FSB updates G20 on Brisbane Summit preparations: FSB has sent the G20 Finance Ministers and Central Bank Governors a letter outlining the work it is carrying out ahead of the Brisbane Summit. In respect of the too-big-to-fail problem, FSB is focusing on gone-concern loss-absorbing capacity, particularly on defining its appropriate amount, eligible liabilities, and where it should be held within the structure of a banking group. It is also working on temporary stays on close-out of derivatives and asks jurisdictions to ensure that debt contractual provisions recognise foreign resolution actions, so that their bail-in is possible. Regarding shadow banking, FSB is preparing the final framework for haircuts in repo and securities financing transactions. The letter also updates on cross-border issues in derivatives reform. (Source: FSB Chair's Letter to G20 Ministers and Governors on Financial Reforms - Update on Progress)