On 10 June 2019, the G20 published a communique, detailing the discussion points from the G20 Finance Ministers and Central Bank Governors meeting held on 9 June 2019.
Key takeaways from the communique as regards financial services include:
- G20 members should consider assisting financial institutions to make any needed adjustments to their business models and services in light of an ageing population globally;
- the G20 reiterates the importance of joint efforts undertaken by borrowers and creditors, both official and private, to improve debt transparency and secure debt sustainability;
- the G20 remain committed to the implementation of its financial reforms, and consequently welcome the Financial Stability Board’s (FSB’s) consultation report on SME financing;
- the G20 will continue to monitor and, as necessary, address vulnerabilities and emerging risks to financial stability, including with macro-prudential tools;
- the G20 welcomes the reports by the FSB and International Organization of Securities Commissions (IOSCO) on market fragmentation – progress updates in this area are due in October;
- crypto-assets do not pose a threat to global financial stability at this point, however the G20 remains vigilant to risks posed in this regard;
- the G20 remains committed to applying the recently amended Financial Action Task Force Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism; and
- the G20 will continue to step up efforts to enhance cyber resilience, and welcomes progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents.