2018年-FSB全球金融稳定委员会_Fourth_FSB_Annual_Report_40页_1mb

4th Annual Report Summary (1 April 2016 – 31 March 2017)

Core Content

The Financial Stability Board (FSB) is an international organization established in 2009 by the G20 to coordinate financial regulatory and supervisory activities. It is governed by its Charter, which outlines its mandate and policy-related activities. The FSB is hosted and funded by the Bank for International Settlements (BIS) under a five-year agreement, with the BIS covering most of its operating costs. The FSB does not have its own assets, liabilities, or revenue.

This report covers the FSB's activities from 1 April 2016 to 31 March 2017, including financial statements and an overview of its ongoing work. It emphasizes the importance of transparency, international cooperation, and implementation of post-crisis reforms.

Main Objectives and Activities

The FSB's post-crisis reform agenda focuses on four core areas:

1. Building resilient financial institutions
2. Ending too-big-to-fail
3. Making derivatives markets safer
4. Transforming shadow banking into resilient market-based finance

1. Building Resilient Financial Institutions

• The FSB continues to coordinate the development and monitoring of reforms to strengthen the resilience of financial institutions.
• The Basel Committee on Banking Supervision (BCBS) finalized Basel III in December 2017.
• The International Association of Insurance Supervisors (IAIS) is developing a global Insurance Capital Standard (ICS) and a higher loss absorbency standard for G-SIIs.
• The FSB has published guidance on resolution planning for systemically important banks and insurers.

2. Ending Too-Big-To-Fail

• The FSB focuses on identifying global systemically important financial institutions (G-SIFIs) and ensuring they have higher loss absorbency and resolvability.
• In 2016, the FSB updated lists of G-SIBs (Global Systemically Important Banks) and G-SIIs (Global Systemically Important Insurers), with 30 banks and nine insurers on the lists.
• The FSB has issued guidance on temporary funding, operational continuity, and resolution planning for G-SIBs and G-SIIs.
• The Total Loss-Absorbing Capacity (TLAC) standard was implemented in 2017, aiming to ensure G-SIBs can be resolved without public bailouts.

3. Making Derivatives Markets Safer

• The FSB promotes central clearing of standardized OTC derivatives, trade reporting, and margining to increase transparency and reduce systemic risk.
• The OTC derivatives reforms are largely implemented, with trade reporting and capital requirements in place.
• The FSB, in collaboration with CPMI and IOSCO, is working on global unique transaction identifiers (UTIs) and product identifiers (UPIs) to enhance data harmonization.
• A joint workplan on central counterparties (CCPs) was developed in 2015, and the FSB has published guidance on CCP resilience, recovery, and resolution.

4. Transforming Shadow Banking into Resilient Market-Based Finance

• The FSB's shadow banking framework aims to reduce financial stability risks while supporting sustainable non-bank financing.
• The FSB conducts system-wide oversight through annual monitoring and policy development.
• Key policy recommendations focus on liquidity mismatch, leverage within investment funds, operational risks, and securities lending.
• The FSB has also addressed re-hypothecation of client assets and collateral reuse, emphasizing the need for data collection and monitoring.

Implementation Monitoring and Oversight

• The FSB regularly publishes annual reports on the implementation and effects of G20 financial reforms.
• In 2016, the FSB released its second annual report, noting that implementation progress is steady but uneven.
• The FSB conducts peer reviews to monitor the implementation of international standards, including corporate governance and shadow banking oversight.
• The Resolvability Assessment Process (RAP) is used to evaluate the progress of resolution planning for G-SIBs and G-SIIs.

Key Recommendations and Outcomes

• The FSB has issued guidance on resolution planning for banks and insurers.
• It has published policy recommendations to address structural vulnerabilities in asset management activities.
• The Task Force on Climate-related Financial Disclosures (TCFD) continues to work on promoting and monitoring the adoption of its recommendations.
• The FSB emphasizes the importance of dynamic implementation of reforms to ensure they are effective and adapt to new risks.

Governance and Membership

• The FSB has 68 member institutions, including national authorities and international organizations.
• It includes 6 Regional Consultative Groups (RCGs) that reach out to 65 other jurisdictions.
• The FSB operates through committees and working groups, such as the Standing Committee on Supervisory and Regulatory Cooperation (SRC) and the Standing Committee on Standards Implementation (SCSI).
• The FSB maintains transparency and accountability through public consultations and reporting to the G20.

Key Takeaways

• The FSB plays a central role in coordinating global financial stability efforts.
• Implementation of reforms is ongoing but requires continued international cooperation.
• The shadow banking system is a focus area for transforming into more resilient market-based finance.
• The FSB continues to monitor and assess the effectiveness of reforms and address new financial stability risks.
• The G20 financial regulatory reforms are seen as a key pillar in achieving a safer, more integrated global financial system.

Contact Information

• Email alerts: www.fsb.org/emailalert
• Twitter: @FinStbBoard
• Email: fsb@fsb.org

References

• The FSB's work is supported by the BIS and IMF.
• The FSB has published several reports, including the 2nd Annual Report on G20 Financial Regulatory Reforms in August 2016.
• The CCP workplan was completed, with the final guidance issued in July 2017.

Conclusion

The FSB continues to focus on enhancing financial stability through the implementation and evaluation of post-crisis reforms, monitoring systemic risks, and promoting international cooperation. It remains committed to transparent processes and dynamic policy adjustments to ensure the global financial system is resilient, fair, and integrated.