The FSB, in collaboration with the International Monetary Fund (IMF) and the World Bank, prepared a study in June 2012 to identify the extent to which the agreed regulatory reforms may have unintended consequences for EMDEs. The G20 Leaders, in the Los Cabos Summit Declaration, welcomed the study and "encourage[d] continued monitoring analysis and reporting by the FSB and dialogue among the FSB, standard-setters, international financial institutions and national authorities of EMDEs, to address material unintended consequences as appropriate without prejudice to our commitment to implement the agreed reforms".

In response to the G20 request, the FSB, in collaboration with standard-setting bodies (SSBs) and international financial institutions (IFIs), decided to embed the monitoring, analysis and reporting in this area into existing mechanisms and consultation channels where possible. This was done for three main reasons:

· many of the identified concerns have also been raised by advanced economies and are being addressed by relevant SSBs during policy development and implementation;

· using existing monitoring and assessment processes by the FSB, SSBs and IFIs will maximise synergies and avoid the duplication of efforts; and

· such an approach will enable monitoring and reporting in this area to be an ongoing rather than a stand-alone exercise.

This note provides an update of monitoring developments since the June 2012 study. The information included in the note draws upon discussions in FSB Regional Consultative Groups (RCGs) on the effects of internationally agreed reforms across different regions, input by SSBs and IFIs

3 from their own monitoring and assessment processes, as well as the findings of an FSB workshop, organised in May 2013, to share lessons and experiences among EMDEs on implementing financial reforms and on undertaking ex ante assessments of their impact. Continue reading.