G20's finance ministers and central bank governors met in Paris on 18 and 19 February. They committed to pursuing financial sector reform and noted the significant work that remains, despite good progress. They:

  • committed to implementing Basel III fully within agreed timescales;
  • committed to implementing consistently the FSB recommendations on OTC derivatives and on reducing reliance on credit rating agency ratings;
  • looked forward to the reports of FSB due in 2011 on systemically important financial institutions (SIFIs) and global systemically important financial institutions (G-SIFIs) and seeing moves to more intensive regulatory oversight and effective resolution capacity;
  • looked forward to a report from FSB on shadow banking; - called on IOSCO to develop recommendations by mid 2011 to promote market integrity and efficiency, particularly to mitigate risks caused by technological developments; - urged all jurisdictions to implement FSB principles and recommendations on remuneration;
  • asked OECD, IOSCO and other organisations to develop common principles for consumer protection in financial services by October 2011; and
  • reaffirmed commitment to more effective oversight and supervision, including regular stress testing of banks. (Source: Final Communique)