News Column

IIF Supports FSB Commitment to Complete G20 Reform Agenda

February 25, 2014

WASHINGTON, Feb. 25 -- The Institute of International Finance issued the following news release:

The Institute of International Finance today released the following statement from IIF President and CEO Tim Adams regarding Financial Stability Board Chairman Mark Carney's letter to G20 Finance Ministers and Central Bank Governors on implementation of the G20's global reform agenda:

"IIF reiterates its support for the core elements of the G20's regulatory reform agenda. It welcomes the strong commitment by the FSB to completing the remaining portions of the agenda in 2014."

"As noted in Gov. Carney's letter to the G20, the industry has implemented many elements of the reform agenda several years ahead of the official deadline. Now, as policy makers finish the job, they need to make sure it is completed in a globally consistent way."

"IIF strongly supports the FSB's global approach. With the reform program in place, we will have a common framework for internationally active firms. But common rules require common positions on implementation and interpretation."

"As the FSB helpfully recognizes, that implies mutual deference and outcomes-based solutions to potential cross-border regulatory conflicts; predictability in case of resolution of an international firm to make sure that 'too-big-to-fail' is truly ended; continuing peer reviews to foster convergence; avoiding inconsistent domestic measures that fragment the global system; and careful ongoing impact assessments in evolving market conditions and gradual integration of all the different components of the reform agenda."

"These are all essential for carrying out the program in ways that will achieve the G20's goals and preserve the benefits of a global, integrated financial system."

"The implementation phase of the reform agenda should continue aiming to strike the right balance between ensuring systemic safety and fostering the financial system's ability to support economic growth and job creation."

"The finalized G20 reforms, coupled with stronger structures for global regulatory and supervisory cooperation should result in a more resilient, integrated financial market. IIF members remain committed to providing constructive input to the work of the FSB and that of global standard setters."

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Source: Targeted News Service

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