In preparation for the 5 September 2009 meeting of G20 Finance Ministers and the 24 September 2009 Pittsburgh Summit the London Investment Banking Association, the Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, the Futures and Options Association and the Investment Industry Association of Canada have published a joint briefing note which sets out:
- Their members' views on key overarching steps that should be taken in finalising the policy programme. Three key steps are: (i) before new regulatory requirements are implemented the authorities undertake a cumulative impact assessment of all the regulatory proposals in aggregate; (ii) the timing and implementation of global regulatory reform needs careful handling; and (iii) there is worldwide political commitment to transparency of local implementation and local accountability to the G20 authorities.
- Their members’ views on key considerations relating to the identification and oversight of systemically important firms.
- Updated information on industry initiatives.
- An updated list of examples of potentially divergent regulatory responses.