On 26 April 2019, the Financial Stability Board (FSB) published a press release summarising the key areas of discussion at its plenary meeting in New York.

Key takeaways from the plenary include:

• financial markets generally functioned well during the period of volatility at the end of 2018. Nonetheless, the FSB recognises that a more severe and protracted stress event could test the resilience of the financial system;
• the FSB discussed a new initiative to develop an FSB surveillance framework;
• the FSB discussed a draft report that looks at examples of financial activities where supervisory practices and regulatory policies may give rise to market fragmentation and potential trade-offs between the benefits of increased cross-border activity and a need to tailor domestic regulatory frameworks to local conditions and mandates. The report will be published and submitted to the June meeting of G20 Finance Ministers and Central Bank Governors;
• the FSB discussed a report on the implementation of the total-loss absorbing capacity standard, this report is due to be published in June;
• the FSB approved the terms of reference for the evaluation of the effects of too-big-to-fail reforms. The evaluation will assess whether the implemented reforms are reducing the systemic and moral hazard risks associated with systemically important banks. The FSB will publish a draft report for public consultation in June 2020 and will publish the final report, taking into account consultation responses, in late 2020;
• the FSB discussed the different initiatives under way at standard-setting bodies to address risks from crypto-assets and any possible gaps in this work. The FSB will publish an update on the work of the standard-setting bodies and will deliver it to the June meeting of G20 Finance Ministers and Central Bank Governors;
• the FSB agreed last October to develop a toolkit of effective practices, which will assist financial institutions, as well as supervisors and other relevant authorities in supporting financial institutions, before, during and after a cyber incident. The FSB discussed a draft of an initial progress report, and the toolkit will be subject to consultation in early 2020; and

the FSB discussed at its meeting the draft report of its thematic peer review of FSB member authorities’ implementation of the legal entity identifier, which will be published in the coming weeks.