2009年-FSB全球金融稳定委员会_Progress_since_the_Pittsburgh_Summit_in_Implementing_the_G20_Recommendations_for_Strengthening_Financial_Stability_14页_154kb

Summary of Progress Since the Pittsburgh Summit in Implementing G20 Recommendations for Strengthening Financial Stability

I. Building High Quality Capital and Mitigating Procyclicality

• The Basel Committee on Banking Supervision (BCBS) made progress on revising the definition of capital and enhancing risk capture mechanisms.
• A leverage ratio was proposed as a supplementary measure to the Basel risk-based framework, with adjustments for differences in accounting standards between IFRS and US GAAP.
• A framework and timeline were agreed for an impact study and capital calibration by end-2010, considering the cumulative effect of reforms.
• A counter-cyclical buffer mechanism was introduced to reduce procyclicality, with four key elements:
  • Dampening the cyclicality of minimum capital requirements
  • Promoting forward-looking provisions
  • Conserving capital to build buffers
  • Achieving macroprudential goals of containing credit growth and system-wide risk
• The final proposal for a new global liquidity standard is expected by December 2009 and will be subject to an impact assessment.

II. Strengthening Accounting Standards

• The IASB and FASB are working towards converged accounting standards, particularly in the areas of expected loss provisioning and fair value measurement.
• The IASB issued an exposure draft on expected loss provisioning in November 2009, with a comment period of eight months.
• The FASB plans to issue a comprehensive ED in early 2010, incorporating a credit impairment approach and fair value measurement for all financial instruments.
• A joint IASB-FASB expert advisory panel was established to address credit impairment issues.
• The IASB and FASB agreed to monthly meetings starting in January 2010 to work towards convergence by June 2011.
• The IASB is considering disclosure requirements for fair value and amortized cost information for certain financial instruments.

III. Reforming Compensation Practices to Support Financial Stability

• Several countries, including France, Hong Kong, Italy, Switzerland, the UK, and the US, have taken or announced actions to implement the FSB Principles for Sound Compensation Practices.
• The BCBS launched two initiatives:
  • A network of senior supervisors to discuss implementation and share experiences.
  • An assessment methodology for reviewing compensation practices and assessing compliance.
• The methodology will support the thematic peer review of compensation practices in early 2010.
• The International Association of Insurance Supervisors (IAIS) is developing supervisory standards on remuneration for the insurance sector.
• The IOSCO is enhancing its Principles for Periodic Disclosure to include compensation-related information, expected to be completed in early 2010.
• The FSB will conduct a peer review of actions taken by firms and national authorities to implement compensation standards by March 2010.

IV. Improving OTC Derivatives Markets

• Progress continues in introducing central counterparties (CCPs) and promoting standardisation and transparency in OTC derivatives markets.
• Major dealers committed to clearing specific OTC derivatives by end-2009, with monthly reporting on their progress.
• The OTC Derivatives Regulators' Forum was established in September 2009 to enhance cooperation and information sharing.
• The CPSS-IOSCO review on CCP standards is on track for completion by mid-2010.
• The European Commission proposed legislation in October 2009 to:
  • Reduce counterparty risks through central clearing
  • Reduce operational risks via contract standardisation
  • Improve transparency through trade repositories
  • Enhance oversight with position limits
• The US is also considering OTC derivatives legislation, emphasizing the need for global coordination to avoid market fragmentation.

V. Addressing Cross-Border Resolutions and Systemically Important Financial Institutions

• The G20 requested the FSB to propose measures to address "too big to fail" (TBTF) issues by end-2010.
• The FSB has developed a three-pronged approach:
  • Reducing the probability and impact of failure of SIFIs
  • Improving resolution capacity through orderly resolution mechanisms and crisis preparedness
  • Strengthening core financial infrastructures and reducing contagion risks
• An interim report will be presented at the G20 Summit in June 2010, with a final report expected by October 2010.

VI. Strengthening Adherence to International Supervisory and Regulatory Standards

• The FSB is developing a framework to strengthen adherence to international standards by encouraging a "race to the top" through peer pressure.
• Peer reviews are being conducted on both thematic and country levels, with the first thematic review focusing on compensation practices to be completed by March 2010.
• The FSB is identifying non-cooperative jurisdictions based on systemic importance and adherence to standards, using data from IMF-World Bank assessments and other sources.
• A toolbox of potential measures to promote adherence is being developed, including the possibility of publishing non-cooperative jurisdictions by end-2010 if other measures fail.
• The FSB and IMF will report on progress to the G20 by June 2010, including a timetable for addressing outstanding recommendations.

VII. Other Issues

Developing Macroprudential Frameworks and Tools

• The FSB and its members are developing quantitative tools and indicators to monitor macroprudential risks.
• A guidance paper was submitted to the G20 on assessing the systemic importance of financial institutions, markets, and instruments.
• The BCBS and CGFS are working on systemic funding liquidity risk, margins and haircuts, and leverage indicators.
• The IMF and FSB have collaborated on a report titled "The Financial Crisis and Information Gaps," offering 20 recommendations to strengthen data collection.

Hedge Funds

• Legislation on hedge fund registration, reporting, and oversight is advancing in the US and EU.
• The IOSCO has published six principles for regulating hedge funds and plans to monitor domestic regulations against these principles.
• A task force will produce a report by early 2010 assessing the adequacy of industry best practices and the types of information needed to assess systemic risks.

Credit Rating Agencies

• National and regulatory initiatives are ongoing to strengthen oversight of credit rating agencies (CRAs), in line with the London Summit recommendations.
• The US has proposed rules to increase transparency, reduce conflicts of interest, and enhance SEC oversight.
• The EU formally adopted new CRA regulations in July and September 2009.
• The Committee of European Securities Regulators (CESR) published a consultation document on CRA registration and systemic importance in October 2009.
• Japan's Financial Services Agency also issued a consultation paper on CRA oversight in October 2009.

Supervisory Colleges

• Supervisory colleges are being established to enhance coordination and information sharing among regulators.
• These colleges will support the implementation of international standards and improve cross-border cooperation.

Crisis Management

• The FSB continues to monitor crisis management efforts and stress testing across jurisdictions.
• The FSB peer review process is being used to evaluate the effectiveness of actions taken to implement recommendations.

Monitoring Legislative and Regulatory Measures

• The FSB is monitoring national and regional legislative and regulatory measures to ensure consistency and effectiveness.
• This includes tracking the implementation of standards and assessing their impact on financial stability.