In a two-day summit on regulation hosted by the International Centre for Financial Regulation in Amsterdam, 94% of attendees – which included bankers, regulators, policymakers and politicians – said they feared the G20’s objectives would be trumped by national concerns.

The G20 is meeting in Seoul tomorrow to discuss the progress made on financial reform. On the agenda is Basel III, over-the-counter derivatives, credit rating agencies and accounting practices. The Financial Security Board will also present its recommendations on organisations deemed “too big to fail”.

Less than a quarter of those in attendance, 23%, said that “regulation without borders” was likely in Europe within the next five years, while not a single participant believed this could be achieved across the G20 as a whole.

As a result, attendees urged G20 leaders to settle on those financial reforms that were the likeliest to improve financial stability globally. These included improved cross-border co-ordination by supervisors; effective crisis resolution procedures for the biggest banks; and recognition of the emerging markets’ different economic needs.

Those at the summit further identified issues considered important by the G20 in 2008, which were now less critical or difficult to implement internationally. Among them was corporate governance, which they argued would be better served by national initiatives, peer pressure for improved disclosure and shareholder activism.

On organisations that are considered “too big to fail”, participants said more research was required on the practicalities of bail-ins, living wills, and changes to national and international insolvency regimes.