FSB Chair's Letter to G20 on Financial Reforms – Progress on the Work Plan for the Antalya Summit
This letter from the FSB chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington in April 2015 provides an update on progress at last month’s FSB Plenary meeting in Frankfurt.
In February in Istanbul, the following priorities for the FSB’s G20 financial regulation agenda were agreed upon:
- full, consistent and prompt implementation of agreed reforms;
- finalising the design of remaining post-crisis reforms; and
- addressing new risks and vulnerabilities.
The FSB Chair’s April letter includes information on ongoing work to finalise post-crisis reforms in two particular areas: measures to help end too-big-to-fail for different types of financial institutions, including a coordinated work plan to promote central counterparty (CCP) resilience, recovery planning and resolvability ; and initiatives to make derivatives markets safer.
It also outlines work programmes to address two specific emerging vulnerabilities: financial stability risks stemming from market-based finance, including those associated with asset management activities; and addressing misconduct risks and withdrawal from correspondent banking.