On November 6, the Ministers of Finance and Central Bank Governors of the G20 published a communiqué following their meeting on November 4 – 5 in Mexico City. The communiqué stated that the G20 Ministers of Finance remain committed to the full, timely and consistent implementation of the financial regulation agenda, and in particular:
- welcome the recent decision by European leaders to agree on a legislative framework for a single supervisory mechanism by January 1, 2013;
- agree to put in place legislation and regulation for OTC derivatives reforms promptly, and to act by the end of 2012 to identify and address issues with the cross border application of existing rules;
- commit to make the necessary changes to resolution regimes to allow for the resolution of systemically important financial institutions;
- call for the publication of finalised policy measures for the oversight and regulation of shadow banking in time for the G20 St Petersburg summit on June 8, 2013;
- are concerned about the slow progress towards a single set of high quality accounting standards; and
- welcome action taken to address weaknesses and restore confidence in LIBOR and in other benchmark and index setting practices.