On 27 November 2018, the Financial Stability Board (FSB) published a letter to G20 leaders on its progress made during 2018.  The letter is structured along the priorities of the G20 Argentine Presidency:

• addressing emerging vulnerabilities while harnessing the benefits of innovation. The FSB has continued to be vigilant in containing the risks of non-bank finance. The FSB is now turning its focus to developing effective practices for financial institutions’ responses to, and recovery from, major cyber incidents (as highlighted by the recent Cyber Lexicon publication). More generally the FSB is exploring how innovations, e.g. the global legal entity identifier, could promote financial stability while bringing wider benefits to consumers and businesses;
• disciplined completion and implementation of the G20’s reform priorities. The FSB finalised Basel III in 2017 and will now focus on the consistent implementation of the reforms into the international banking system. Moreover, the FSB intends to finalise guidance on a framework to evaluate whether central counterparties (CCPs) have adequate financial resources to support resolution, and whether equity holders are treated appropriately. The FSB notes it is also maintaining an open and inclusive financial system through its correspondent banking action plan;
• pivoting to policy evaluation to ensure reforms are delivering resilience efficiently. To this end, the FSB has presented two evaluations to the G20 summit on financial intermediation; and whether adequate incentives to centrally clear OTC derivatives are in place; and
• optimising how the FSB works to maximise its effectiveness and transparency. The FSB notes that it has reviewed how it works and will take a number of steps to improve process and transparency, including an enhanced approach to prioritisation of work focused on promoting financial stability and outreach with external stakeholders.