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 emerging market and developing economies (EMDEs). The first FSB follow-up monitoring report on the effects of financial regulatory reforms on EMDEs was published in September 2013. This note provides an update of monitoring developments since then, drawing upon discussions in FSB work streams and in FSB Regional Consultative Groups on the effects of these reforms as well as input by SSBs and IFIs from their own monitoring and assessment processes. This update covers the effects on EMDEs of: the Basel III capital and liquidity framework; policy measures for G-SIFIs and resolution regimes; over-the-counter derivatives market reforms; and structural banking reform initiatives. It also describes implementation support by international organisations to EMDEs.