2016年-FSB全球金融稳定委员会_Third_FSB_Annual_Report_35页_610kb

3rd Annual Report Summary (1 April 2015 – 31 March 2016)

Core Content

The Financial Stability Board (FSB) is an international body established in 2009 by the G20 to promote financial stability through global cooperation. It operates under Swiss law as an association and is hosted and funded by the Bank for International Settlements (BIS). This report outlines the FSB's activities, governance structure, financial statements, and the ongoing work to address financial system vulnerabilities.

Main Activities

1. Building Resilient Financial Institutions

• The FSB has enhanced supervisory frameworks through thematic peer reviews, focusing on systemically important banks (SIBs).
• Supervision has become more risk-based, incorporating stress testing, business model analysis, and thematic reviews.
• The Basel Committee on Banking Supervision (BCBS) is working on improving supervisory effectiveness and cross-border cooperation.

2. Ending Too-Big-to-Fail (TBTF)

• The Total Loss-Absorbing Capacity (TLAC) standard was finalised in November 2015 to ensure G-SIBs can fail without risking the broader financial system.
• The standard defines minimum requirements for bail-in instruments and liabilities, but does not limit regulatory powers.
• The FSB is working to ensure resolution planning is in place for all G-SIBs and that cross-border resolution mechanisms are effective.
• A second thematic peer review on bank resolution regimes was published in March 2016, highlighting the need for bail-in powers and resolvability assessments.

3. Resilient Market-Based Financing

• The FSB is working to transform shadow banking into resilient market-based finance.
• Asset management activities are a focus, as they have become a key intermediary in the financial system.
• Policy recommendations were agreed in March 2016 to address liquidity mismatches, leverage, operational risks, and securities lending.
• The FSB encourages stress testing of asset management entities to assess their ability to meet redemption demands in stressed conditions.

4. Making OTC Derivatives Markets Safer

• The FSB monitors the implementation of G20 reforms for OTC derivatives, including trade reporting, central clearing, and capital requirements.
• A 10th progress report on OTC derivatives reforms was published in November 2015, highlighting the need for legal and regulatory barriers to be addressed.
• The FSB, along with CPMI and IOSCO, has developed a coordinated work plan to improve the resilience, recovery, and resolution of central counterparties (CCPs).

5. Implementation Monitoring

• The FSB publishes annual reports on the implementation and effects of G20 reforms.
• The first annual implementation and effects report found steady but uneven progress in reforms, with improved banking sector resilience.
• The FSB conducts peer reviews on countries and thematic reviews on specific areas like OTC derivatives trade reporting and bank resolution regimes.
• The Principles for Sound Compensation Practices were fully implemented for banks, though insurers still require further oversight.

6. Addressing Evolving Risks and Vulnerabilities

• The FSB identifies and addresses emerging risks through the Standing Committee on Assessment of Vulnerabilities (SCAV).
• Key vulnerabilities include:
  • Monetary policy unwinding and reduced market liquidity.
  • High indebtedness and economic growth concerns in both advanced and emerging economies.
  • Cyber-security threats and the sustainability of bank business models in a low-growth environment.
• The Global Shadow Banking Monitoring Report identified $36 trillion in shadow banking assets using an economic function methodology.

7. Other Activities

• The FSB continues to work with regional consultative groups (RCGs) and standard-setting bodies.
• A Task Force on Climate-related Financial Disclosures (TCFD) was established in 2015 to assess climate-related financial risks.
• The FSB is also addressing correspondent banking decline and exploring the impacts of technological innovation on financial stability.

Key Information

• Membership: 70 members, 25 jurisdictions, 10 international organizations.
• Regional Consultative Groups (RCGs): 6 groups, representing over 65 non-FSB jurisdictions.
• FSB Core Membership: Covers 88% of global GDP and 93% of banking assets; with RCGs, these figures increase to 96% and 98%.
• Key Reforms: TLAC standard, resolution planning, and compensation practices.
• Public Consultations: 4 public consultations and 4 letters to the G20 were conducted during the reporting period.
• Financial Statements: Reflect the special framework in which the FSB operates, with the BIS covering most operational costs.
• Annex: Includes additional details on the FSB's activities and financials.

Governance Structure

• The FSB is governed by a Chair and committees, including the Standing Committee on Supervisory and Regulatory Cooperation (SRC).
• Regional Consultative Groups (RCGs) provide input and feedback from non-FSB jurisdictions.
• The Secretariat supports the FSB's work and is based at the BIS.
• The FSB maintains transparency and open consultation with the public and international bodies.

Conclusion

The FSB continues to focus on building a resilient, open, and trusted financial system. It has made significant progress in ending TBTF, enhancing resolution regimes, and monitoring market-based finance and OTC derivatives. The FSB remains committed to transparent policy-making, evidence-based decisions, and inclusive consultation to ensure the global financial system is better equipped to handle future risks.