On June 19, 2012, the Financial Stability Board (“FSB”) issued a progress report to the G20 Leaders on the steps FSB member nations have taken to implement financial reforms designed to improve the stability of the global financial system. The FSB reviewed, among other things, its members’ Basel implementation, adoption of resolution-planning regimes, oversight of the so-called “shadow banking system,” reform of the OTC derivatives market, and the effectiveness of the FSB itself. The FSB concluded that its member nations have made significant progress in implementing globally agreed financial reforms, but large strides are still necessary—particularly regarding recovery and resolution planning—to protect the global economy against future financial crises.
What is the FSB?
The FSB is an [click to continue…]