31. We welcome the FSB’s intention to review the structure of its representation which is envisaged to be completed by the end of 2014.
Financial Inclusion, Financial Education, Consumer Protection

32. We welcome the progress made by the Global Partnership for Financial Inclusion (GPFI), including creation of the fourth GPFI subgroup, focused on Financial Consumer Protection and Financial Literacy, and work on the expansion of the G20 Basic Set of financial inclusion indicators to cover these issues, as well as the quality of financial service provision and the use of innovative delivery channels. We acknowledge the support from the implementing partners, i.e. the Alliance for Financial Inclusion (AFI), Consultative Group to Assist the Poor (CGAP), IFC, OECD and the World Bank in this regard and expect this work to be completed by the St Petersburg Summit.

33. We commend the forty emerging market and developing countries, which have made financial inclusion commitments, and ask the GPFI to continue support of the global platforms such as AFI’s Maya Declaration, G20 Peer Learning Programme and the World Bank Group’s Financial Inclusion Support Framework to assist countries in meeting their commitments. We welcome the progress made by Standard Setting Bodies (SSBs) to integrate financial inclusion in their work, consistent with their mandates, including FATF’s endorsement of financial inclusion as part of its long-term work; we recognize the role of GPFI in catalyzing this process and ask to continue this work.

34. We welcome the progress made by countries to address the specific challenges in access to finance faced by SMEs through the implementation of the SME Finance Challenge, and support the peer learning through the SME Finance Compact and the launch of the AFI Working Group on SME Finance. As the SME finance gap remains large worldwide, we call for further efforts, particularly in improving credit information, movable collateral and secured transactions systems, and electronic payments, and promoting innovations in SME financial services as laid out in the GPFI report.

35. We welcome practical tools to measure financial literacy and evaluate financial education programs, as well as progress reports on barriers for women and youth in financial inclusion and education, developed by the OECD/International Network for Financial Education (INFE) and the World Bank. We support the OECD/INFE policy guidance on addressing women and girls’ needs for financial education and look forward to the G20 Russia’s Presidency and the OECD publication on national strategies for financial education by the Leaders’ Summit. We also support the work done by the G20/OECD Task Force on Financial Consumer Protection on the first set of effective approaches to support the implementation of the G20 High-Level Principles on Financial Consumer Protection and look forward to their report on other principles in 2014.

Energy and Commodity Markets, Climate Finance

36. We reaffirm our determination to improve transparency and functioning of commodity markets in order to prevent excessive price volatility and which can foster investment in energy infrastructures. We will present to our Leaders a report on the G20 contribution to the transparency of commodity markets at the St Petersburg Summit. We will continue working to improve the timeliness, completeness and reliability of the JODI-Oil and look forward to the IEF report for our October meeting, including on ways to make JODI data available more quickly to a wider selection of users. We welcome progress on the JODI-Gas database and look forward to its full launch by the earliest possible date. We support the IEA, IEF and OPEC practical recommendations to increase transparency in international gas and coal markets. We intend to continue following up very closely the proper implementation of the IOSCO principles for the regulation and supervision of commodity derivatives markets. We look forward to the IOSCO report on the implementation of its principles on Price Reporting Agencies to be presented at our next meeting. Taking into account PRAs’ major role in the price discovery process, we welcome IOSCO’s plan to consider, in the context of its collaboration with the IEA, IEF and OPEC, the need for any modification of the PRA Principles to align them more closely with the international standards on governance and transparency of benchmarks as adopted by IOSCO and will consider options including their supervision. We welcome the launch of the voluntary peer review process for inefficient fossil fuel subsidies that encourage wasteful consumption, and we encourage broad participation.

37. We recognize the important role that regulation among other policy levers can play in promoting investment and take note that regulation should be a country-led process. We take note of the energy regulators’ Statement on sound regulation and promoting investments in energy infrastructure, agreed by the participants in the G20 Outreach Energy Regulators Round Table this June in Kazan.

38. We recognize the importance of our continued discussions on climate finance and on ways to effectively mobilize resources, taking into account the objectives, principles and provisions of UNFCCC. We take note of the experiences shared between members last June in Paris. We will report to the Leaders in St Petersburg on the main messages coming out of these discussions and propose a way forward for the next year


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