IIF: Global financial services industry urges regulatory action to mitigate fragmentation
27 July 2010
IIF urges the G20 to continue to place a high priority on global coordination and to ensure that national authorities are able to work towards international coordination through the use of administrative discretion and regulatory flexibility when implementing reforms.
As the global organization of leading financial services firms, the IIF has welcomed the well-established commitment of G20 to achieving global regulatory consistency, recognizing the need for national specificities within a general cross-border framework. A sound, well calibrated, and broadly consistent international regulation is essential to restoring and preserving financial stability and supporting economic recovery.
Nevertheless, the Institute has become concerned with recent national and regional actions that are not fully consistent with the degree of coordination that is necessary to assure a real improvement in global stability. The Institute therefore urges the G20 leadership to continue to place a high priority on global coordination in a practical and tangible manner and to ensure that national authorities are able to work towards international coordination through the use of administrative discretion and regulatory flexibility when implementing reforms.
© IIF - Institute of International Finance
