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The FSB places great importance on implementation monitoring and the evaluation of the effects of reforms. These processes represent good regulatory practice, form part of the FSB’s accountability to the G20 and the public, and inform structured policy discussions among FSB members and standard-setting bodies. To date, the FSB and standard-setting bodies have been able to monitor whether there has been full, timely and consistent implementation in more detail than they have been able to evaluate the effects of the reforms.
With the main elements of the reforms agreed and implementation of many core reforms underway, initial analysis of the effects of these reforms is becoming possible. In order to enhance the analysis of the effects of reforms, the FSB decided in 2016 to develop a structured framework for the evaluation of effects.
The consultation paper sets out the main elements of a framework that will specify processes and suggest appropriate analytical approaches for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. The framework is being developed in close collaboration with the standard-setting bodies and other stakeholders.
The evaluation process should facilitate appropriate consultation and collaboration between all bodies involved, including an expectation of appropriate public consultation on evaluations prior to their final publication so as to provide the full range of stakeholders the opportunity to comment on the individual evaluations. The analysis will be data-driven and will consider a wide range of interests.
The FSB welcomes comments and responses to the questions set out in the consultation by 11 May 2017. Following the public consultation, the framework will be published before the G20 Leaders’ Summit in July. Application of the framework will begin over the coming years.