G20 leaders to reach agreement on financial reform
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The leaders attending the Seoul G20 summit will discuss and likely wrap up regulatory reform on global financial market, Dong-soo Chin, Chairman of the financial services commission of South Korea, said on Thursday.
At a press briefing at the media center of COEX in south Seoul, which is also the venue of the G20 summit, Chin said the Financial Stability Board (FSB) has developed a detailed financial regulatory reform package with concrete implementation timelines, which will be discussed by the leaders at the Seoul G20 summit.
The two-day G-20 summit is expected to endorse a set of regulatory measures aimed at tightening monitoring of risky financial activities.
The reform package includes the new bank capital and liquidity framework, the FSB's recommendations to increase supervision intensity and effectiveness, the policy framework, work processes and timelines proposed by the FSB to mitigate the risks posed by SIFIs and address the "too-big-to-fail" problem, and decisive work to tackle Non-Cooperative Jurisdictions, etc.
The G20 summit was expected to "wrap-up discussions on the major financial reform agenda", Chin said, adding the meeting would also be "an important turning point in establishing a new paradigm for global financial regulations that will govern financial markets in the future".
He said that finalizing global financial regulatory reforms in two years would be a challenging job, but with the benefit of strong leadership of the G20 leaders, he believed all the key reform agenda would successfully carried out.
