The FSB, through the Standing Committee on Standards Implementation (SCSI), coordinates and oversees the monitoring of the implementation of agreed financial reforms and its reporting to the G20. This includes reporting on members’ commitments and progress in implementing international financial standards and other policy initiatives; conducting peer reviews of FSB members (which are an obligation of membership); and encouraging global adherence to prudential regulatory and supervisory standards.
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 Basel II/2.5/III framework;
- over-the-counter derivatives market reforms;
- compensation practices;
- resolution frameworks;
- policy measures for global systemically important financial institutions; and
- shadow banking.
The FSB reviews 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 -- undertakes 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 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 this page provide information on implementation progress for priority and other reform areas, G20 progress reports, FSB thematic and country peer reviews, and the FSB’s initiative on international cooperation and information exchange.