The G20 Finance Ministers and Central Bank Governors met in Washington DC to assess progress against its mandates and to address ongoing challenges. On regulatory reform, they noted specifically:
- the work of the Financial Stability Board (FSB) and Basel Committee on Banking Supervision (Basel) on how to extend the Systemically Important Financial Institutions (SIFIs) regime to domestic systemically important banks (D-SIBs). This work is due to complete in November;
- FSB’s report on shadow banking. The final report is due in December;
- initiatives to improve the resourcing, capacity and governance of FSB;
- FSB’s work towards a global framework for Central Counterparties (CCPs) to enable authorities to meet their end-2012 commitment that all standardised OTC derivatives contracts can be appropriately centrally cleared;
- work on developing international standards for non-centrally cleared derivatives contracts by June; and
- initiatives on the Legal Entity Identifier, accounting standards, and assessments of potential unintended consequences of the reforms in emerging markets and developing economies.