2015年-FSB全球金融稳定委员会_Handbook_for_FSB_Peer_Reviews_previous_version_15页_306kb

FSB Peer Reviews Handbook Summary

Core Content

The Handbook for FSB Peer Reviews outlines the framework, objectives, and procedures for conducting peer reviews within the Financial Stability Board (FSB). These reviews are designed to promote financial stability by ensuring consistent and effective implementation of international financial standards and policies across member jurisdictions.

Main Objectives

FSB peer reviews have four main objectives:

• Exchange information on regulatory, supervisory, and other financial sector policies and receive feedback from peers.
• Evaluate adherence to the FSB Charter's commitments regarding financial stability, transparency, and implementation of international standards.
• Foster a 'race to the top' by encouraging jurisdictions to adopt and implement effective financial policies.
• Assess the effectiveness of international standards and FSB policies in achieving their intended results.

Principles

The peer review process is guided by the following principles:

• Widely accepted standards and policies are used, although areas without international standards may also be reviewed.
• Complementarity ensures that peer reviews do not duplicate other international assessments.
• Transparency is ensured through the publication of review results.
• Engagement involves active and timely interaction with jurisdictions under review.
• Timely follow-up includes ongoing monitoring and reassessment.
• Proportionality ensures that recommendations reflect the materiality of the concern to financial stability.

Types of Peer Reviews

There are two types of FSB peer reviews:

1. Thematic Reviews

• Focus on the implementation and effectiveness of international financial standards and policies across the FSB membership.
• May also address areas without existing standards that are important for global financial stability.
• Typically involve 7–8 team members.
• May last 9–12 months, with an expected 6–8 weeks of full-time equivalent (FTE) work.
• Use customised questionnaires and may involve consultation with firms.
• The Secretariat plays a key role in drafting the questionnaire and report, with input from the review team and SSBs.

2. Country Reviews

• Focus on the implementation and effectiveness of financial sector policies in a specific FSB member jurisdiction.
• Usually occur 2–3 years after an FSAP or ROSC.
• Typically involve 3–5 team members.
• May last 6–9 months, with an expected 5–6 weeks of FTE work.
• Use standardised questionnaires focused on FSAP and ROSC recommendations.
• Include on-site visits to the reviewed jurisdiction and may involve meetings with market participants.
• Do not comprehensively assess the financial system structure or policy compliance with international standards.

Prioritisation

• The SCSI (Standing Committee on Standards Implementation) is responsible for prioritising countries and themes.
• Prioritisation is based on recommendations from the SCSI Chair, resource constraints, and inputs from other FSB committees and international bodies.
• Thematic reviews are prioritised in areas where international standards are lacking or where cross-sectoral consistency is needed.
• Country reviews are prioritised for jurisdictions undergoing major reforms and in coordination with IMF and World Bank assessments.

Preparation Stage

The preparation stage includes:

• Topic selection (only for country reviews), which focuses on G20/FSB reforms and FSAP/ROSC recommendations.
• Terms of Reference (TOR), which define the objectives, scope, and methodology of the review. The SCSI approves the TOR.
• Team selection, involving experts from FSB members and supported by the Secretariat.
• Information collection, primarily through questionnaires and additional data from jurisdictions, SSBs, and market sources.

Consultation Stage

• The peer review team analyses information, prepares a draft report, and discusses it with the reviewed jurisdiction.
• On-site visits are conducted to gather more insights and ensure the collaborative nature of the process.
• Confidential information is handled through confidentiality agreements, with non-anonymised data shared if necessary for the review's objectives.
• The Secretariat leads the drafting of the report, which includes an executive summary, analytical sections, and recommendations.

Evaluation and Follow-up

• The peer review is conducted by the team, and the report is approved by the SCSI.
• The report is published to ensure transparency.
• Follow-up involves monitoring and reporting on the implementation of agreed actions and sharing insights and lessons learned to improve future practices.

Key Information

• The FSB Handbook was initially developed in 2009 and has been revised in 2011, 2014, and 2015 based on experience and feedback.
• Country reviews are not comprehensive assessments of the financial system, unlike FSAPs.
• Thematic reviews may be led by SSBs if the topic is within their responsibility and they have a robust peer review mechanism.
• Confidentiality is strictly managed, and data sharing must comply with national legal frameworks.
• The use of consultants is generally not recommended for country reviews, but may be used for thematic reviews in specific cases.

Conclusion

The FSB peer review process is a structured and collaborative mechanism aimed at improving the implementation of financial standards and policies. It ensures transparency, complementarity, and engagement with member jurisdictions, while adapting to international developments and resource availability.