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G20 leaders publish roadmap for financial regulatory reform

The leaders of the G20 countries have published a declaration in which they address financial regulation restating their commitment to sustaining the momentum of reform achieved over the past five years and identified priorities for the future.

The G20 has also published a “roadmap” of the proposed initiatives from November 2013 to 2015, aimed to strengthened oversight and regulation of shadow banking.  This document includes the following plans scheduled for the remainder of 2013:

  • November 2013
    • the International Organization of Securities Commissions will submit its
      analysis of the global hedge fund sector to the Financial Stability Board  (FSB), which is within the scope of the FSB’s regular shadow banking  monitoring exercise aimed at improving transparency and risk monitoring;
    • the FSB is due to publish the results of its third shadow banking monitoring exercise;
  • Q4 2013
    • the FSB is due to conduct a comprehensive quality impact assessment on haircut proposals for non-centrally cleared securities financing
  • End of 2013
    • the Basel Committee on Banking Supervision is due to develop a supervisory framework for controlling large exposures (including exposures to shadow banking entities);
  • 2014
    • the FSB is  to develop an information sharing process to be developed within policy framework for shadow banking;
    • the FSB data experts group is to propose standards and processes for global data collection and aggregation regarding repos and securities lending; and
  • 2015
    • the BCBS is to report on progress on implementing the supervisory framework for controlling large exposures and rules for capital treatment for banks’ investment in funds.

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