United Kingdom (and EU regulation)

G20 Finance Ministers and Central Banks Governors meeting – communiqué

The G20 have issued a communiqué following the Finance Ministers and Central Bank Governors meeting on 17 – 18 March 2017.

The financial services aspects of the communiqué include:

the Financial Stability Board (FSB) is asked to present at the Hamburg summit in July 2017 its assessment of the adequacy of the monitoring and policy tools available to address the risks from shadow banking and whether there is a need for further policy attention;
G20 members are called on to complete the full, timely and consistent implementation of the over-the-counter derivatives reforms where they have not already done so;
Finance Ministers and Central Bank Governors confirm their support for the Basel Committee on Banking Supervision’s work to finalise the Basel III framework without further significantly increasing overall capital requirements across the banking sector, while promoting a level playing field; and
all countries are encouraged to closely monitor developments in digital finance including consideration of cross-border issues, both in their own jurisdictions and in cooperation with the FSB and other international organisations. The FSB’s work on the identification of key regulatory issues with FinTech is welcomed.