This work programme details the FSB’s planned work and provides an indicative timeline of main publications for 2021. The FSB will reinforce its forward-looking monitoring of developments to identify, assess and address new and emerging risks to global financial stability, and continue to assess the functioning of the regulatory framework put in place after the 2008 global financial crisis.

Important specific FSB work programme items, which include key deliverables to the G20 Italian Presidency, are:

  • International cooperation and coordination related to COVID-19. The FSB will continue to assess vulnerabilities in the global financial system; share information on policy responses; assess their effectiveness and coordinate the future timely unwinding of the temporary measures taken; and monitor the use of flexibility and consistency of policy responses with existing international financial standards.

  • Non-bank financial intermediation (NBFI). Work will focus on the specific issues identified in the FSB holistic review, including money market funds, open-ended funds, margin calls, bond market liquidity and cross-border USD funding. An evaluation of the effects of G20 financial reforms on bond market liquidity will be launched.

  • CCP resilience, recovery and resolvability. Work will consider the need for, and develop as appropriate, international policy on financial resources in recovery and resolution to further strengthen the resilience and resolvability of CCPs.

  • Cross-border payments. A number of actions under the FSB roadmap to enhance cross-border payments will be completed, including the development of quantitative targets for the roadmap, a stocktake of data frameworks and exploration of the scope for, and obstacles to develop a global digital Unique Identifier.

  • Climate change and sustainable finance. The FSB will explore ways to promote globally comparable, high-quality and auditable standards of disclosure based on the TCFD recommendations, and review regulatory and supervisory approaches to addressing climate risks at financial institutions.

  • Interest rate benchmarks. The FSB will continue to support transition away from LIBOR, which is to discontinue after 2021, to more robust benchmarks and report on transition progress to the G20.

  • Cyber and operational resilience. The FSB will also explore the scope for convergence in the regulatory reporting of cyber incidents and the need for revisions to the FSB Cyber Lexicon