2017年-FSB全球金融稳定委员会_Handbook_for_FSB_Peer_Reviews_15页_407kb

FSB Peer Reviews Handbook Summary

1. Introduction

The Handbook for FSB Peer Reviews outlines the guidelines for conducting peer reviews within the Financial Stability Board (FSB) framework. These reviews are part of the FSB's implementation monitoring process, aimed at ensuring full, timely, and consistent adherence to international financial standards and policies. The Handbook describes two types of peer reviews – thematic and country – and the five sequential stages of the review process: preparation, consultation, evaluation, approval, and follow-up.

2. Objectives and Principles

2.1. Objectives

FSB peer reviews have four main objectives:

• Exchange information: Share insights on regulatory, supervisory, and other financial sector policies.
• Evaluate adherence: Assess compliance with FSB Charter commitments, particularly in maintaining financial stability, openness, and transparency.
• Foster a 'race to the top': Encourage jurisdictions to adopt and implement effective financial policies.
• Assess effectiveness: Determine the success of international standards and FSB policies in achieving their intended outcomes.

2.2. Principles

The peer reviews are guided by the following principles:

• Widely accepted standards: Based on international standards from SSBs or FSB policies.
• Complementarity: Avoid duplication with other international assessment mechanisms.
• Transparency: Results and assessments are published to ensure openness.
• Engagement: Active and timely dialogue with jurisdictions under review.
• Timely follow-up: Ongoing monitoring and reassessment as needed.
• Proportionality: Actions are prioritised based on their materiality to financial stability.

3. Prioritisation

The FSB Standing Committee on Standards Implementation (SCSI) manages the prioritisation of peer reviews. It selects countries and themes based on:

• Global financial stability needs: Areas where full and consistent implementation is most critical.
• Resource constraints: Availability of FSB members' resources.
• Input from other FSB bodies: Coordination with committees, working groups, and international organisations.

3.1. Thematic Reviews

• Focus on international standards and policies.
• Prioritised based on:
  • Identified weaknesses in implementation.
  • Cross-sectoral or non-SSB-specific standards.
  • Areas without existing standards.
• SCSI coordinates with SSBs where the topic falls under their responsibility.
• Typically, 1–2 thematic reviews are conducted annually.

3.2. Country Reviews

• Focus on specific jurisdictions.
• Conducted 3 times per year, with a full cycle covering all FSB members over 8 years.
• Includes a peer review of the EU as a single jurisdiction.
• Prioritised based on:
  • Identified weaknesses in implementation.
  • Major financial reforms.
  • Timing of FSAP/ROSC assessments.
• SCSI ensures coordination with the IMF and World Bank to avoid overlap.

4. Preparation

The preparation stage includes topic selection, terms of reference (TOR), team selection, and information collection.

4.1. Topic Selection (Country Reviews)

• Focuses on G20/FSB reforms with identified weaknesses.
• Includes:
  • Key FSAP/ROSC recommendations.
  • National reforms relevant to the FSB.
• Topics are selected by SCSI in consultation with the reviewed jurisdiction and relevant international bodies.

4.2. Terms of Reference (TOR)

• Describe the objectives, scope, process, and confidentiality.
• SCSI approves the TOR.
• For thematic reviews, the Secretariat drafts the TOR in consultation with the review team and SSBs.
• For country reviews, the Secretariat drafts the TOR in collaboration with the review team and the reviewed jurisdiction.

4.3. Team Selection

• Teams consist of experts from FSB members.
• SCSI Chair ensures balanced geographical representation and expertise.
• Country reviews typically involve 3–5 members, while thematic reviews may involve 7–8 members.
• Each team member has specific responsibilities based on their expertise.
• Confidentiality agreements are required for access to sensitive data.

4.4. Information Collection

• Questionnaires are the primary source of data.
• Jurisdictions must respond within two months of receiving the questionnaire.
• Additional data may be collected from:
  • Laws, regulations, and supervisory guidance.
  • Market sources, stakeholders, and academia.
  • Private sector involvement is encouraged where relevant.
• For thematic reviews, the questionnaire is customised and may involve firms.
• For country reviews, the questionnaire is standardised and includes:
  • Regulatory framework.
  • Actions taken on FSAP/ROSC recommendations.
  • Relevant supporting documents.

5. Consultation

5.1. Dialogue with Authorities

• Peer review teams engage in collaborative dialogue with jurisdictions.
• Jurisdictions must provide relevant documentation and facilitate discussions.
• Senior-level representatives are designated for country reviews.
• On-site visits are conducted to meet with authorities and, if agreed, market participants.

5.2. Drafting of Preliminary Report

• The Secretariat leads the drafting process with input from the review team.
• The report includes:
  • An executive summary.
  • Analytical sections on achievements and gaps.
  • Recommendations for addressing identified weaknesses.

6. Evaluation

• Peer review is conducted by the team based on collected information.
• Approval by SCSI is required before publication.
• Publication ensures transparency and shares insights with all FSB members.

7. Follow-up

• Monitoring and reporting of implementation actions.
• Sharing of insights and lessons learned to enhance future reviews.
• Follow-up is essential to ensure that recommendations are effectively implemented.