The Board of the International Organization of Securities Commissions (IOSCO) has published a report on the implementation of the G20/FSB post crisis recommendations aimed at strengthening securities markets.
The Implementation Report: G20/FSB Recommendations related to Securities Markets has been prepared by IOSCO’s Assessment Committee, as part of its G20 Markets Reform Review Project. This effort involved working with the Financial Stability Board (FSB) on analysing the responses to the FSB’s 2016 Implementation Monitoring Network (IMN) survey.
As the global standard setting body for securities regulation, IOSCO has worked closely with the FSB on previous IMN surveys. For the 2016 survey, IOSCO undertook the analysis for the following recommendations that relate to securities markets:
• Hedge funds;
• Structured products and securitisation;
• Oversight of credit rating agencies (CRAs);
• Measures to safeguard the efficiency and integrity of markets; and
• Supervision and regulation of commodity derivative markets.
IOSCO’s Implementation Monitoring Report finds that most responding jurisdictions have taken steps to implement the G20/FSB recommendations and IOSCO guidance in each reform area.
Implementation is most advanced in relation to hedge funds, structured products and securitisation, and the oversight of CRAs. Most jurisdictions had implemented these reforms by 2014, while implementation of G20/FSB recommendations in other areas continues to progress.
Since 2010, the FSB has conducted the annual IMN survey on implementation of agreed G20/FSB recommendations. On 31 August, the FSB published its Implementation and Effects of the G20 Financial Regulatory Reforms, which reported on the high-level summary of jurisdictions’ implementation status to the G20 Leaders’ Summit in Hangzhou. On 22 September, the FSB published its Implementation of G20/FSB financial reforms in other (nonpriority) areas, which provides a detailed analysis of the implementation status based on jurisdictions’ responses in the 2016 FSB IMN survey.