FSB Chair’s Letter to G20 Ministers and Governors on Financial Reforms – Progress on the Work Plan for the Hangzhou Summit
This letter from the FSB Chair to the G20 Finance Ministers and Central Bank Governors in advance of their meetings in Shanghai stresses that recent market turbulence serves to underline the importance of continued progress in building resilient financial institutions and markets.
The letter sets out the FSB’s work programme for 2016, including work to support the objectives of the Chinese G20 Presidency:
- Supporting the full and consistent implementation of post crisis reforms, while remaining ready to address any material unintended consequences.
- Addressing new and emerging vulnerabilities in the financial system, including potential risks associated with market-based finance, asset management activities, conduct, correspondent banking and climate change.
- Promoting robust financial infrastructure, working with the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions to assess policies on central counterparty (CCP) resilience, recovery and resolvability, and recommending any necessary improvements.
- Drawing lessons, working with the International Monetary Fund and the Bank for International Settlements, from the practical application of macroprudential policy frameworks and tools.
- Assessing the systemic implications of financial technology innovations, and the systemic risks that may arise from operational disruptions.