The third annual report for G20 Leaders provides a comprehensive assessment on the implementation and effects of the agreed financial regulatory reforms. The report concludes that implementation progress continues but is uneven across the four core reform areas, and that the evidence on the effects of reforms to date shows that higher resilience is being achieved without impeding the supply of credit to the economy. The report includes further analysis on three areas where authorities need to remain vigilant: maintaining an open and integrated financial system; market liquidity; and the effects of reforms on emerging market and developing economies. It also includes the findings from assessments undertaken by the FSB in two core reforms (over-the-counter derivatives and shadow banking) and the main elements of the FSB framework for the post-implementation effects of G20 reforms.

The report sets out the need for continued support from G20 Leaders to implement fully the agreed reforms. To reinforce global regulatory cooperation, it calls on G20 Leaders to: (i) revise legal frameworks to facilitate expanded cooperation and information sharing among financial authorities; (ii) encourage full and consistent implementation of standards; (iii) participate in post-implementation evaluations of the effects of reforms; and (iv) consider how progress made in agreeing and implementing standards and enhancing cooperation can best be leveraged to preserve an open and integrated system.