Documents


Financial Stability Board

The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. more

What's New

30 Sep

Enhanced Disclosure Task Force Second Implementation Progress Report (EDTF Report excluding Appendices 3 and 4); (Appendix 3); (Appendix 4) and FSB Press Release


30 Sep

Press release FSB publishes final report on foreign exchange (FX) benchmarks


29 Sep

FSB publishes proposals on cross-border recognition of resolution actions and action to address cross-border close-out risk


23 Sep

BIS, FSB and IMF letter to G20 Ministers and Governors on progress regarding data gaps on foreign currency exposures


23 Sep

FSB and IMF publish the fifth progress report on the implementation of the Data Gaps Initiative


21 Sep

FSB Chairman's letter to G20 Ministers and Governors on financial reforms


19 Sep

Press release FSB publishes feasibility study on the aggregation of OTC derivatives trade repository data.


18 Sep

Press release issued following the FSB Plenary meeting in Cairns, Australia


18 Sep

FSB publishes a summary report on jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes


16 Sep

FSB publishes a monitoring update note on long-term investment finance


27 Aug

The FSB Regional Consultative Group for Asia holds its 7th meeting: Press Release


22 Aug

FSB Regional Consultative Group for the Americas publishes two reports: on host countries and global banks and on shadow banking.


22 Aug

FSB Regional Consultative Group for Asia publishes two reports: on shadow banking and on the SIFI framework.


20 Aug

FSB publishes public comments to the July 2014 Foreign Exchange Benchmarks Consultative Report.


22 Jul

Press Release: The FSB publishes a report on Reforming Major Interest Rate Benchmarks, together with accompanying reports from IOSCO and from a Market Participants Group


15 Jul

Press Release: The FSB published a Consultative document on foreign exchange benchmarks


4 Jul

The FSB announces the launch of a peer review on supervisory frameworks and approaches to SIFIs. The review will draw from responses to two questionnaires: one for national supervisory authorities and one for a representative sample of G-SIBs.


30 Jun

The FSB establishes the Global Legal Entity Identifier Foundation Press Release


27 Jun

FSB publishes the summary of its second workshop on compensation practices


19 Jun

The FSB issues an advisory notice to financial institutions concerning Venezuela: Press Release


6 Jun

The FSB Regional Consultative Group for the Americas holds its sixth meeting: Press Release


12 May

Press Release FSB completes a thematic peer review on reducing reliance on CRA ratings


7 May

The FSB Regional Consultative Group for Europe holds its sixth meeting: Press Release


6 May

The FSB announces the launch of Phase 2 of its Data Gaps initiative to collect information on the G-SIBs' major funding providers, assessing relevant interlinkages and concentrations.


6 May

The FSB Regional Consultative Group for Sub-Saharan Africa holds its fifth meeting: Press Release


25 Apr

The FSB, jointly with IOSCO, publishes public responses to the January 2014 consultative document on assessment methodologies for identifying non-bank non-insurer global systemically important financial institutions


25 Apr

The FSB Regional Consultative Group for Asia holds its sixth meeting: Press Release


17 Apr

FSB publishes public responses to the February 2014 consultative document: Feasibility study on approaches to aggregate OTC derivatives trade repository data


11 Apr

FSB Chairman's letter to G20 Ministers and Governors on financial reforms


9 Apr

Press release FSB completes peer review of Germany


8 Apr

Press release FSB publishes progress report on implementation of OTC derivatives market reforms


7 Apr

Press release FSB publishes the Guidance on Supervisory Interaction with Financial Institutions on Risk Culture and a Progress Report on Enhanced Supervision


31 Mar

Press release The FSB meets in London


20 Mar

The FSB Regional Consultative Group for the Middle East and North Africa holds its fifth meeting: Press Release


28 Feb

Press release FSB completes peer review of Indonesia


23 Feb

FSB Chairman's letter to G20 Ministers and Governors on financial reforms


14 Feb

Press release FSB to review foreign exchange benchmarks


7 Feb

FSB publishes public responses to the November 2013 consultative document on supervisory interaction on risk culture


4 Feb

Press release FSB consultative paper on approaches to aggregate OTC derivatives data


14 Jan

Proposed Nominees to the Board of Directors of the Global LEI Foundation


8 Jan

Press Release: Consultative document on methodologies for identifying non-bank non-insurer global systemically important financial institutions


2013

23 Dec

FSB publishes questions to accompany the consultative document on supervisory interaction on risk culture


20 Dec

FSB publishes consultative responses to the proposed regulatory framework for haircuts on securities financing transactions


18 Dec

FSB publishes update on international cooperation and information exchange: Press Release


02 Dec

The FSB Regional Consultative Group for the Americas holds its fifth meeting: Press Release


18 Nov

Press Release: FSB publishes the Principles for an Effective Risk Appetite Framework and consults on Guidance on Supervisory Interaction with Financial Institutions on Risk Culture


14 Nov

FSB publishes its Global Shadow Banking Monitoring Report 2013. Press release


11 Nov

FSB publishes its annual update of the group of global systemically important banks (G-SIBs). Press release


8 Nov

Press Release: FSB Plenary meets in Moscow


5 Nov

FSB launches Quantitative Impact Study (QIS2) on minimum haircut proposals for securities financing transactions Press Release


30 Oct

The FSB Regional Consultative Group for the Commonwealth of Independent States holds its third meeting: Press Release


30 Oct

The FSB Regional Consultative Group for Asia holds its fifth meeting: Press Release


28 Oct

The FSB Regional Consultative Group for Europe holds its fifth meeting: Press Release


22 Oct

The FSB Regional Consultative Group for Sub-Saharan Africa holds its fourth meeting: Press Release


14 Oct

FSB and IMF publish fourth progress report on the Implementation of the G20 Data Gaps Initiative.


26 Sep

The FSB Regional Consultative Group for the Middle East and North Africa holds its fourth meeting: Press Release


12 Sep

FSB publishes monitoring note on the effects of regulatory reforms on Emerging Market and Developing Economies


10 Sep

Press Release: FSB completes peer review of the United Kingdom


5 Sep

The FSB publishes reports to G20 Leaders on progress in implementing global financial regulatory reforms: Press Release; Chairman's letter; narrative progress report on financial reforms; overview progress report; scoreboard status report; and survey responses on implementation progress


2 Sep

FSB publishes progress reports on implementation of OTC derivatives market reforms: Press Release


2 Sep

FSB reports to G-20 on progress and next steps towards ending "Too-Big-To-Fail": Press Release


29 Aug

FSB publishes policy recommendations to strengthen oversight and regulation of shadow banking: Press Release


29 Aug

FSB publishes progress report and interim peer review report on credit rating agency ratings: Press Release


29 Aug

FSB publishes a progress report on the oversight and governance framework for financial benchmark reform


29 Aug

FSB publishes an update on financial regulatory factors affecting the supply of long-term investment finance


28 Aug

FSB consults on an assessment methodology for the Key Attributes of Effective Resolution Regimes for Financial Institutions: Press Release


27 Aug

Press Release: FSB completes peer review of the United States


27 Aug

Basel Committee publishes progress report on Basel III implementation


26 Aug

FSB publishes second progress report on compensation practices: Press Release


23 Aug

FSB Secretariat: Open positions for application (deadline: 13 September 2013)


21 Aug

Enhanced Disclosure Task Force implementation progress report (EDTF Report excluding Appendix); (Appendix Only) and FSB Press Release


12 Aug

Press release: FSB consults on implementation guidance for the Key Attributes of effective Resolution Regimes


25 July

FSB to hold workshop on a common data template for global systemically important banks


18 July

Press release: FSB identifies an initial list of global systemically important insurers (G-SIIs)


17 July

Press release: FSB consults on Principles for an Effective Risk Appetite Framework


16 July

FSB releases guidance papers on recovery and resolution planning : Press Release


25 Jun

Press Release: FSB Plenary meeting in Basel on 24 June



27 May

The FSB Regional Consultative Group for the Americas holds its fourth meeting: Press Release


23 May

The FSB Regional Consultative Group for Europe holds its fourth meeting: Press Release


19 Apr

FSB reports to G20 on progress of financial regulatory reforms: Press Release; Chairman's letterprogress report on reforming resolution regimes and resolution planning for G-SIFIs


18 Apr

FSB announces the successful implementation of the initial phase of a common data template for G-SIBs


15 Apr

FSB publishes its fifth progress report on implementation of OTC derivatives market reforms and press release


12 Apr

Basel Committee publishes progress report on Basel III implementation


11 Apr

Press Release: FSB completes peer review on resolution regimes


8 Apr

FSB launches a peer review on the FSB Principles for Reducing Reliance on CRA Ratings (see questionnaire) and invites feedback from stakeholders



Enhanced Disclosure Task Force (EDTF) publishes Second Implementation Progress Report

The EDTF, a private sector task force formed at the initiative of the FSB, published on 30 September its second progress report on major banks' actions to improve risk disclosures in their 2013 annual reports in line with the EDTF's October 2012 report. The EDTF's principles and recommendations for improved bank risk disclosures and leading disclosure practices are designed to provide timely information, which continue to assist in strengthening confidence of investors and other stakeholders in banks' reporting. The FSB's press release welcoming the progress report is here.

FSB publishes its final report on foreign exchange (FX) benchmarks

The FSB published on 30 September the final version of its report on FX benchmarks. This report sets out recommendations for benchmark reform in FX markets, and has been prepared in light of discussions with a range of FX market participants across the globe, along with responses to the public consultation on the FSB's July 2014 interim report.

Public consultation on proposals on cross-border recognition of resolution actions

The FSB consults on proposals to achieve the cross-border recognition of resolution actions consisting of elements that jurisdictions should consider including in their statutory frameworks and of contractual approaches to cross-border recognition with a focus on temporary stays on early termination and cross-default rights in financial contracts and the bail-in of debt instruments that are governed by the law of a jurisdiction other than that of the issuing entity.

FSB Chairman's letter to G20 Ministers and Governors on financial reforms - Completing the job and looking ahead

The FSB published on 21 September 2014 a letter from the Chairman to G20 Finance Ministers and Central Bank Governors. The letter reports on progress in global financial reform, which remains on-track to complete the priorities agreed by the G20 for 2014, and looks ahead to the regulation and supervision of the global system in a way that builds mutual confidence and trust and thereby realises the benefits of an open, integrated global financial system.

BIS, FSB and IMF letter to G20 Ministers and Governors on progress regarding data gaps on foreign currency exposures

The letter describes work by the IMF, FSB and BIS to address data gaps involving foreign currency exposures. It is accompanied by the summary of a joint workshop, organised by the Committee on the Global Financial System and the FSB's Standing Committee on Assessment of Vulnerabilities, on risks from currency mismatches and leverage on corporate balance sheets.

FSB and IMF publish fifth progress report on the implementation of the G20 Data Gaps Initiative

The FSB and IMF published in September 2014 the fifth progress report of the Data Gaps Initiative, assessing the implementation of the recommendations made in 2009 to close key information gaps and thus better inform policy work. The report provides benchmarks to determine when to call each recommendation complete, and outlines a proposed future work plan.

FSB publishes feasibility study on aggregation of OTC derivatives data and announces next steps

The FSB published on 19 September a feasibility study on the global aggregation of OTC derivatives trade repository data (following a consultative report on the subject published on 4 February). The accompanying press release announces next steps that will be taken to follow up on the recommendations of the study.

FSB Plenary meets in Cairns

The FSB Plenary met on 17-18 September 2014 in Cairns, Australia. At the meeting, the FSB discussed vulnerabilities affecting the global financial system and reviewed work plans for completing core financial reforms. See press release here

FSB publishes a summary report of jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes

The FSB published on 18 September a report on jurisdictions' ability to defer to each other's OTC derivatives market regulatory regimes. This report has been delivered to the G20 Finance Ministers and Central Bank Governors. The report summarises information provided by FSB member jurisdictions in response to a request by the FSB Chairman.

FSB publishes a monitoring update note on long-term investment finance

The FSB published on 16 September an update on financial regulatory factors affecting the supply of long-term investment finance, drawing on: a survey of FSB members; input from the private sector; consultation with FSB Regional Consultative Groups; and work to develop a set of key quantitative indicators for the provision of long-term finance.

FSB Regional Consultative Group for Asia holds its 7th meeting

The FSB Regional Consultative Group (RCG) for Asia held its 7th meeting on 27 August 2014 in Kyoto, Japan. The Press Release issued following the meeting can be found here.

FSB Regional Consultative Groups (RCGs) publish four reports

Two of these four reports published on 22 August 2014 analyse shadow banking in the Americas and Asia respectively, expanding the scope of monitoring of shadow banking activities in these regions.

In the other two reports, the RCG Americas and RCG Asia respectively analyse issues that arise for host authorities in supervision and regulation of global banks, and issues that arise for home and host authorities in implementing the SIFI framework.

Public comments to Foreign Exchange Benchmarks Consultative Report

The FSB published on 20 August 2014 public comments to the July 2014 Foreign Exchange Benchmarks Consultative Report.

FSB publishes a report on Reforming Major Interest Rate Benchmarks

The FSB published a report on 22 July 2014 setting out proposals for the reform and strengthening of major interest rate benchmarks and for additional work on the development and introduction of alternative benchmarks. The report draws on an assessment of the major interest rate benchmarks against the IOSCO Principles for Financial Benchmarks conducted by IOSCO and a report by a Markets Participants Group established by the FSB. These are published as self-standing annexes.

Consultation on Foreign Exchange Benchmarks

The FSB published a consultative document on Foreign Exchange Benchmarks on 15 July 2014. Comments and feedback should be sent to fsb@bis.org by 12 August 2014.

FSB launches peer review on supervisory frameworks and approaches to SIFIs

The FSB launched in July 2014 a thematic peer review on supervisory frameworks and approaches to systemically important financial institutions (SIFIs), focusing in particular on global systemically important banks (G-SIBs). The review is being conducted in close collaboration with the Basel Committee on Banking Supervision, and will draw from responses to two questionnaires: one for national supervisory authorities and one for a representative sample of G-SIBs. As part of this review, the FSB invites feedback from financial institutions, industry associations and other stakeholders on the topics covered in the questionnaires. Feedback should be sent to fsb@bis.org by 12 September 2014.

FSB establishment of the Global LEI Foundation

The FSB Plenary, in its capacity as Founder of the Global Legal Entity Identifier Foundation (GLEIF), has approved the necessary documents to create the GLEIF and Is filing the papers with the Swiss authorities to establish the GLEIF as a Swiss not for profit Foundation. Press Release.

FSB second workshop on compensation practices

In April 2014, the FSB held a second workshop on compensation practices, to share experiences and lessons on the implementation of the FSB Principles and Standards for Sound Compensation Practices by financial institutions. The participants in the workshop were officials from FSB member authorities and senior bank executives; the summary is available here.

FSB issues advisory notice concerning Venezuela

The FSB issued on 19 June an advisory notice to financial institutions to be aware that Venezuela has been determined to be a non-cooperative jurisdiction with respect to international cooperation and information exchange regulatory standards.

FSB Regional Consultative Group for Americas holds its sixth meeting

The FSB Regional Consultative Group (RCG) for America held its sixth meeting on 6 June 2014 in Bogota, Colombia. The Press Release issued following the meeting can be found here.

FSB completes peer review on reducing reliance on CRA ratings

The FSB published on 12 May the second and final stage of its thematic peer review on implementation of the FSB principles for reducing reliance on credit rating agencies (CRAs) rating. The report focused on the action plans developed by national authorities to implement the FSB roadmap. Each jurisdiction's action plan can be found here.

FSB Regional Consultative Group for Europe holds its sixth meeting

The FSB Regional Consultative Group (RCG) for Europe held its sixth meeting on 7 May 2014 in Copenhagen, Denmark. The Press Release issued following the meeting can be found here.

FSB Regional Consultative Group for Sub-Saharan Africa holds its fifth meeting

The FSB Regional Consultative Group (RCG) for Sub-Saharan Africa held its fifth meeting on 6 May 2014 in Accra, Ghana. The Press Release issued following the meeting can be found here.

FSB Regional Consultative Group for Asia holds its sixth meeting

The FSB Regional Consultative Group (RCG) for Asia held its sixth meeting on 25 April 2014 in Cebu, Philippines. The Press Release issued following the meeting can be found here.

Public feedback on consultation on approaches to aggregate OTC derivatives data

The FSB has published the public feedback on its 4 February 2014 consultative paper on options for aggregating OTC derivatives trade repository data.

FSB Chairman's letter to G20 Ministers and Governors on financial reforms - Update on Progress

The FSB published on 11 April 2014 a letter from the Chairman to G20. Finance Ministers and Central Bank Governors providing an update on progress in the financial reform programme, including the priorities for completing the core of the reform programme by the Brisbane G20 Summit.

FSB completes peer review of Germany

The FSB published on 9 April 2014 the report on the peer review of Germany. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines two topics that are important for financial stability: the macroprudential policy framework and microprudential supervision. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.

FSB publishes progress report on OTC derivatives reforms

The FSB published the April 2014 edition of the twice-yearly progress report on OTC derivatives reform implementation. The report provides a summary of progress in various workstreams to implement the G20 commitments to reform OTC derivatives markets.

FSB publishes the Guidance on Supervisory Interaction with Financial Institutions on Risk Culture and a progress report on enhanced supervision

The Framework for assessing risk culture at financial institutions takes into account public responses received on the consultative document issued on 18 November 2013. The guidance forms a basis for supervisors and firms to promote and develop a shared understanding of the firm's risk culture, in order to prevent behavioural weaknesses from taking root and growing. The progress report on enhanced supervision describes the changes in supervisory practices since the financial crisis and identifies the areas where more work is needed, in particular on drivers of supervisory empowerment and measurement of supervisory effectiveness.

FSB Plenary meets in London

The FSB Plenary met on 31 March 2014 in London. At the meeting, the FSB discussed vulnerabilities in the global financial system and reviewed policy work for completing core financial reforms, such as ending too-big-to-fail and addressing shadow banking risks. See press release here.

FSB Regional Consultative Group for the Middle East and North Africa holds its fifth meeting

The FSB Regional Consultative Group (RCG) for the Middle East and North Africa held its fifth meeting on 20 March 2014 in Rabat, Morocco. The Press Release issued following the meeting can be found here.

FSB completes peer review of Indonesia

The FSB published on 28 February 2014 the report on the peer review of Indonesia. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines two topics: the change in Indonesia's regulatory structure, and crisis management arrangements. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.

FSB Chairman's letter to G20 Ministers and Governors on financial reforms

The FSB published on 23 February a letter from the Chairman to G20 Finance Ministers and Central Bank Governors on progress and challenges in the financial reform programme, including the priorities for completing core international reform policies by the Brisbane G20 Summit.

FSB review of foreign exchange benchmarks

The Foreign Exchange Benchmark Group, which the FSB announced on 14 February, will undertake a review of FX benchmarks and will analyse market practices in relation to their use and the functioning of the FX market, as relevant. The Group's work will form part of the FSB's ongoing analysis of financial benchmarks.

Public responses to supervisory interaction on risk culture

The FSB published on 7 February 2014 public responses to the November 2013 consultative document on supervisory interaction on risk culture.

Consultation on approaches to aggregate OTC derivatives data

The FSB published on 4 February 2014 a consultative paper on options for aggregating OTC derivatives trade repository data. Feedback should be sent to fsb@bis.org by 28 February 2014.

FSB Plenary endorsed nominees to the initial Board of Directors (BoD) of the GLEIF

The FSB Plenary, in its capacity as the Founder of the Global Legal Entity Identifier Foundation (GLEIF), has endorsed the nominees to the initial Board of Directors (BoD) of the GLEIF, based on a recommendation from the LEI Regulatory Oversight Committee (ROC).

Consultation on assessment methodologies for identifying non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs)

The FSB, jointly with IOSCO, published on 8 January 2014 a consultative document on the assessment methodologies for identifying NBNI G-SIFIs. Responses should be sent to fsb@bis.org by 7 April 2014.

Evaluations of international cooperation and information exchange

The FSB published on 18 December an annual update on countries' adherence to regulatory and supervisory standards on international cooperation and information exchange.

FSB Regional Consultative Group for Americas holds its fifth meeting

The FSB Regional Consultative Group (RCG) for America held its fifth meeting on 2 December 2013 in Rio de Janeiro, Brazil. The Press Release issued following the meeting can be found here.

FSB publishes the Principles for an effective risk appetite framework and consults on Guidance on Supervisory Interaction with Financial Institutions on Risk Culture

An effective risk appetite framework is the foundation of good risk management. The FSB Principles set out key elements for an effective risk appetite framework and establish common definitions for terms used in risk appetite frameworks. The Principles aim to help enhance supervisory oversight of firms, in particular of SIFIs, and communication between supervisors and financial institutions. The response to the public consultation document issued in July 2013 can be found here. The level of risk appetite that a financial institution sets will be influenced by its risk culture or the institution's attitude toward and acceptance of risk. The FSB is therefore also issuing today for public consultation a Guidance paper to assist supervisors assess the risk culture at financial institutions. The FSB invites comments on the draft guidance by 31 January 2014, to be sent to fsb@bis.org.

FSB publishes its third annual Global Shadow Banking Monitoring Report

The FSB published on 14 November 2013 the results of its third annual monitoring exercise to assess global trends and risks of the shadow banking system.

FSB publishes update of group of global systemically important banks (G-SIBs)

The FSB published on 11 November 2013 its annual update of the group of G-SIBs, using end-2012 data and an updated assessment methodology published by the Basel Committee on Banking Supervision in July 2013, which can be found here.

FSB Plenary meets in Moscow

The FSB Plenary met on 8 November 2013 in Moscow. At the meeting, the FSB discussed vulnerabilities in the global financial system and reviewed work plans for completing core financial reforms, namely building resilient financial institutions, ending too-big-to-fail, addressing shadow banking risks, and making derivatives markets safer. See press release here.

FSB launches Quantitative Impact Study (QIS2) on proposed regulatory framework for haircuts on securities financing transactions

The FSB is launching on 5 November 2013 the second stage of its two-stage quantitative impact study (QIS) on the proposed regulatory framework for securities financing transactions. The FSB is inviting interested market participants to voluntarily participate in the exercise. The QIS2 instructions and templates can be found here.

FSB Regional Consultative Group for the Commonwealth of Independent States holds its third meeting

The FSB Regional Consultative Group (RCG) for the the Commonwealth of Independent States held its third meeting on 30 October 2013 in Moscow, Russia. The Press Release issued following the meeting can be found here. Membership of the six FSB regional consultative groups can be found here.

FSB Regional Consultative Group for Asia holds its fifth meeting

The FSB Regional Consultative Group (RCG) for Asia held its fifth meeting on 30 October 2013 in Tokyo, Japan. The Press Release issued following the meeting can be found here.

FSB Regional Consultative Group for Europe holds its fifth meeting

The FSB Regional Consultative Group (RCG) for Europe held its fifth meeting on 28 October 2013 in Basel, Switzerland. The Press Release issued following the meeting can be found here.

FSB Regional Consultative Group for Sub-Saharan Africa holds its fourth meeting

The FSB Regional Consultative Group (RCG) for Sub-Saharan Africa held its fourth meeting on 22 October 2013 in Port Louis, Mauritius. The Press Release issued following the meeting can be found here.

FSB and IMF publish fourth IMF/FSB progress report on the Implementation of the G20 Data Gaps Initiative

The report, which has been prepared by the staff of the International Monetary Fund and the FSB Secretariat, provides an update of progress to close information gaps under the G20 Data Gaps Initiative.

FSB Regional Consultative Group for the Middle East and North Africa holds its fourth meeting

The FSB Regional Consultative Group (RCG) for the Middle East and North Africa held its fourth meeting on 26 September 2013 in Istanbul, Turkey. The Press Release issued following the meeting can be found here. Membership of the six FSB regional consultative groups can be found here.

FSB publishes monitoring note on the effects of regulatory reforms on EMDEs

The FSB published on 12 September 2013 a monitoring note on the effects of regulatory reforms on Emerging Market and Developing Economies (EMDEs). The note, which has been prepared in collaboration with standard-setting bodies and international financial institutions, provides an update of monitoring developments since the FSB's June 2012 study.

FSB completes peer review of the United Kingdom

The FSB published on 10 September 2013 the report on the peer review of the United Kingdom. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines three topics that are important for financial stability and relevant for the broader FSB membership: macro-prudential policy framework; micro-prudential supervisory approach; and supervision and oversight of central counterparties. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.

FSB publishes progress report to G20 Leaders

The FSB published a letter from the Chairman to G20 Leaders highlighting key financial reform issues for the Summit's attention, a narrative and an overview report on the progress made in developing and implementing global financial regulatory reforms since the G20 Los cabos Summit in June 2012, and a scoreboard status report that provides a visual summary on implementation of the G20 recommendations on financial regulatory reform.

FSB publishes progress reports on OTC derivatives reforms

The FSB Chairman's report on OTC derivatives reform progress provides a summary of progress in various workstreams to implement the G20 commitments to reform OTC derivatives markets. The September 2013 edition of the twice-yearly progress report is a detailed review of progress made. A special focus of this latest progress report is market participants' practical readiness to meet the requirements of reforms as they are implemented.

FSB reports to G-20 on progress and next steps towards ending "Too-Big-To-Fail"

The FSB published its report to G-20 on progress towards ending "Too-Big-To-Fail". The report sets out the further actions that are required from the G-20, the FSB and other international bodies to complete the policy initiative to end TBTF.

FSB publishes policy recommendations to strengthen oversight and regulation of shadow banking

The FSB published on 29 August 2013 policy recommendations to strengthen the oversight and regulation of the shadow banking system. The documents published today comprise: (i) An Overview of Policy Recommendations; (ii) Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos; and (iii) Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities.

The FSB also welcomes comments on the minimum standards for methodologies to calculate haircuts on non-centrally cleared securities financing transactions and a framework of numerical haircut floors that are set out in Annex 2 of (ii) above by 28 November 2013. Responses should be sent to fsb@bis.org.

FSB publishes progress report and interim peer review report on credit rating agency ratings

The FSB published on 29 August 2013 a summary progress report on reducing reliance on, and strengthening the oversight of, credit rating agencies (CRAs). The progress report is accompanied by the interim peer review report on national implementation of the FSB Principles for Reducing Reliance on Credit Rating Agency (CRA) Ratings .

FSB publishes a progress report on the oversight and governance framework for financial benchmark reform

The FSB has established an Official Sector Steering Group of regulators and central banks to coordinate reviews of existing interest rate benchmarks and to guide the work of a Market Participants Group which will examine the feasiblity and viability of adopting additional reference rates and potential transition issues. The report describes the initial progress and outlines the future work programme

FSB publishes an update on financial regulatory factors affecting the supply of long-term investment finance

The FSB is monitoring the effect of financial regulation on the provision of long-term finance. This note provides an update on the FSB's February report.

FSB consults on an assessment methodology for the Key Attributes of Effective Resolution Regimes for Financial Institutions

The FSB developed a draft methodology with the involvement of the IMF, the World Bank and the standard-setting bodies. As well as facilitating objective and consistent assessments by the IMF and World Bank of jurisdictions' compliance with the new international standard, the methodology can also assist jurisdictions in their legislative reforms to implement the Key Attributes.

The FSB welcomes comments by 31 October 2013. Responses should be sent to fsb@bis.org.

FSB completes peer review of the United States

The FSB published on 27 August 2013 the report on the peer review of the United States. This forms part of a regular programme of peer reviews of FSB jurisdictions that began in 2010. The report examines the progress made in the US on three topics that are important for financial stability and relevant for the broader FSB membership: systemic risk oversight arrangements; supervision and oversight of financial market infrastructures; and insurance supervision. The draft report for discussion was prepared by a team of experts drawn from FSB member institutions.

FSB publishes second progress report on compensation practices

The FSB published on 26 August 2013 its second progress report on implementation of the FSB Principles and Standards for Sound Compensation Practices (P&S). The report focuses on remaining gaps and impediments to full implementation of the P&S and describes some of the key challenges and evolving practices in this area.

Enhanced Disclosure Task Force (EDTF) publishes Implementation Progress Report

The EDTF, a private sector task force formed at the initiative of the FSB, published on 21 August its progress report on major banks' actions to improve risk disclosures in their 2012 annual reports in line with the EDTF's October 2012 report. The EDTF's principles and recommendations for improved bank risk disclosures and leading disclosure practices are designed to provide timely information, which can contribute, over time, to improved market confidence in financial institutions. The FSB's press release welcoming the progress report is here.

FSB consults on implementation guidance for the Key Attributes of Effective Resolution Regimes

The FSB launches a public consultation on

- The Application of the Key Attributes of Effective Resolution Regimes to Non-Bank Financial Institutions. The proposed guidance is designed to assist jurisdictions and authorities in implementing the Key Attributes with respect to resolution regimes for FMIs (including central counterparties, central securities depositories and securities settlement systems), insurers and firms with holdings of client assets.

- Information Sharing for Resolution Purposes. The proposed guidance sets out principles for the design of legal gateways and confidentiality regimes to allow the sharing of non-public information between domestic and foreign authorities that is necessary for planning and carrying out resolution.

The FSB welcomes comments on the consultative documents by 15 October 2013. Responses should be sent to fsb@bis.org.

FSB to hold workshop on a common data template for global systemically important banks

The FSB has developed a common data template for global systemically important banks to address key information gaps and to provide the authorities with a strong framework for globally assessing potential systemic risks. Prior to making final recommendations to the FSB on Phase 2 and 3 of the initiative, the FSB Data Gaps Working Group plans to hold an international workshop in New York on 2 and 3 October 2013 with representatives from the major banks and national banking associations.

FSB identifies an initial list of global systemically important insurers (G-SIIs)

 At the Cannes Summit in November 2011, the G20 Leaders endorsed the implementation of an integrated set of policy measures to address the risks to the global financial system from systemically important financial institutions (SIFIs). Specific measures focus on global SIFIs (G-SIFIs) to reflect the greater risks that these institutions pose to the global financial system. The FSB published on 18 July the names of an initial group of nine G-SIIs, which will be updated annually, to which the IAIS policy measures  will apply.

FSB consults on principles for an effective risk appetite framework

An effective risk appetite framework is the foundation of good risk management. The FSB Principles set out key elements for an effective risk appetite framework and establish common definitions for terms used in risk appetite frameworks. The Principles aim to help enhance supervisory oversight of firms, in particular of SIFIs, and communication between supervisors and financial institutions. Comments on the consultative document should be submitted to fsb@bis.org by Monday 30 September 2013.

 FSB releases guidance papers on recovery and resolution planning

The FSB published on 16 July 2013 three guidance papers to assist authorities and firms in implementing the recovery and resolution planning requirements under the Key Attributes of Effective Resolution Regimes for Financial Institutions on:

- Developing effective resolution strategies

- Identification of critical functions and critical shared services; and

- Recovery Triggers and Stress Scenarios.

The guidance papers are informed by responses to the FSB's public consultation, and the FSB has also published an overview of those responses.

FSB Plenary meets in Basel

The FSB met on 24 June 2013 in Basel. At the meeting, the FSB discussed vulnerabilities in the global financial system and the progress in authorities' work to strengthen financial regulation, including on resolution of financial institutions, global systemically important insurers and OTC derivatives reforms. The press release can be found here.

FSB Regional Consultative Group for the Americas holds its fourth meeting

The FSB Regional Consultative Group (RCG) for the Americas held its fourth meeting on 27 May 2013 in Grand Cayman, Cayman Islands. The Press Release issued following the meeting can be found here. Membership of the six FSB regional consultative groups can be found here.

FSB Regional Consultative Group for Europe holds its fourth meeting

The FSB Regional Consultative Group (RCG) for Europe held its fourth meeting on 23 May 2013 in Basel, Switzerland. The Press Release issued following the meeting can be found here. Membership of the six FSB regional consultative groups can be found here.

FSB reports to G20 on progress of financial regulatory reforms

The FSB published on 19 April 2013 a letter from the Chairman to the G20 Finance Ministers and Central Bank Governors describing progress on the financial regulatory reform programme, and a progress report on reforming resolution regimes and resolution planning for G-SIFIs.

FSB announces the successful implementation of the initial phase of a common data template for G-SIBs

The first phase of the Data Gaps Initiative (Phase 1) started in March 2013 with the harmonized collection and pooling of improved consolidated data on bilateral counterparty credit exposures of major systemic banks, as well as their consolidated aggregated exposures.

FSB publishes its fifth progress report on implementation of OTC derivatives market reforms

The April 2013 edition of this twice-yearly series of reports takes stock of progress made by standard-setting bodies, national and regional authorities and market participants towards meeting the G20 commitments to OTC derivatives market reforms.

FSB completes peer review on resolution regimes

The FSB published on 11 April 2013 the thematic peer review report on resolution regimes. The report evaluates FSB jurisdictions' existing resolution regimes and planned changes to those regimes using the FSB Key Attributes for Effective Resolution Regimes for Financial Institutions as a benchmark, and makes recommendations to support its timely and consistent implementation.

FSB launches peer review on the FSB Principles for Reducing Reliance on CRA Ratings

The FSB launched in March 2013 a thematic peer review on the FSB Principles for Reducing Reliance on Credit Rating Agency (CRA) Ratings. As part of this review, the FSB invites feedback from financial institutions, industry associations and other stakeholders on good practices for assessing, removing and/or replacing references to CRA ratings in laws and regulations, as well as on ways to both encourage disclosure by financial institutions of information about their credit assessment processes and to further strengthen those processes. Feedback should be submitted to the FSB by 7 May 2013. For additional information, see the questionnaire sent to national authorities for completion.