2013年-FSB全球金融稳定委员会_Narrative_progress_report_on_financial_reforms_9页_238kb

A Narrative Progress Report on Financial Reforms Summary

Core Content

The Financial Stability Board (FSB) presented a progress report to G20 leaders on 5 September 2013, outlining the implementation of financial reforms initiated in 2008 to address the global financial crisis. The report emphasizes the need for a resilient, transparent, and globally integrated financial system that supports sustainable economic growth.

Main Objectives of Financial Reforms

• Correct the fault lines that caused the crisis
• Promote continuously functioning financial markets
• Realize the benefits of an open, integrated, and resilient global financial system

Key Reforms and Progress

1. Correcting the fault lines that caused the crisis

• Building more resilient financial institutions:

  • Basel III was endorsed in 2010 to increase capital and liquidity requirements for banks.
  • Most G20 and FSB jurisdictions have adopted these standards, with many banks meeting requirements ahead of the 2019 deadline.
  • Challenges remain, including uneven capital strengthening and differences in risk models.

• Increasing transparency:

  • Initiatives include improved risk disclosures, addressing data gaps, and strengthening accounting standards.
  • A global legal entity identifier and reforms to financial benchmarks (e.g., LIBOR) are being implemented.

• Ending the "too-big-to-fail" problem:

  • The FSB has developed a framework to identify and manage systemically important financial institutions (SIFIs).
  • Three main measures are being applied: resolution regimes, loss absorbency requirements, and enhanced supervision.
  • Legislative reforms are needed in many countries to fully implement the Key Attributes of Effective Resolution Regimes by end-2015.

2. Promoting continuously-functioning financial markets

• Making derivatives markets safer:

  • Over-the-counter (OTC) derivatives are being reformed through increased transparency, centralized counterparties, and capital/margin requirements.
  • Consistent rules across jurisdictions are being promoted to prevent regulatory arbitrage.

• Strengthening market infrastructure:

  • Authorities are encouraging the use of central counterparties and other robust infrastructures to reduce systemic risk.
  • New international principles have been developed for the safety and soundness of key financial market infrastructures.

• Reforming credit rating agencies:

  • Credit rating agencies are now subject to stronger oversight and transparency.
  • Efforts are underway to reduce market reliance on external ratings and promote internal credit assessment.

3. Realising fully the benefits of an open, integrated and resilient global financial system

• Strengthening confidence in the global financial system:

  • Reforms aim to build confidence in the resilience of both national and global systems.
  • Preventing regulatory arbitrage is crucial to avoid fragmentation and reduce contagion risks.

• Ensuring timely and consistent implementation:

  • The FSB coordinates monitoring and peer review of reforms across G20 countries.
  • Six priority areas are under intense scrutiny: Basel capital and liquidity framework, derivatives reforms, compensation practices, SIFI policies, resolution frameworks, and shadow banking.

• Enhancing cross-border cooperation:

  • FSB promotes outcome-based approaches to regulatory consistency.
  • Supervisory colleges and crisis management groups are being strengthened to improve information sharing and coordination.

• Expanding the reform dialogue:

  • The FSB engages a broader community through regional consultative groups, workshops, and public consultations.

Conclusion

The report concludes that completing the financial reforms and implementing them in a timely and consistent manner will build a more resilient global financial system. This system will support the G20's goal of strong, sustainable, and balanced economic growth, and will be better equipped to withstand future economic shocks. Continued cooperation, transparency, and regulatory consistency are essential to achieving these objectives.