2010年-FSB全球金融稳定委员会_Overview_of_Progress_in_the_Implementation_of_the_G20_Recommendations_for_Strengthening_Financial_Stability_15页_180kb

Summary of the FSB Report on G20 Financial Stability Reforms (June 2010)

Core Content

This report outlines the progress made by the Financial Stability Board (FSB) and its members in implementing the G20 recommendations for financial stability. The reforms focus on strengthening capital and liquidity standards, addressing systemically important financial institutions (SIFIs), improving OTC derivatives markets, enhancing accounting standards, promoting international regulatory coordination, reforming compensation practices, and developing macroprudential frameworks. The report highlights the importance of maintaining momentum to finalize and implement these reforms by 2010 and 2011 to ensure a more resilient global financial system.

Main Areas of Reform and Progress

I. Strengthening Capital and Liquidity Standards

• Objective: Enhance the quality, quantity, and transparency of bank capital, introduce a leverage ratio, and mitigate procyclicality.
• Progress:
  • The Basel Committee on Banking Supervision (BCBS) is preparing calibrated proposals for a new regulatory framework by the November 2010 Summit.
  • Public consultation on the proposals ended in April 2010, and impact studies are ongoing.
  • A global minimum liquidity standard is being introduced.
  • Collaboration with the IMF is critical to ensure macroeconomic impact assessments guide transition arrangements.

II. Addressing Systemically Important Financial Institutions (SIFIs)

• Objective: Reduce moral hazard, improve resolution capabilities, and minimize interconnectedness and contagion risks.
• Progress:
  • A policy framework for SIFIs is being developed by the FSB by October 2010.
  • The BCBS has issued recommendations on cross-border bank resolution, contingency planning, and reducing contagion.
  • The FSB is working on common principles for resolution and cross-border coordination.
  • The IAIS is developing a Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame).
  • National legislation may need to be amended to enhance SIFI supervision and resolution capabilities.

III. Improving OTC Derivatives Markets

• Objective: Ensure all standardised OTC derivatives are traded on exchanges and cleared through CCPs by end-2012, with mandatory reporting to trade repositories.
• Progress:
  • A working group has been formed to identify factors that make derivatives clearable and develop consistent standards.
  • The CPSS and IOSCO have issued guidance on CCPs and trade repositories, with a consultative report expected by early 2011.
  • There is ongoing debate on the merits of global vs. local CCPs and trade repositories.
  • Legislative actions in major jurisdictions are advancing to meet the G20 deadline.

IV. Strengthening Accounting Standards

• Objective: Achieve converged, high-quality global accounting standards by June 2011, addressing procyclicality and transparency.
• Progress:
  • The IASB and FASB have revised their strategies, with most projects targeting completion by June 2011.
  • Key areas of focus include:
    • Impairment of financial assets: Proposals to incorporate more credit information into loss provisioning.
    • Derecognition: Revised proposals to treat repurchase agreements as financing rather than sales.
    • Valuation uncertainty: Enhancements to fair value measurement standards for less active markets.
    • Netting/offsetting: Efforts to align standards on balance sheet treatment of financial instruments.

V. Strengthening Adherence to International Standards

• Objective: Ensure global compliance with international supervisory and regulatory standards.
• Progress:
  • The FSB launched a framework in January 2010 to promote adherence, including regular assessments and peer reviews.
  • Thematic peer reviews on compensation and risk disclosures have been completed or are underway.
  • Country peer reviews for Italy, Mexico, and Spain are progressing, with Mexico’s review expected to be completed in July 2010.
  • Non-cooperative jurisdictions may be identified and published by the end of 2010 if progress is insufficient.

VI. Reforming Compensation Practices

• Objective: Align compensation practices with financial stability objectives, including risk adjustment and deferral mechanisms.
• Progress:
  • A review of compensation practices was conducted in 2009 and published in March 2010.
  • The BCBS is developing a consultative report on compensation methodologies by October 2010.
  • The IAIS has released draft standards on remuneration for the insurance sector.
  • A further detailed review is planned for the second quarter of 2011.

VII. Developing Macroprudential Frameworks

• Objective: Create tools and frameworks to address system-wide risks.
• Progress:
  • The BCBS is exploring countercyclical buffers and capital/liquidity surcharges for SIFIs.
  • A new European Systemic Risk Board (ESRB) is being established to oversee macroprudential risks in the EU.
  • Other countries, such as the US, India, and the UK, are also reviewing or amending their national frameworks to enhance macroprudential oversight.

Key Information

• The G20 Leaders emphasized the need for consistent, high-quality reforms to enhance financial stability.
• The FSB is coordinating international efforts and monitoring national implementation.
• 2010 and 2011 are critical years for finalizing and implementing the reforms.
• The FSB will report progress to the G20 in Korea in the fall of 2010.
• Collaboration with the IMF, CPSS, IOSCO, and IAIS is essential for the success of these reforms.
• Regulatory arbitrage is a key concern, requiring international consistency in standards and practices.