FSB Chair notes that solid progress was being made in the priority areas identified by the G20 Leaders at Cannes and reiterated by Ministers and Governors in Mexico this past February. These include (i) building resilient financial institutions; (ii) ending "too big to fail"; (iii) strengthening the oversight and regulation of shadow banking activities; (iv) completing OTC derivatives and other reforms to create continuous core markets; and (v) implementing agreed G20 reforms in a timely and consistent manner. In addition, the FSB is working on assessing the implications of post-crisis reforms on  EMDEs, and on strengthening its governance and capacity.Focused attention, sustained effort and effective cooperation will be needed by all of those involved to achieve the promised deliverables for the Los Cabos G20 Leaders Summit in June.