The second annual implementation and effects report for G20 Leaders describes progress by FSB jurisdictions in implementing regulatory reforms to fix the fault lines that led to the global financial crisis and build a safer, more resilient financial system. It concludes that implementation progress remains steady but uneven, and that the effects of the reforms implemented to date have been generally positive. The report includes further analysis on three areas identified in last year’s report as meriting close attention: market liquidity; effects of reforms on emerging market and developing economies; and maintaining an open and integrated global financial system. It also calls on G20 Leaders’ support to address implementation challenges involving legal powers as well as other legal, data and capacity constraints that could hamper implementation efforts.