United Kingdom (and EU regulation)

G20 Finance Ministers and Central Bank Governors communiqué

There has been published a communiqué following the meeting of G20 Finance Ministers and Central Bank Governors in Cairns on 20-21 September 2014.

Financial services regulatory reforms are mentioned in paragraph 6 of the communiqué. Key points include:

the key aspects of the core commitments made in the wake of the 2008 financial crisis have been delivered;
for the G20 Brisbane summit, work is underway on a plan that will increase consistency in banks’ application of the strengthened Basel III rules on capital;
substantial progress has been made to date in defining the terms and conditions of a proposal for addressing the too-big-to-fail issue through additional loss absorbing capacity that would further protect taxpayers if global systemically important banks fail. The Financial Stability Board (FSB) will deliver a proposal in time for the Brisbane summit;
by the Brisbane summit the FSB will deliver the remaining core elements of its shadow banking framework; and
regulatory authorities are called on to make further concrete progress in implementing the over-the-counter derivatives reforms. Jurisdictions are encouraged to defer to each other when it is justified, in line with the St Petersburg Declaration.