|
|
The FSB’s priorities for 2015 are
· full, consistent and prompt implementation of agreed reforms
· inalising the design of remaining post-crisis reforms and
· addressing new risks and vulnerabilities.
International policy measures to end too-big-to-fail are now largely complete for banks, but substantial work remains at a national level to implement effective resolution regimes. Implementation of over-the-counter derivatives reforms is underway but continues to be uneven and behind schedule. Meanwhile progress is being made in implementing the policies agreed to address the major fault lines in shadow banking revealed by the crisis.
The letter notes that the FSB is on track to deliver the first annual consolidated report on the implementation of the G20 financial reforms and their effects. It also provides an update on work on risks stemming associated with market liquidity and asset management activities, the FSB action plan to address misconduct risks, and possible work on implications of climate-related issues for the financial sector.
Mark Carney, FSB’s Chairman, says in the letter: “The FSB Plenary meeting at end-September settled the substance of changes to the term sheet that will define the new TLAC standard for G-SIBs, and agreed calibration levels and phase-in arrangements for the standard. I will outline these agreements at our meeting in Lima. This is a robust standard that has the support of the FSB members, and I am grateful for the past support and continued constructive engagement of Ministers and Governors in delivering this crucial standard for the Antalya Summit.”