In 2008, the G20 committed to fundamental reform of the global financial system. Since then, FSB members have agreed and are implementing a broad range of policy reforms that address the major fault lines that caused the crisis. This past year marked significant advancements to build more resilient financial institutions and markets, to address the problem of too-big-to-fail problem, to prevent regulatory arbitrage, and to build a framework for robust market-based finance that will promote continuously functioning markets. Several initiatives will be finalised before the end of 2015. Namely, efforts to end too-big-to-fail have progressed. Policy proposals for the international standard for TLAC of G-SIBs were agreed and published for consultation. The FSB, with assistance from the BCBS and the BIS, is conducting impact assessment studies to determine the final calibration of the TLAC. A revised TLAC standard will be published in advance of the G20 Summit in November 2015. The FSB is also finalising guidance for the design of statutory recognition frameworks and contractual recognition provisions which will prevent cross-border derivative contracts being disruptively terminated in the event of a G-SIB entering resolution. And recognising that too-big-to-fail risks must be addressed for financial entities other than banks, the FSB is pursuing with other standard setters a coordinated work plan to promote CCP resilience, recovery planning and resolvability.