On 6 October 2017, the Financial Stability Board (FSB) published its workplan, setting out the following areas of work for the remainder of 2017 and 2018:
- evaluating the effects of reform – the plenary agreed that the FSB, in coordination with the relevant standard-setting bodies, will undertake an evaluation of the effects of reforms on financial intermediation. This will be carried out as part of the FSB’s framework for post-implementation evaluation of the effects of the G20 financial regulatory reforms.
- global systemically important financial institutions –the progress of the annual reviews of the lists of global systemically important banks (G-SIBs) and global systemically important insurers (G-SIIs), conducted in consultation with the Basel Committee on Banking Supervision (BCBS) and the International Association of Insurance Supervisors (IAIS) was discussed. Members were updated on the work by the BCBS and the IAIS to assess any cross-sectoral inconsistencies in the assessment methodologies for G-SIBs and G-SIIs.
- cyber-security – the results of a stocktake of existing publicly available regulations and supervisory practices with respect to cyber-security in the financial sector, as well as existing international guidance were reviewed. Members also discussed the key themes raised in a public-private sector workshop held in September. The FSB will publish the stocktake after the meeting of G20 finance ministers and central bank governors in Washington DC on 12 and 13 October 2017.
- addressing misconduct risks – the FSB discussed progress in the development of a toolkit to strengthen governance frameworks to mitigate misconduct risks, which is due to be published in April 2018.
- market-based finance – updates were given on the the annual global shadow banking monitoring exercise, the results of which will be published by end-2017; and the operationalisation by the International Organization of Securities Commissions of relevant FSB policy recommendations to address structural vulnerabilities from asset management activities.The FSB approved the operational arrangements to initiate data collection and aggregation of global securities financing transactions, beginning with end-2018 data. The detailed reporting guidelines will be published later this year.
- FSB governance – FSB members asked the FSB Chair, whose second term comes to an end on 4 November 2017, to serve for a further period until 1 December 2018. Dietrich Domanski will be appointed as Secretary General, to succeed its current Secretary General, Svein Andresen in January 2018. Mark Branson (Chief Executive Officer, FINMA (Swiss Financial Market Supervisory Authority)) will be appointed as Chair of the Resolution Steering Group for a two-year term ending on 31 October 2019.