G20 Leaders Publish Communique

The G20 Leaders have published a Communique from the Summit held in Germany. The G20 Leaders reiterated their commitment to finalizing the remaining elements of the financial sector reform agenda and to conducting a post-implementation evaluation of the reforms. The G20 Leaders have endorsed the Financial Stability Board's recommendations to address structural vulnerabilities arising from asset management activities and have asked the International Organization of Securities Commissions to prepare measures for timely implementation of those recommendations. Monitoring of those risks is to continue and, for the July 2017 Summit, the FSB is to assess the adequacy of monitoring and policy tools to address risks from shadow banking and to consider whether any further policy is needed. The G20 Leaders have called on their members to complete their implementation of the OTC derivatives reforms. The FSB is due to review the implementation and effects of these reforms. The G20 Leaders also intend to focus on reviewing the effects of all of the other reforms implemented since the credit crunch to ensure consistency in the approach and removal of any material unintended consequences. For the July 2017 Summit, the FSB is to prepare a structured framework for the post-implementation evaluation, the draft of which will be subject to public consultation. The FSB has also been asked to conduct a stock-taking exercise of existing regulations and supervisory practices to prevent the malicious use of Information and Communication Technologies for the purpose of disrupting financial services and causing financial instability. A report on that exercise is due by October 2017.

View the Communique.