2015年-FSB全球金融稳定委员会_Second_FSB_Annual_Report_32页_5mb

$2^{\text{nd}}$ Annual Report Summary

Core Content

This document outlines the Financial Stability Board (FSB)'s activities and progress during the period from 1 April 2014 to 31 March 2015. It reflects the FSB's role in global financial sector reforms, particularly in the context of the 2008 financial crisis and the G20's commitment to a more resilient and fair financial system.

Main Viewpoints

1. Building Resilient Financial Institutions

• Basel III Implementation: The Basel III reforms are central to the effort to build more resilient financial institutions. The BCBS has substantially completed the remaining components of the framework, including the leverage ratio, liquidity coverage ratio (LCR), and net stable funding ratio (NSFR).
• Risk Management: The FSB, along with SSBs and national authorities, is working to strengthen risk management practices, including firm-level risk culture and governance.
• Compensation Practices: The FSB's third progress report on compensation practices indicates that most jurisdictions have implemented the Principles and Standards. Ongoing efforts focus on embedding these practices into supervisory processes.
• FSB Framework for Risk Culture: A framework was issued to help supervisors assess risk culture at firms, and the BCBS revised corporate governance guidelines for banks in July 2015.

2. Ending Too Big to Fail (TBTF)

• SIFI Framework: The FSB's SIFI Framework, endorsed by G20 leaders in 2010, aims to reduce the moral hazard of systemically important financial institutions (SIFIs) by increasing their loss-absorbing capacity and ensuring they can be resolved without taxpayer funds.
• G-SIBs and G-SIIs: The FSB updated the list of global systemically important banks (G-SIBs) in November 2014, increasing the number from 29 to 30. For insurance, the FSB identified nine G-SIIs and postponed decisions on reinsurers.
• TLAC Proposals: The FSB published policy proposals on the total loss-absorbing capacity (TLAC) for G-SIBs, with a revised standard expected by the 2015 G20 Summit.
• Resolution Planning: The FSB is working with the BCBS, CPMI, and IOSCO to develop a coordinated work plan to improve the resilience, recovery planning, and resolvability of central counterparties (CCPs).
• Cross-Border Resolution: The FSB is promoting cross-border recognition of resolution actions, with ISDA agreeing to a protocol that supports the enforceability of temporary stays on early termination and cross-default rights in OTC contracts.

3. Transforming Shadow Banking to Resilient Market-Based Financing

• Shadow Banking Risks: The FSB identified shadow banking as a key contributor to the financial crisis due to opacity, leverage, and liquidity transformation. It continues to monitor shadow banking trends and risks.
• Policy Measures: The FSB is coordinating policy measures in five areas to reduce systemic risks, including mitigating risks in bank-shadow banking interactions, improving transparency in securitisation, and dampening pro-cyclicality in securities financing transactions.
• Data Template: A common data template for G-SIBs was developed to better understand exposures and funding dependencies, aiding in the analysis of systemic risk.

4. Making OTC Derivatives Markets Safer

• CCP Resilience: The FSB is working to ensure that central counterparties (CCPs) are resilient and can be resolved without public funds.
• Regulatory Coordination: The FSB, in coordination with the BCBS, CPMI, and IOSCO, is promoting stronger regulatory and supervisory frameworks for CCPs.
• Resolution Planning: The FSB is developing resolution strategies that ensure the continuity of critical functions during the resolution of G-SIBs and other SIFIs.

Key Information

• The FSB is hosted and funded by the Bank for International Settlements (BIS), with the BIS covering most of its operating costs.
• The FSB's governance is outlined, and its financial statements for the 12-month period from 1 April 2014 to 31 March 2015 are included.
• The FSB's activities include:
  • Implementation monitoring of global financial reforms.
  • Addressing evolving risks such as market-based finance and misconduct.
  • Ongoing work to ensure the resolvability of G-SIFIs and reduce regulatory arbitrage.

Conclusion

The FSB is actively working to implement reforms aimed at building a resilient, fair, diverse, trusted, and open global financial system. These efforts include the enhancement of risk management, reduction of TBTF risks, improvement of shadow banking oversight, and strengthening of OTC derivatives markets. The FSB's work is closely aligned with the G20's objectives of promoting strong, sustainable, and balanced growth.

Structure Overview

• Preface: Introduces the FSB's establishment, role, and financial structure.
• Message from the FSB Chair: Highlights the FSB's priorities and achievements in 2014-2015.
• FSB Activities:
  • Building resilient financial institutions
  • Ending too big to fail
  • Transforming shadow banking
  • Making OTC derivatives markets safer
  • Implementation monitoring
  • Addressing evolving risks
  • Other noteworthy activities
• FSB Governance
• Financial Statements
• Auditor's Report

References

• The report includes several references to consultative documents, guidelines, and standards that are under development or in the process of being finalized.
• Key documents and frameworks such as the Basel III, Key Attributes, and TLAC are central to the FSB's work.
• The FSB is in close coordination with BCBS, CPMI, IOSCO, IAIS, and ISDA to ensure comprehensive and effective reforms.