On 30 May 2012, the Financial Stability Board published a press release following its meeting in Hong Kong on 29-30 May 2012, the purpose of which was to discuss vulnerabilities currently affecting the global financial system and the progress in authorities’ ongoing work to strengthen global financial regulation.
Amongst the topics discussed were measures designed to further develop the regulatory regime for systemically important financial institutions (“SIFIs”), specifically:
- extending the framework to domestic systemically important banks, and
- establishing a process to ensure consistent implementation of policy measures for global SIFIs, particularly with respect to resolvability.
The FSB recognised the need to establish international guidance on common terms for information sharing and the handling of client assets on resolution. Additionally, it confirmed that, from July, it will commence the first in an iterative series of peer reviews on the implementation of the recommendations documented in its “Key Attributes of Effective Resolution Regimes for Financial Institutions” guidance.
The press release is available here:
The FSB’s “Key Attributes” guidance is available here: