In particular it looks at progress against the 21 recommendations set out in the FSB's October 2010 report for implementing reforms in an internationally consistent and non-discriminatory way. The report concludes that juridictions should aggressively push forward to meet the G20 end-2012 deadline in as many reform areas as possible.
The report notes that, as of now, with only just over one year until the end-2012 deadline for implementing the G20 commitments, few FSB members have the legislation or regulations in place to provide the framework for operationalising the commitments. While recognising the implementation challenges and the complexity of the needed laws and regulations, the report concludes that jurisdictions should aggressively push forward to meet the G-20 end-2012 deadline in as many reform areas as possible.
Consistency in implementation across jurisdictions is critical, and it is understandable that smaller markets want to see what frameworks the United States and European Union put in place when developing their own frameworks. Nevertheless, it is important that all jurisdictions advance development of their legislative and regulatory frameworks as far as they are able even before finalisation of the US and EU regimes, to be in a position to act expeditiously once rules are finalised in these two largest OTC derivatives markets.
Full report
© Financial Stability Board
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