G-20 Finance Ministers agree Seoul priorities: A communiqué from Finance Ministers ahead of the Seoul Summit agrees it should prioritise certain regulatory initiatives:

  • commitment to full implementation of Basel III within the agreed timeframe;
  • endorsement of the Financial Stability Board's (FSB) recommendations to increase supervisory intensity and effectiveness;
  • endorsement of FSB's proposed policy framework, work processes and timelines to mitigate the risks of Systemically Important Financial Institutions and address the "too-big-to-fail" problems;
  • commitment to implement all aspects of the G-20 financial regulation agenda, in an internationally consistent and non-discriminatory manner. The communiqué specifically mentions OTC derivatives, remuneration practices and accounting standards and FSB principles on reducing reliance on credit rating agencies;
  • further work on macroprudential policy frameworks, including tools to help mitigate the impact of excessive capital flows;
  • considering emerging market economies in financial regulatory reforms;
  • commodity derivative markets;
  • shadow banking;
  • market integrity; and
  • tackling Non-Cooperative Jurisdictions