2010年-FSB全球金融稳定委员会_Progress_since_the_Washington_Summit_in_the_Implementation_of_the_G20_Recommendations_for_Strengthening_Financial_Stability_33页_317kb

Summary of Progress Since the Washington Summit in the Implementation of the G20 Recommendations for Strengthening Financial Stability

I. Introduction

Since the 2008 financial crisis, the Financial Stability Board (FSB) has coordinated global financial reforms aimed at enhancing financial stability and preventing future crises. These reforms are based on clear principles and timetables, with the goal of ensuring that a crisis of this magnitude does not recur. The report outlines the progress made in implementing the G20 recommendations, emphasizing the need for consistent and internationally coordinated regulatory standards to avoid regulatory arbitrage and maintain financial resilience.

II. Building High Quality Capital and Liquidity Standards and Mitigating Procyclicality

Basel III Framework

The Basel Committee on Banking Supervision (BCBS) and its governing body, the Group of Governors and Heads of Supervision (GHOS), have made significant progress in developing and implementing the Basel III framework. Key elements include:

• Enhanced Capital Quality: Greater focus on common equity, with stricter eligibility criteria and exclusion of questionable assets.
• Increased Capital Requirements: Minimum common equity will rise from 2% to 4.5%, and Tier 1 capital from 4% to 6%.
• Capital Buffers:
  • Capital Conservation Buffer (2.5%): Phased in from 2016, with full effect by 2019.
  • Countercyclical Buffer (0–2.5%): To be applied during periods of excessive credit growth.
• Leverage Ratio: Introduced in 2013, with a transition to Pillar 1 treatment by 2018.
• Liquidity Standards:
  • Liquidity Coverage Ratio (LCR): Introduced in 2015.
  • Net Stable Funding Ratio (NSFR): Introduced by 2018.

Basel II Implementation

Most G20 countries have adopted the Basel II framework, with the remaining progressing toward adoption. The BCBS has strengthened guidance for Pillar 2 supervision, focusing on firm-wide governance, risk concentration, securitisation, stress testing, and off-balance sheet activities.

Risk Management

National authorities have strengthened risk management practices, including stress testing and updated supervisory guidelines. The Senior Supervisors Group (SSG) has identified ten key areas for improvement in risk management practices, including governance, incentives, and IT infrastructure.

III. Addressing Systemically Important Financial Institutions (SIFIs) and Resolution Regimes

Policy Recommendations for SIFIs

The FSB is submitting recommendations to the G20 Seoul Summit to address moral hazard risks posed by SIFIs. These include:

• Resolution Frameworks: Ensuring SIFIs can be resolved without destabilizing the financial system.
• Loss Absorbency Capacity: SIFIs, especially globally systemically important financial institutions (G-SIFIs), should have higher loss absorbency capacity.
• Supervisory Oversight: More intensive supervision for SIFIs to manage systemic risks.
• Core Financial Market Infrastructures: Strengthening to reduce contagion risk.

G-SIFI Loss Absorbency

The FSB and BCBS are developing a targeted approach for G-SIFIs, which may include capital surcharges, contingent capital, and bail-in debt. By mid-2011, the FSB will identify G-SIFIs and by December 2011, recommend additional loss absorbency measures. A Peer Review Council (PRC) will assess the consistency of these measures across jurisdictions.

Enhanced Supervision

The FSB has recommended enhancing supervision for SIFIs, including:

• Supervisory Colleges: Now in operation for major financial groups, with eight principles to guide their functioning.
• Cross-Border Cooperation: IOSCO has published principles to improve cross-border coordination among securities regulators.

Resolution Planning

• Recovery and Resolution Plans (RRPs): All G-SIFIs should have mandatory RRPs.
• Challenges in Resolution: The FSB has identified four technical areas that hinder effective resolution: booking practices, intra-group guarantees, global payments operations, and information systems.
• Bail-In Mechanisms: The FSB will review the feasibility of bail-ins, debt-to-equity conversions, and other innovative tools to improve resolvability.

IV. Strengthening Core Financial Infrastructures

The FSB and other bodies are working to reduce contagion risk by strengthening core financial market infrastructures, particularly in payment and securities settlement systems and central counterparties in OTC derivatives markets.

V. Improving the OTC Derivatives Markets

• Mandatory Reporting: OTC derivatives transactions must be reported to trade repositories.
• Regulatory Consistency: The FSB submitted recommendations in October 2010 for consistent implementation across jurisdictions.
• Progress: Much work and coordination remain, but the framework for OTC derivatives markets is in place.

VI. Strengthening Adherence to International Supervisory and Regulatory Standards

• Peer Reviews: The FSB has conducted and will continue to conduct thematic peer reviews on various topics, including compensation practices, risk disclosures, and resolution regimes.
• FSAP Integration: The IMF has made financial stability assessments a regular and mandatory part of surveillance for 25 jurisdictions with systemically important financial sectors.

VII. Reforming Compensation Practices

• Supervisory Guidance: The BCBS has published guidance on sound compensation practices, corporate governance, and supervisory colleges.
• Peer Reviews: Thematic reviews on compensation practices are underway, with plans to reassess national progress.

VIII. Developing Macroprudential Frameworks and Tools

• Macroprudential Policy: Frameworks are being developed in various jurisdictions.
• FSB Engagement: The FSB will continue to engage with the development and application of macroprudential tools.

IX. Expanding and Refining the Regulatory Perimeter

• Shadow Banking: As regulatory requirements tighten, attention is increasing on the shadow banking sector.
• FSB Priority: Addressing the risks and implementing safeguards for shadow banking activities is a key priority.

Conclusion

Significant progress has been made in implementing the G20 financial stability recommendations, particularly in the areas of capital and liquidity standards, SIFI oversight, and resolution regimes. However, continued coordination and implementation across jurisdictions are essential to ensure a resilient and stable financial system. The FSB remains committed to monitoring progress and refining frameworks to address emerging risks and promote financial stability.