G20 Leaders Outline Action Plan Following Hamburg Summit
07/08/2017The G20 Leaders met in Hamburg, Germany on July 7-8, 2017 and have published a Leaders' Declaration and an Action Plan setting out the G20's strategy for achieving strong, sustainable, balanced and inclusive growth. The Action Plan includes ongoing and planned work on financial sector regulation and development.
The G20 remains fully supportive of the Financial Stability Board's financial sector reform agenda. In particular, the G20 commits to fully support and/or participate in: (i) the work of the Basel Committee on Banking Supervision on finalization of the Basel III framework; (ii) the FSB's annual shadow banking monitoring exercise; (iii) the work of the International Organisation of Securities Commissions to put into operation FSB policy recommendations addressing structural vulnerabilities from asset management activities; (iv) the full, timely and consistent implementation of OTC derivatives reforms; (v) follow-on work by the FSB, IOSCO and the Committee on Payments and Markets Infrastructures on enhancing the resilience, recovery and resolvability of CCPs; (vi) the full and timely removal of barriers to cross-border resolution and related international work on assessing resolution systems for banks and other systemically important financial institutions; and (vii) FSB work on corporate governance and the methodology developed by the OECD for assessing implementation of the G20/OECD Principles of Corporate Governance.
The G20 welcomes the FSB report on financial stability implications from technology-enabled financial innovation (FinTech) and FSB's ongoing monitoring of the evolving financial stability implications for FinTech developments. The G20 encourages national authorities to increase their awareness of FinTech issues when developing or conducting risk assessments of micro- and macro-prudential frameworks.
Finally, on the issue of cyber-security, the G20 commits to promote the resilience of financial services and institutions in G20 jurisdictions against the malicious use of information and communication technologies. The G20 requests that the FSB deliver a report at the G20 Finance Ministers and Central Bank Governors meeting in October 2017 to outline the progress the FSB has made so far on its stock-take of existing relevant regulations and supervisory practices in G20 jurisdictions and existing international guidance.
View the G20 Leaders' Declaration.
View the G20 Hamburg Action Plan.