FSB全球金融稳定委员会-Governance-arrangements-for-the-UPI_13页_202kb

The Financial Stability Board at 10 Years—Summary

Core Content

The Financial Stability Board (FSB) was established in 2009 as a response to the global financial crisis, marking its 10th anniversary in 2019. It was created to enhance international cooperation in financial regulation and to address the limitations of its predecessor, the Financial Stability Forum (FSF), which had a narrow geographic and institutional scope. The FSB now includes a wide range of members, such as central banks, ministries of finance, and financial regulators, and has a broad mandate focused on financial stability and cross-border coordination.

Main Points

1. Founding and Purpose

• The FSB was established by G20 leaders in 2009 in response to the global financial crisis.
• It was designed to have a stronger institutional basis and greater capacity for global cooperation.
• The FSB aims to promote financial stability and coordinate responses to systemic risks.

2. Key Areas of Focus

• Over-the-Counter (OTC) Derivatives: The FSB has focused on central clearing, exchange trading, reporting to trade repositories, and higher capital and margin requirements.
• Prudential Bank Standards: The FSB has endorsed Basel III, which includes enhanced capital adequacy, leverage ratio, liquidity requirements, and large exposures frameworks.
• Resolution: The FSB developed the "Key Attributes for Effective Resolution" to address the "too-big-to-fail" dilemma and introduced total loss absorbing capacity requirements.
• Nonbank Financial Intermediation (NBFI): The FSB has monitored NBFI activities, including shadow banking, and has worked with international bodies to improve regulatory standards.

3. Post-Crisis Reforms

• Over the past decade, the FSB has contributed to a stronger, more resilient global financial system.
• Major banks are now better capitalized, less levered, and more liquid.
• "Too-big-to-fail" reforms are well-advanced, particularly with the establishment of resolution regimes.
• The FSB has begun evaluating the effectiveness of these reforms and their impact on infrastructure finance and SME lending.

Key Challenges and Future Outlook

1. Financial Innovation

• The FSB has been monitoring financial innovation, especially fintech, which includes peer-to-peer lending, cryptocurrencies, and AI/ML applications.
• FSB has identified key supervisory priorities: managing operational risks from third-party providers, mitigating cyber risks, and monitoring macrofinancial risks.
• Stablecoins have become a significant focus, due to their potential to affect financial stability on a global scale.

2. Market Fragmentation

• The FSB is concerned about the increasing fragmentation of financial markets, which may lead to regulatory arbitrage and higher compliance burdens.
• The G20 has requested the FSB to examine different forms of market fragmentation and its implications.
• The FSB has held workshops to discuss capital and liquidity allocation by global institutions and is working with IOSCO on regulatory information sharing.

3. Looking Forward

• The FSB is transitioning from policy development to evaluating the effectiveness of reforms.
• It is reviewing and updating its financial stability surveillance framework to ensure it remains comprehensive and forward-looking.
• The FSB aims to maintain vigilance against emerging risks and to adapt to the evolving financial landscape.

Conclusion

The FSB has played a crucial role in shaping the post-crisis global financial architecture. It has successfully addressed key vulnerabilities and promoted regulatory reforms. However, the board must continue to adapt to new challenges such as fintech and market fragmentation to ensure the ongoing stability of the global financial system.