The FSB published a letter addressed to all G20 Finance Ministers and Central Bank Governors on 18 February 2020.
The letter sets out the areas that the FSB are focusing their efforts on. All of the measures are to ensure that the FSB is ready to respond to new vulnerabilities at the same time as being able to manage and mitigate known risks.
The key items the FSB is looking at are:
- LIBOR: the FSB will deliver a report at the July G20 setting out supervisory measures in place to monitor the LIBOR transition, together with a list of remaining challenges associated with it. This will be followed by a further report in G20 December.
- Technology: the FSB will be delivering a report on BigTech, RegTech and SupTech at G20 July. Following this, a workshop will be arranged for varying parties exploring regulatory approaches to BigTech in finance. A draft cyber incidents toolkit will also be delivered in April for public consultation.
- Identifying new and emerging vulnerabilities: the FSB continues to horizon scan with a view to identifying and assessing new and emerging risks to global financial stability.
- Stablecoins and cross-border payment systems: the FSB will deliver a report on this in April and in July and will continue to try to keep pace with new technologies to ensure the right regulatory and supervisory frameworks surround them. The FSB has also undertaken to produce a roadmap for improving cross-border payment systems.
- Nonbank Financial Intermediation: the FSB is planning to create a group to consider what extra work needs done in this area in light of its growth.
- Post-crisis regulatory framework: the FSB will continue to assess whether the reforms implemented are still fit for purpose. A public consultation will be published in June with a final report being presented at G20 October. A money market reforms report is also underway, together with a report on the implementation of the post-crisis reforms.