FSB Plenary sets out 2026 work plan

19 November 2025

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Ref: 20/2025

The Financial Stability Board (FSB), which plays a central role in safeguarding global financial stability, met on 18-19 November 2025 in Riyadh, Saudi Arabia. Members discussed vulnerabilities in the global financial system, challenges for emerging market and developing economies (EMDEs) and priorities for 2026, including additional work to support implementation. They also launched new initiatives related to modernising regulation and supervision, stablecoins, and nonbank financial intermediation (NBFI), and called for jurisdictional and regional action plans to promote improved cross-border payments.

Financial system vulnerabilities 

Members discussed the challenging global economic outlook. The Plenary acknowledged the vital role of financial stability in supporting sustained growth. In this context, members discussed the evolution of financial system vulnerabilities since their June meeting, focusing on key risks and challenges. They highlighted historically stretched asset valuations, particularly in AI-related securities, and the potential for sharp market corrections. The possibility for borrowing conditions to tighten, especially for riskier companies, was also a concern given the uncertain global economic outlook. Rising levels of government debt worldwide, driven by factors such as slower economic growth, higher spending, and aging populations, could adversely affect financial resilience. Members noted that nonbank entities are increasingly important participants in the markets for government debt, but their use of highly leveraged trading strategies could amplify market volatility and instability, potentially across borders, in the event of a rapid unwinding of positions. The group also discussed risks specific to EMDEs, emphasising the particular challenges they face and the importance of continuing to address these risks effectively.

Plenary members also discussed private credit markets. While acknowledging that private markets are improving access to credit, members noted their rapid growth, complexity, relative lack of transparency, and growing connections to the banking sector and the rest of the financial system, which require careful monitoring to assess potential risks to financial stability.

The Plenary called for continued close monitoring of the growing interlinkages between crypto-assets and stablecoins and the broader financial system. Stablecoins may improve payment speed and efficiency, but they raise a number of vulnerabilities, including run risk and regulatory challenges associated with multi-jurisdiction issuers of stablecoins , which require continuing attention.

Members also noted that operational disruptions at key financial institutions or technology providers can potentially cause significant system-wide impacts.

FSB work programme

The Plenary approved the FSB’s work programme for 2026, including key deliverables for the United States G20 Presidency.

A number of jurisdictions are considering or have initiated efforts to modernise financial regulation and supervision in their jurisdictions. The Plenary agreed that the FSB should examine these initiatives to determine where it can support alignment of approaches globally.   

Other areas of focus for 2026 include:

Crypto-assets and stablecoins

The FSB’s Thematic Peer Review of the FSB Global Regulatory Framework for Crypto-asset Activities, which was delivered to the G20 in October, highlighted the rapid growth of stablecoins and increasing interest from the traditional financial sector. The report also highlighted challenges related to regulatory fragmentation. Members emphasised the need for jurisdictions to align their regulatory frameworks, to prioritise financial stability, and to address anti-money laundering and countering the financing of terrorism concerns, as the crypto-asset sector continues to grow. In addition to vulnerabilities, members discussed the latest developments in stablecoins, including innovations, use cases, and policy responses, and considered work that the FSB should undertake on the financial stability implications of stablecoins, including laying the groundwork to address regulatory fragmentation and promote enhanced cooperation. Members noted the importance of coordination and collaboration across international organisations, standard-setting bodies and the Financial Action Task Force (FATF).

Implementation Monitoring Review

Plenary decided to move on to phase two of the strategic review of implementation led by Randal K. Quarles, the former Chair of the FSB. 

Cross-border payments 

The Plenary discussed progress on the G20 Roadmap for Enhancing Cross-Border Payments. The latest progress report, published in October, warned that the G20’s targets were unlikely to be met by the end-2027 deadline. Members called for jurisdictional and regional action plans to address specific challenges, including in EMDEs, and emphasised the need to continue to engage with the private sector to drive improvements. 

Nonbank financial intermediation (NBFI) 

The Plenary discussed the FSB’s work on enhancing the resilience of the NBFI sector. Members reviewed a report on vulnerabilities in government bond-backed repo markets and the links between the repo and government bond markets. The Plenary supported further work to promote implementation of the FSB’s recommendations on liquidity management by open-ended funds and on NBFI leverage. The latter includes work with the industry to enhance disclosure by nonbank entities to their prime broker counterparties. The Plenary noted the need for progress on addressing data gaps related to leveraged trading strategies in sovereign bond markets under the Nonbank Data Task Force.

Members also discussed options for work on private credit, including further assessment of vulnerabilities and interlinkages, as well as work on data gaps.

Resolution

The 2023 banking turmoil underscored the need to coordinate across different authorities to strengthen crisis preparedness. Members considered a proposal for a strategic review of the FSB’s crisis preparedness activities and emphasised the importance of ensuring the FSB is able to lead efforts in this area effectively. Continuing efforts to improve implementation monitoring of resolution standards in all sectors will form the basis of the FSB’s work on resolution in 2026. For the banking sector, the Plenary noted that funding in resolution remains a challenge for the effective implementation of the FSB’s resolution framework. This issue, alongside enhancing the effectiveness of the execution of cross-border bail-in, will also be addressed in 2026.

Insurance

The Plenary welcomed the FSB’s experience utilising the International Association of Insurance Supervisors’ Holistic Framework assessments instead of an annual identification of global systemically important insurers. Members approved the publication of the annual list of insurers subject to resolution planning standards and a consultation report on recovery and resolution planning requirements for insurers.

Conclusion

Governor Andrew Bailey, Chair of the FSB, commented: “This Plenary marks a significant step for the FSB. Our members have agreed to focus the work of the FSB to respond to changes in the pattern of financial stability vulnerabilities, the adoption of innovation, and to ensure a stable financial environment to facilitate economic growth. Our 2026 agenda of work is demanding, but we remain committed to closely scrutinising vulnerabilities in the market and resolutely following up to ensure the implementation of our recommendations across the globe.”

Notes to editors

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

Peer Review of Spain

18 November 2025 | PDF full text (568 KB)

Spanish authorities can build on work already done at national and European level to further strengthen the cyber resilience of the country’s financial system.

The growing digitalisation of Spain’s financial sector and its increasing reliance on services provided by third parties has heightened the sector’s exposure to operational risks and cyber threats.

The Spanish authorities have placed significant focus on enhancing cyber resilience of the financial sector. Banco de España (BdE) maintains robust risk-based supervisory oversight of the institutions it supervises, including a focus on cyber resilience. Spain was an early adopter of the Threat Intelligence Based Ethical Red teaming (TIBER) framework that provides structured red-team testing for banks. More recently, there has been a substantial effort across all financial sectors to prepare the industry for the increased expectations under the European Union (EU) Digital Operational Resilience Act (DORA).

Nevertheless, the evolving cyber risk landscape warrants continuing enhancements from Spanish authorities to address rising challenges. This peer review y recommends that Spanish authorities:

  • develop a comprehensive mapping of the cyber threat landscape that could provide the industry and authorities themselves with intelligence to inform decision-making;
  • leverage best practices to bring enhanced consistency and maturity to cyber resilience across agencies, for example through cross-sectoral working groups and information-sharing mechanisms under the oversight of the Spanish Macroprudential Authority;
  • develop a national analysis of existing registers of information to identify critical third-party providers in Spain, assess concentration risks and define a strategy to address domestically critical third parties;
  • establish a single national channel for incident reporting that automatically shares data with relevant authorities, as well as intergovernmental working groups, playbooks and drills to enhance crisis preparedness.

FSB recommends Spain further enhance cyber resilience of its financial sector to address rising challenges

Press enquiries:
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Ref: 19/2025

  • Peer review finds Spanish authorities have placed significant focus on enhancing cyber resilience of the financial sector and have good practices in place.
  • However, growing digitalisation of the financial sector and the evolving cyber risk landscape call for continuing improvements to address rising challenges.
  • The FSB recommends that Spanish authorities develop a comprehensive threat landscape, leverage best practices, and establish a national analysis of registers of information and a single national channel for incident reporting.

The Financial Stability Board (FSB) today published its second Peer Review of Spain, examining the country’s efforts to enhance cyber resilience in the financial sector and mitigate financial stability risks arising from operational incidents and cyber-attacks.

The review finds Spanish authorities have placed significant focus on enhancing the cyber resilience of the financial sector, including preparations to meet the enhanced expectations under the European Union Digital Operational Resilience Act (DORA). While Spain has implemented good practices, growing digitalisation of the financial sector and the evolving cyber risk landscape warrant on-going enhancements to address rising challenges.

The review recommends that Spanish authorities:

  • develop a comprehensive mapping of the cyber threat landscape that could provide the industry and authorities themselves with intelligence to inform decision-making;
  • leverage best practices to bring enhanced consistency and maturity to cyber resilience across agencies, for example through cross-sectoral working groups and information-sharing mechanisms under the oversight of the Spanish Macroprudential Authority;
  • develop a national analysis of existing registers of information to identify critical third-party providers in Spain, assess concentration risks and define a strategy to address domestically critical third parties;
  • establish a single national channel for incident reporting that automatically shares data with relevant authorities, as well as intergovernmental working groups, playbooks and drills to enhance crisis preparedness.

“Cyber incidents can pose systemic risks, disrupting critical financial services and eroding market confidence,” said Jane Magill, Executive Director of General Insurance and Banking at APRA and Chair of the Spain peer review. “Detailed examination of a jurisdiction’s approach provides benefits to all jurisdictions that are constantly looking to enhance their response to this risk.”

Notes to editors

Recognising the potential systemic risks posed by cyber incidents and the reliance on third-party providers, in 2023 the FSB published a Toolkit for enhancing third-party risk management and oversight, as well as recommendations to support harmonised incident reporting and information sharing among authorities. To build a practical understanding of implementation of these recommendations and other regulatory efforts to enhance cyber resilience, the FSB has conducted peer reviews of Spain (published today) and the Netherlands (forthcoming) and their efforts to enhance the cyber resilience of their financial systems.’

FSB member jurisdictions have committed to undergo periodic peer reviews to evaluate their adherence to international financial standards. To fulfil this responsibility, the FSB has established a regular programme of country and thematic peer reviews of its member jurisdictions. As part of this commitment, Spain volunteered to undergo a peer review in 2025. A schedule of country peer reviews, as well as all completed peer review reports, are available on the FSB website.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

Practices Paper on the Operationalisation of Transfer Tools

17 November 2025 | PDF full text (2 MB)

Transfer tools enable the orderly resolution of failing banks, preserving critical functions without taxpayer loss.

Transfer tools are an important component of the FSB’s Key Attributes of Effective Resolution Regimes. They ensure the continuity of critical functions by transferring parts – or all – of a failed bank to a private-sector purchaser or a bridge entity, while ensuring that losses are absorbed by shareholders and creditors rather than taxpayers. The 2023 banking turmoil showed how these tools can provide authorities with more options in a crisis.

The paper sets out how authorities operationalise whole-bank and partial transfers, starting with the definition of the transfer perimeter. It outlines arrangements for operational continuity, such as transitional service agreements and management of third‑party contracts, and approaches to marketing the transfer perimeter under tight timelines and confidentiality. The paper explains how loss absorption, in line with the creditor hierarchy, is ensured via write-down and conversion or an estate claims process liquidating the residual entity.

The paper describes the establishment and operation of bridge entities and highlights key challenges for cross-border execution of transfer tools. The case studies included in this paper illustrate some of the operational topics and practices to enhance preparedness to deploy transfer tools effectively.

Transfer of parts of the failed bank and closure of the residual entity
Transfer of parts of the failed bank and closure of the residual entity

FSB Regional Consultative Group for Middle East and North Africa meets in Istanbul

13 November 2025

The Financial Stability Board (FSB) Regional Consultative Group for Middle East and North Africa (RCG MENA) met on 13 November in Istanbul, hosted by the Central Bank of the Republic of Türkiye.

The meeting, which brings together senior officials from central banks, financial authorities and regulatory bodies in the region, covered global and regional financial vulnerabilities, financial stability implications of debt sustainability, the role of nonbank financial intermediation in the region, as well as artificial intelligence (AI) and its use in finance.

Members also discussed the FSB’s ongoing work in 2025 and its priorities for 2026.

FSB Regional Consultative Group for Europe meets in Basel

6 November 2025

The Financial Stability Board (FSB) Regional Consultative Group for Europe met on 5 and 6 November in Basel, hosted by the Bank for International Settlements (BIS).

The meeting, which brings together senior officials from central banks, financial authorities and regulatory bodies in the region, covered:

  • cyber risks for financial institutions,
  • global and regional financial vulnerabilities,
  • regulatory responses to the challenges and risks prompted by stablecoins and crypto-assets, and
  • progress towards achieving operational preparedness for the execution of resolution tools.

Members also discussed the FSB’s work priorities for 2026.

FSB finds significant gaps and inconsistencies in implementation of crypto and stablecoin recommendations

16 October 2025

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Ref: 18/2025

The Financial Stability Board (FSB) today published a Thematic Peer Review on the FSB Global Regulatory Framework for Crypto-asset Activities. The report describes the findings of a peer review to evaluate progress in implementing the FSB’s 2023 global framework, including recommendations on crypto-asset service providers and stablecoin arrangements, data reporting and collection, and cross-border cooperation and coordination.

Crypto-asset markets and regulation are changing rapidly. The review shows that, as of August 2025, jurisdictions have made progress in regulating crypto-asset activities and to a lesser extent global stablecoin arrangements (GSCs). However, it also reveals significant gaps and inconsistencies that could pose risks to financial stability and to the development of a resilient digital asset ecosystem.

While jurisdictions have made notable advancements toward implementing the recommendations on crypto-asset markets and activities, few have finalised their regulatory frameworks for GSCs. Even where regulatory frameworks are finalised, full alignment with the FSB recommendations remains limited, especially with regard to stablecoin arrangements and crypto-asset service providers. Moreover, jurisdictions may continue to update, modify, or refine their frameworks.

The review calls on the FSB and its member jurisdictions to prioritise work in this area and to do more to reach full and consistent implementation. Specifically, it puts forward some recommendations to address outstanding issues in terms of implementation progress, comprehensiveness and consistency, and cross-border cooperation and coordination. “Implementation progress remains incomplete, uneven and inconsistent. This creates opportunities for regulatory arbitrage and complicates oversight of the inherently global and evolving crypto-asset market”, said Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority and chair of the team that prepared the report.  

Today, the International Organization of Securities Commissions (IOSCO) also released the results of a thematic review on the implementation of IOSCO’s Crypto and Digital Asset framework. A joint information note provides an overview of the scope and the findings of the FSB and IOSCO’s complementary reports.

Notes to editors

The FSB published its global regulatory framework for crypto-asset activities in July 2023. This framework consists of high-level recommendations for the regulation, supervision and oversight of crypto-asset markets and activities and revised high-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements.

The Thematic Review on the FSB Global Regulatory Framework for Crypto-asset Activities evaluates implementation progress by FSB jurisdictions and some volunteering non-FSB jurisdictions but does not assess the effectiveness of the regulatory approaches undertaken by jurisdictions. The review was prepared by a team of experts from FSB member institutions and chaired by Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

Thematic Review on FSB Global Regulatory Framework for Crypto-asset Activities

| PDF full text (2 MB)

The rapid evolution and growth of crypto-asset markets underscores the importance of implementing the FSB's recommendations for crypto-assets and global stablecoins.

This report looks at the implementation of the FSB’s 2023 global regulatory framework for crypto-asset activities.

Based on information as of August 2025, the report describes the progress in implementing the FSB recommendations for crypto-asset activities and service providers, and stablecoins, respectively; focuses on data reporting and disclosures frameworks in place, as well as financial stability risk monitoring approaches across jurisdictions; and describes the tools, progress, and challenges in cross-border cooperation and coordination.

Crypto-asset markets and regulation are evolving rapidly. The review shows jurisdictions have made progress in regulating crypto-asset activities and to a lesser extent global stablecoin arrangements. However, it also reveals significant gaps and inconsistencies that could pose risks to financial stability and to the development of a resilient digital asset ecosystem.

Uneven implementation creates opportunities for regulatory arbitrage and complicates oversight of the inherently global and evolving crypto-asset market. To address this, the report puts forward eight recommendations which are addressed to jurisdictions as they develop their regulatory regimes, and to the FSB, SSBs, and international organisations as they consider further work on the subject.

The International Organization of Securities Commissions (IOSCO) has also undertaken a thematic review on the implementation of IOSCO’s Crypto and Digital Asset framework, focusing on investor protection and market integrity. A joint information note provides an overview of the scope and the findings of the FSB and IOSCO’s complementary reports.

Click and hover over the map to see more details.

Summary of implementation status
Supervisory frameworks
Regulatory reporting
Regulated activities

The use of these maps does not constitute, and should not be construed as constituting, an expression of a position by the FSB regarding the legal status or sovereignty of any territory or its authorities, the delimitation of international frontiers and boundaries and/or the name and designation of any territory, city or area.

Click and hover over the map to see more details.

Summary of implementation status

The use of this map does not constitute, and should not be construed as constituting, an expression of a position by the FSB regarding the legal status or sovereignty of any territory or its authorities, the delimitation of international frontiers and boundaries and/or the name and designation of any territory, city or area.

FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: October 2025

13 October 2025 | PDF full text (131 KB)

Without timely and consistent implementation, we undermine the resilience of the financial system, leaving it vulnerable to future shocks

This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 15-16 October 2025.

Andrew Bailey underscores the importance of cooperation and multilateral institutions to address the pressures from the challenging global environment.

Amid elevated risks and uncertainty, Mr Bailey highlights the need for implementing global standards and remaining vigilant to emerging threats. To facilitate this, the FSB will enhance its surveillance of vulnerabilities in the financial system, while shifting its focus from policy development to monitoring and facilitating the implementation of agreed reforms.

The letter introduces the reports that the FSB is delivering to the G20, namely:

G20 Implementation Monitoring Review: Interim report

| PDF full text (1 MB)

While there has been much positive progress in implementing the agreed G20/FSB financial reforms, there are important reforms that are not yet fully implemented

In recent years, concerns have arisen about challenges in implementing agreed reforms and that commitment in this regard within jurisdictions may not be as strong as it once was, highlighting the need for increasingly robust implementation monitoring.

At the request of the G20, the FSB is undertaking a strategic review of its work to encourage and monitor the implementation of the agreed G20/FSB post-financial crisis reforms. The review is led by an independent external chair, Randal K. Quarles (former FSB Chair and former Vice Chair for Supervision of the US Federal Reserve Board).

This interim report outlines the FSB’s role in monitoring and reporting on implementation of FSB/G20 financial sector reforms. It looks at the implementation history of the main G20 financial reforms over the past 15 years, including policy measures to address too-big-to-fail, nonbank financial intermediation reforms, OTC derivatives market reforms, Basel III, and recommendations on crypto-asset markets and activities.

The report provides an initial assessment of how well implementation of these recommendations is progressing. In particular, the report shows that full, timely and consistent implementation has not been completely achieved. This is despite the active programme of implementation monitoring by the FSB and standard-setting bodies which has raised awareness and highlighted the importance of implementation of agreed reforms.

The next phase of work will seek to draw lessons as to what is likely to be the most effective approach to implementation monitoring and make recommendations on how the FSB can improve in this respect.