On 16 October 2019, the Financial Stability Board (FSB) published its fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

The FSB states that the implementation of the reforms arising as a result of the financial crisis are progressing and is contributing to an open and resilient financial system that supports the provision of financing to the real economy.

In the report, the FSB particularly recommends that:

  • regulatory and supervisory bodies should promote the timely, full and consistent implementation of remaining reforms. In turn, this will support a level playing field and avoid regulatory arbitrage;
  • frameworks for cross-border cooperation between authorities should be enhanced in order to build trust, allow the sharing of information, and preserve an open and integrated global financial system;
  • authorities should evaluate whether the reforms are achieving their intended outcomes, identify any material unintended consequences, and address these without compromising on the objectives of those reforms; and
  • financial stability authorities should continue to contribute to the FSB’s monitoring of emerging risks and stand ready to act if such risks materialise.

The report also includes a colour-coded table that summarises that status of implementation across FSB jurisdictions for priority reform areas.

In addition to the report, the FSB has published annual survey responses by its member jurisdictions on implementation of other areas of reform together with summary tables and jurisdiction profiles on implementation progress.