In Brisbane, G20 Leaders welcomed the progress made in completing measures to fix the fault lines that caused the crisis The priorities for the FSB’s work in the next phase of reform were also agreed, namely:

• Full, consistent and prompt implementation of agreed reforms;

• Finalising the design of remaining post-crisis reforms; and

• Addressing new risks and vulnerabilities.

This letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Istanbul in February 2015 sets out the FSB’s work programme to advance these goals during the Turkish G20 Presidency in 2015.

Full, consistent and prompt implementation of agreed reforms: The FSB supports the determined efforts of its members through enhanced monitoring of implementation across all jurisdictions, regularly report its key findings to the G20. This year the FSB will publish its first annual report on the implementation of the reforms and their effects.

Finalising the design of remaining post-crisis reforms: Further work on the design of reforms is needed in three areas: completion of the capital framework for banks; measures to help end too big to fail; and initiatives to make derivatives markets safer.

Addressing new risks and vulnerabilities: Closing data gaps and sharing analysis and policy choices will be vital to allow national authorities to understand and react to risks effectively and promptly. In addition, the FSB will focus on co-ordinating efforts to address two specific emerging vulnerabilities: market-based finance and misconduct.