FSB Chair notes that solid progress continues to be made in the priority areas identified by the G20 Leaders at Cannes and reiterated by Leaders at Los Cabos this June. These include (i) building resilient financial institutions; (ii) ending "too big to fail"; (iii) strengthening the oversight and regulation of shadow banking activities; and (iv) creating continuous core markets by completing OTC derivatives and related reforms. The key determinant of the effectiveness of reforms is whether they are implemented in a timely, consistent and complete manner. In this regard, progress is being made, as the detailed monitoring reports submitted to you underscore. But progress remains uneven and we still have significant work ahead.