The Finance Ministers and Central Bank Governors of the G-20 met in Paris on 14 and 15 October. The Communiqué that followed their meeting welcomed progress, and reaffirmed the commitment to implement “fully, consistently and in a non-discriminatory way” reforms on OTC derivatives, all Basel agreements and reducing reliance on external credit ratings. It endorsed a framework to reduce the risks posed by Systemically Important Financial Institutions (SIFIs), and asked the Financial Stability Board (FSB) to extend its current framework for Global SIFIs to all SIFIs. It also endorsed recent reports of the International Organization of Securities Commission (IOSCO) and called on IOSCO to report on the implementation of its recommendations on commodity derivatives by the end of 2012.  (Source: Communiqué of G-20 Ministers 14 and 15 October 2011)