(3부에 이어서)
Financial Regulation
16. We welcome the establishment of the FSB as a legal entity with greater financial autonomy and enhanced capacity to coordinate the development and implementation of financial regulatory policies, while maintaining strong links with the BIS. The FSB intends to review the structure of its representation, which is envisaged to be completed by the end of 2014.
17. We remain committed to the full, timely and consistent implementation of the internationally agreed financial sector reforms. We urge all jurisdictions to adopt the agreed Basel III reforms as expeditiously as possible. We look forward to progress reports on implementing the Basel III framework, the FSB Key Attributes of Effective Resolution Regimes and the reforms of the over-the-counter (OTC) derivative markets at our April meeting, as well as a comprehensive report on progress in implementing all reforms at the St Petersburg Summit in September. We welcome the Basel Committee’s increased focus on comparability of risk-weighted assets and look forward to an update by our July meeting. We reiterate our commitment to take the necessary steps to ensure that all global systemically important financial institutions are resolvable, and to promptly address all impediments to the effective home-host cooperation of the resolution authorities for internationally active banks. Operational resolution plans for all global systemically important banks should be developed by end-June 2013. We ask the FSB to deliver by the time of the St Petersburg Summit an assessment of progress towards ending the problem of “too-big-to-fail”.
18. We stress that all jurisdictions should promptly complete the necessary changes to their legislative and regulatory frameworks to put the agreed OTC derivative reforms into practice. We welcome the FSB’s plan to report to the Summit on all members’ committed actions to complete these reforms.
The FSB will continue to coordinate the monitoring of implementation of OTC derivative reforms. We strongly encourage all jurisdictions to continue working together to ensure national regulatory frameworks avoid cross-border conflicts, inconsistencies, gaps and duplicative requirements. We take note of the December 2012 statement by some regulatory authorities on the regulation of the OTC derivatives markets, in particular their agreement on approaches towards cross-border regulatory issues to be considered. We also look forward to the results of the macroeconomic impact assessment of the OTC derivatives regulatory reforms. The Regulatory Oversight Committee of the global Legal Entity Identifier (LEI) system was established last month and we look forward to the establishment of the LEI foundation in order to launch the global system in March 2013.
19. We reiterate our willingness to strengthen the oversight and regulation of the shadow banking sector.
We also look forward to policy recommendations for the oversight and regulation of the shadow banking sector by the Leaders’ Summit. We note with concern the delays in the convergence of accounting standards to date and ask the IASB and the FASB to finalize by the end of 2013 their work on key outstanding projects for achieving a single set of high-quality standards. We welcome the FSB’s forthcoming peer review to assist authorities in implementing the FSB roadmap to reduce reliance on external credit ratings and we also call on Standard Setting Bodies to do further work in this area. We look forward to IOSCO’s report on enhancing transparency and competition issues of the credit rating agencies and to further work on these issues. We also expect more progress on measures to improve the oversight and governance frameworks for financial benchmarks coordinated under the current FSB agenda this year, including the promotion of widespread adoption of principles and good practices and ask for reporting to our Leaders at the St Petersburg Summit. We welcome the FSB’s intention to monitor material unintended consequences of financial regulatory reforms for EMDEs as appropriate without prejudice to our commitment to implement the agreed reforms.
20. In the tax area, we welcome the OECD report on addressing base erosion and profit shifting and acknowledge that an important part of fiscal sustainability is securing our revenue bases. We are determined to develop measures to address base erosion and profit shifting, take necessary collective actions and look forward to the comprehensive action plan the OECD will present to us in July. We strongly encourage all jurisdictions to sign the Multilateral Convention on Mutual Administrative Assistance. We encourage the Global Forum on Transparency and Exchange of Information to continue to make rapid progress in assessing and monitoring on a continuous basis the implementation of the international standard on information exchange and look forward to the progress report by April 2013. We reiterate our commitment to extending the practice of automatic exchange of information, as appropriate, and commend the progress made recently in this area. We support the OECD analysis for multilateral implementation in that domain.
21. We reiterate our commitments and encourage the FATF to continue to pursue all its objectives, and notably to continue identifying and monitoring high-risk jurisdictions with strategic Anti-Money Laundering/Counter-Terrorist Financing (AML/CFT) deficiencies. We look forward to the completion in 2013 of the revision of the FATF assessment process and support ongoing FATF work, including on identification of beneficial owners of corporate vehicles.
22. In the prudential area we call for further progress within the FSB to encourage increased adherence to international regulatory and supervisory cooperation and information exchange standards.
(계속)
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