The FSB is responsible for coordinating and promoting the monitoring of the implementation of agreed financial reforms and its reporting to the G20. In order to strengthen the coordination and effectiveness of this monitoring, the FSB, in collaboration with the standard-setting bodies, established a framework in October 2011 - the Coordination Framework for Implementation Monitoring (CFIM) - for monitoring and reporting on the implementation of the G20 financial reforms. The CFIM was subsequently endorsed by the G20 Leaders at the Cannes Summit as a way to "intensify our monitoring of financial regulatory reforms, report on our progress and track our deficiencies".
The CFIM distinguishes between priority areas, which undergo more intensive monitoring and detailed reporting via periodic progress reports and peer reviews, and other areas of reform. The current list of priority areas agreed by the FSB comprises:
The FSB will review the list of priority areas annually in light of policy developments at the international level.
A designated body - for example, an FSB working group or the relevant standard-setter - will undertake the monitoring and reporting of implementation progress in each priority area. The monitoring of the implementation in other areas of reform is undertaken by the FSB's Implementation Monitoring Network (IMN) based on survey responses of member jurisdictions. The FSB's Standing Committee on Standards Implementation (SCSI) plays a coordinating role within the FSB in monitoring implementation efforts and consults with relevant bodies as needed to ensure that the scope and approach of reporting - particularly for priority areas - are comprehensive and rigorous.
Links on the left-hand side of this page provide information on G20 progress reports, priority and other areas. Going forward, the FSB will provide more granular information on implementation progress across different jurisdictions and reform areas.