The evaluation of the effects of financial regulatory reforms on infrastructure finance is the first under the FSB evaluation framework, and forms part of a broader examination of the effects of reforms on financial intermediation. It focuses on infrastructure finance that is provided in the form of corporate and project debt financing (loans and bonds), for which the financial regulatory reforms are of immediate relevance.

The consultation report concludes that the effect of the G20 financial reforms on infrastructure finance is of a second order relative to other factors, such as the macro-financial environment, government policy and institutional factors. In particular, for the reforms that have been largely implemented and are most relevant for this evaluation – namely, the initial Basel III capital and liquidity requirements and over-the-counter derivatives reforms – the analysis thus far does not identify material negative effects on the provision and cost of infrastructure finance.

The FSB is seeking responses to 17 questions set out in the consultative document. Responses should be sent to [email protected] by Wednesday 22 August with “EFI consultation” in the subject line. Responses will be published on the FSB website unless respondents expressly request otherwise. The final report will be published at around the time of the G20 Summit in November 2018.