FSB publishes annual report on implementation and effects of financial regulatory reforms
Industry News | 13/11/20
The Financial Stability Board (FSB) has published its 2020 Annual Report, Implementation and Effects of the G20 Financial Regulatory Reforms. The report, which will be delivered to G20 Leaders ahead of their Summit on 21-22 November 2020 in Riyadh, finds that the G20 reforms after the 2008 financial crisis have served the financial system well during the COVID-19 pandemic. Greater resilience of major banks at the core of the financial system has allowed the system largely to absorb, rather than amplify, the macroeconomic shock. Given the pandemic, there has been limited additional progress implementing the G20 reforms during the last year. Regulatory adoption of several core Basel III elements has generally been timely to date, but there have been delays in implementing other Basel III standards. Substantial work remains to operationalise resolution planning for systemically important banks and to implement effective resolution regimes for insurers and central counterparties.