The G20 has published a communique following a meeting of finance ministers and central bank governors in Hamburg, Germany, on 7 and 8 July 2017. In terms of financial services regulation and development, the G20:
- remains committed to the finalisation and timely, full and consistent implementation of the agreed G20 financial sector reform agenda. The G20 will work to finalise the Basel III framework without further significantly increasing overall capital requirements across the banking sector, while promoting a level playing field;
- welcomes the Financial Stability Board’s (FSB) assessment of the monitoring and policy tools available to address risk from shadow banking. The G20 supports the FSB’s work to analyse the effects of financial regulatory reforms and the structured framework for post-implementation evaluation; and
- acknowledges that the malicious use of information and communication technology could endanger financial stability, welcomes the FSB’s work in this area and looks forward to a stock-take report from the FSB in October 2017.