Hi everyone! I feel like winter has come all of sudden, and hope that all of us are not catching a cold. This is the 3rd as well as the last post for ‘Meeting of the Financial Stability Board in Tokyo’.
As I wrote in the previous posts, this year’s FSB meeting was held on 10th and 11th of October in Tokyo, and the Vice-Chairman of FSC attended the meeting. If you are interested in the previous posts, here are the links!
Meeting of the Financial Stability Board in Tokyo (1)https://financialservicescommission.wordpress.com/2012/10/23/meeting-of-the-financial-stability-board-in-tokyo-1/
Meeting of the Financial Stability Board in Tokyo (2)https://financialservicescommission.wordpress.com/2012/11/01/meeting-of-the-financial-stability-board-in-tokyo-2/
Monitoring of Basel III implementation
FSB members discussed the publication of the BCBS report dealing with the implementing process of Basel III. This report includes BCBS’s Level 2 report evaluating the draft rules in the EU, Japan and the US to see whether they are consistent with the actual text of Basel III. The FSB requested that all the members follow a progress towards a domestic implementation of Basel III in a timely manner, which is consistent with the globally agreed standard.
Reducing reliance on Credit Rating Agencies
Members of the FSB discussed a roadmap to expedite the implementation of measures to reduce reliance on Credit Rating Agencies. This roadmap will be reported at the G20 meeting of Finance Ministers and Central Bank Governors in November. It includes measures to ensure a full implementation of the principles with dates. The FSB will report to the G20, as the progress is being fulfilled.
Regional consultative groups
The co-chairs of the three FSB regional consultative groups (Europe, Middle East & North Africa, and Sub-Saharan Africa) provided the members with their reports. The reports were based on the co-chairs’ meeting since the FSB’s May Plenary meeting.
FSB capacity, resources and governance
Members reviewed the remaining process to implement its recommendations published in June 2012. This is for the purpose of strengthening the FSB’s capacity, resources and governance. A further process will be reported at the G20 Finance Ministers and Central Bank Governors Meeting this month. Also, the members agreed on organizing a new Standing Committee on Budget and Resources as well as rotating Chairs of the Committee.
So this is the end of post about the FSB meeting in Tokyo. I hope everybody got some general ideas of what was discussed at this meeting. And then I’ll see you next time with more interesting topics!