Presidents Barroso and Van Rompuy have written to the G20 leaders in advance of the Seoul Summit stressing the need to highlight the financial regulatory reform initiatives under way. But they say momentum must stay as the programme is not finished. The letter refers particularly to Basel III, the FSB papers on Systemically Important Financial Institutions (SIFIs) and reducing reliance on Credit Rating Agencies (CRAs). It also picks out other key reforms such as on remuneration, non-cooperative jurisdictions, accounting standards, crisis management, shadow banking, commodity derivatives and market integrity. It notes the EU will support G20 in developing a global transaction tax and, in the meantime, make sure the financial sector makes an equitable contribution.