On 13 October 2025, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 15‑16 October. The letter is accompanied by an interim report from the G20 strategic review of the FSB implementation monitoring work.

The interim report reviews the implementation history of the main G20 financial reforms over the past 15 years, including policy measures to address too-big-to-fail, non-bank financial intermediation reforms, over-the-counter derivatives market reforms, Basel III, and recommendations on crypto-asset markets and activities. It notes that full, timely and consistent implementation has not been completely achieved.

In particular the interim report finds that:

• The implementation of the Basel III framework is incomplete. A number of the FSB members have expressed concern that delays and implementation differences could pose risks and be a source of vulnerability itself.
• Despite progress in addressing the “too-big-to-fail” challenge such as the implementation of Total Loss Absorbing Capacity requirements for global systemically important banks and the establishment of cross-border resolution protocols and crisis management groups, critical gaps remain.
• While significant progress has been made by jurisdictions in implementing policies to address the risks of non-bank financial intermediation, implementation remains uneven across jurisdictions in certain areas. Key gaps include implementation of FSB recommendations to manage the vulnerabilities arising from liquidity mismatch in money market funds and open-ended funds, and data collection and sharing of securities financing transactions.