Regulatory frameworks for sound compensation practices are largely completed.
  • Banks have improved alignment of compensation with risk, and malus provisions are increasingly used.
  • Claw-back provisions for vested variable compensation in case of adverse outcomes are still largely untested.

• OTC Derivatives Reforms

  • Trade reporting is in place in all but three FSB jurisdictions.
  • Central clearing frameworks are in place in 12 jurisdictions.
  • Implementation remains uneven and behind schedule, with progress more advanced in the largest derivatives markets.

• Resolution Regimes

  • Most G-SIBs have recovery plans and crisis management groups (CMGs).
  • Comprehensive resolution regimes are not yet fully implemented in all jurisdictions, with significant work remaining, especially in non-bank financial sectors.
  • Cross-border resolution planning processes are not yet in place for the largest central counterparties (CCPs).

Overall Effects of the Reforms

• The reforms have contributed to a more resilient banking sector, with banks building larger and better-quality capital buffers, lengthening funding maturity, and reducing leverage.
• These changes have been supported by increased risk awareness and lower risk appetite among market participants.
• The overall provision of credit to the real economy has been maintained despite the reforms.
• The extended phase-in period and accommodative monetary policies have helped avoid significant cuts in lending.
• The effects of reforms are still being evaluated, as they are difficult to isolate from other post-crisis factors.

Areas for Attention

• Implementation Challenges

  • Cross-Border Cooperation: Enhanced cooperation is needed to address duplicative requirements for OTC derivatives transactions.
  • Implementation in EMDEs: While no major unintended consequences have been identified, some EMDEs face implementation challenges or are affected by spillovers from home jurisdictions.
  • Resource Allocation: Limited official sector resources pose a challenge, and better coordination and sharing of experiences are required.

• Issues for Ongoing Monitoring

  • Open and Integrated Global Financial System: Reforms have helped avoid significant retrenchment and fragmentation, but maintaining this structure remains a priority.
  • Market Liquidity: Concerns about declining liquidity in fixed income markets exist, but the baseline should not be the unsustainable excess liquidity before the crisis.
  • Effective Use of Resources: Ensuring that resources are used effectively for implementation and monitoring is crucial.

Conclusion

The G20 financial regulatory reforms have made steady progress, particularly in the areas of Basel III implementation and ending TBTF. However, challenges remain in ensuring consistent implementation across jurisdictions and in addressing the complexities of cross-border cooperation and resource allocation. The FSB and its members are working to evaluate the effects of these reforms and to address ongoing issues to ensure a resilient, open, and integrated global financial system.