2007年-FSB全球金融稳定委员会_Progress_in_Implementing_the_Recommendations_of_the_FSF_Update_Report_on_Highly_Leveraged_Institutions_1页_64kb

Financial Stability Forum Offshore Financial Centres Initiative Summary

Core Content

The Financial Stability Forum (FSF) initiated a review process for its Offshore Financial Centres (OFCs) initiative in 2005, aiming to enhance compliance with international standards and improve cross-border cooperation and information exchange. The initiative was reviewed again in 2007, with the goal of assessing its effectiveness and identifying areas for further improvement.

Main Points

• Initiative Background:
  In March 2005, the FSF announced a new process to improve OFCs, focusing on cross-border cooperation, information exchange, and the adequacy of supervisory resources. It committed to reviewing the initiative's effectiveness after two years.

• Review Outcomes:
  The OFCs Review Group conducted a comprehensive review, incorporating feedback from member bodies. The findings indicate that significant progress has been made by the IMF and IOSCO in evaluating OFCs' compliance with international standards and engaging with selected jurisdictions on cooperation practices.

• Remaining Concerns:
  Despite the progress, some concerns still exist. The information available since 2005 is considered incomplete and mixed by certain members, highlighting the need for more transparent and consistent data sharing.

• Ongoing Support and Collaboration:
  The FSF has decided to continue supporting its members in addressing these concerns. It encourages regular sharing of progress and risk assessments among Review Group members. Bilateral consultations and information exchanges between members are also recommended to enhance collaboration.

• Role of the Review Group:
  The Review Group is expected to remain available to address material or potential problems that members cannot resolve on their own. It will provide recommendations to the FSF on how to best support member efforts. The range of potential follow-up actions identified in 2005 remains open for use.

Key Information

• Progress Achieved:

  • The IMF has made significant progress in assessing OFCs' compliance with international standards.
  • IOSCO has engaged with selected jurisdictions to improve cooperation and information exchange practices.

• Challenges Identified:

  • Incomplete and mixed information since 2005.
  • Some members still have concerns about the adequacy of improvements in OFCs.

• Recommendations and Actions:

  • Continue supporting member efforts.
  • Regularly share progress and risk assessments.
  • Encourage bilateral consultations and information exchange.
  • Maintain the Review Group's readiness to address unresolved issues and recommend further actions.

Conclusion

The FSF's initiative to improve OFCs has shown positive outcomes, particularly in terms of compliance with international standards and cross-border cooperation. However, the need for more complete and consistent information remains. The FSF is committed to supporting its members and ensuring that the Review Group is available to assist in addressing unresolved challenges. This ongoing collaboration is essential for maintaining financial stability and fostering transparency in the global financial system.