Global adherence to regulatory and supervisory standards on international cooperation and information exchange: Status update
The Financial Stability Board (FSB) commenced in March 2010 an initiative to encourage the adherence by all countries and jurisdictions to regulatory and supervisory standards on international cooperation and information exchange. The initiative responded to a call by the G20 Leaders at their April 2009 Summit in London for the FSB to develop a toolbox of measures to promote adherence to prudential standards and cooperation with jurisdictions.
To recognise the progress that most jurisdictions evaluated by the FSB under the current initiative have made towards implementing international cooperation and information exchange standards, and to incentivise improvements by those jurisdictions not cooperating fully, in November 2011 the FSB first published the names of all jurisdictions evaluated. This annual status update provides current information on the countries being evaluated under the initiative and maintains the determination of Venezuela as a non-cooperative jurisdiction. It also includes an updated toolbox of measures for promoting the implementation of these standards and announces the expansion of the evaluation process to 6 new jurisdictions: Kuwait, Macao, Nigeria, Panama, Peru and Qatar.