G20

The Financial Stability Board (FSB) published today the national responses from its members to an FSB survey designed to monitor the implementation of the G20’s recommendations for strengthening financial stability. The survey was conducted by the FSB Implementation Monitoring Network in September 2010 and the responses were summarised in the FSB progress report on implementation, that was submitted to the G20 Seoul Summit in November 2010.

The Chairman of the Financial Stability Board (FSB) reported to the G20 Leaders today at the Seoul Summit on progress and next steps in the implementation of the G20 recommendations for strengthening financial stability.

The Basel Committee on Banking Supervision met today in Seoul, South Korea, to work towards finalising its reform programme.

As part of its ongoing work in creating a sounder financial system, the European Commission has tabled today a proposal for a regulation aimed at bringing more safety and more transparency to the over-the-counter (OTC) derivatives market. In its draft regulation, the Commission proposes that information on OTC derivative contracts should be reported to trade repositories and be accessible to supervisory authorities. More information will also be made available to all market participants.

Solutions must meet the G20 guidelines while addressing the unique requirements of the Canadian market.

We meet over the next two days to advance the goals of growth and reform.

The G-20 leaders come to Canada with a solid track record.

The world economy is now coming out of the fires of the crisis.

Because we acted together, the world economy is now growing again, trade is expanding, and we are repairing the financial damage.

And just in the past few weeks, we have seen additional progress.

This week, the U.S. House of Representatives and the U.S. Senate reported out of conference committee an historic financial reform bill, one consistent with the key priorities that President Obama laid out a year ago. The bill puts the U.S. at the forefront of global financial reform, and advances the agenda to strengthen the international financial system laid out at London and Pittsburgh.

The Financial Stability Board (FSB) Chairman reported to the G20 Leaders today on the progress and remaining challenges in the implementation of the G20 recommendations for strengthening financial stability, including the global effort to reduce the moral hazard posed by systemically important financial institutions.

The Joint Forum today released its report Review of the Differentiated Nature and Scope of Financial Regulation - Key Issues and Recommendations. This review was requested by the G20 through the Financial Stability Board. The report analyses key issues arising from the differentiated nature of financial regulation in the international banking, securities, and insurance sectors.

The Financial Stability Board (FSB) is publishing today four reports submitted to G20 Finance Ministers and Central Bank Governors.

(i) Progress since the Pittsburgh Summit in Implementing the G20 Recommendations for Strengthening Financial Stability

This updates the progress report made to the Pittsburgh Summit in September, and includes a description of the actions to date to implement the policy measures for improving financial regulation set out by the FSB in Pittsburgh. The areas on which it provides updates include: