The Financial Stability Board (FSB) has published a paper that summarises the status of implementation of the G20 / FSB recommendations covered by the 2017 FSB Implementation Monitoring Network survey on the following areas:

  • Hedge funds;
  • Securitisation;
  • Enhancing supervision;
  • Building and implementing macro-prudential frameworks and tools;
  • Improving oversight of credit rating agencies;
  • Enhancing and aligning accounting standards;
  • Enhancing risk management;
  • Strengthening deposit insurance;
  • Safeguarding the integrity and efficiency of financial markets; and
  • Enhancing financial consumer protection.

In relation to hedge funds, one of the G20 / FSB recommendations called for the establishment of an international information sharing network. In terms of recent global developments on this topic the paper notes that in 2016 the Quebec Autorité des marchés financiers (AMF) and the Superintendencia del Mercado del Mercado de Valores of the Republic of Panama entered into a memorandum of understanding. Also in  2016 the AMF and the Ontario Securities Commission became parties to the multilateral arrangement for regulatory, supervisory and oversight cooperation on LCH. Clearnet Ltd. In China, the Legislative Affairs Office of the State Council is reviewing draft regulation that refines rules for private funds. The draft regulation prepared, among others, by the China Securities Regulatory Commission sets out high-level rules for the supervision of overseas private fund managers and for maintaining effective regulatory cooperation with their home jurisdictions. In Europe the European Securities and Markets Authority reports that it is has approved 44 cooperation arrangements between EU securities regulators and a number of non-EU authorities in relation to the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. Hong Kong also reports that the Securities and Futures Commission and the US Securities and Exchange Commission entered into a memorandum of understanding on 18 January 2017 which provides for consultation, cooperation and exchange of information related to the supervision and oversight of regulated entities including investment fund managers that operate on a cross-border basis in Hong Kong and the United States.

View Implementation of G20/FSB financial reforms in other areas, 8 November 2017