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G20 Cannes Summit Final Declaration: “Building our Common Future: Renewed Collective Action for the Benefit of All"
- 01.
- 02. A global strategy for growth and jobs
- 03-08. Fostering Employment and Social Protection
- 09.
- 10-11. Increasing the benefits from financial integration and ...
- 12-13. Reflecting the changing economic equilibrium and the emergence of new international currencies
- 14-16. Strengthening our capacity to cope with crises
- 17-20. Strengthening IMF surveillance
- 22.
- 23-27. Meeting our commitments notably on banks, OTC derivatives, compensation practices and credit rating agencies, and ...
- 28-29. Addressing the too big to fail issue
- 30-34. Filling in the gaps in the regulation and supervision of the financial sector
- 35-36. Tackling tax havens and non-cooperative jurisdictions
- 37-39. Strengthening the FSB capacity resources and governance
- 40-51. Addressing Food Price Volatility and Increasing Agriculture Production and Productivity
- 52-57. Improving the functioning of Energy Markets
- 58. Protecting Marine Environment
- 59-60. Fostering Clean energy, Green Growth and Sustainable Development
- 61-64. Pursuing the Fight against Climate Change
- 65-68. Avoiding protectionism and reinforcing the Multilateral Trading System
- 69-71. Development: Investing for Global Growth
- 72. -- Food Security
- 73-76. -- Infrastructure and its Financing
- 77. -- Social protection floors in developing countries
- 78. -- Global Partnership for Financial Inclusion
- 79-84. -- Financing, Tax Administrations, Revenue Systems, Transparency, ODA
- 85-89. Intensifying our Fight against Corruption
- 90-95. Governance
28. We are determined to make sure that no financial firm is “too big to fail” and that taxpayers should not bear the costs of resolution. To this end, we endorse the FSB comprehensive policy framework, comprising a new international standard for resolution regimes, more intensive and effective supervision, and requirements for cross-border cooperation and recovery and resolution planning as well as, from 2016, additional loss absorbency for those banks determined as global systemically important financial institutions (G-SIFIs). The FSB publishes today an initial list of G-SIFIs, to be updated each year in November. We will implement the FSB standards and recommendations within the agreed timelines and commit to undertake the necessary legislative changes, step up cooperation amongst authorities and strengthen supervisory mandates and powers.
29. We ask the FSB in consultation with the BCBS, to deliver a progress report by the G20 April Finance meeting on the definition of the modalities to extend expeditiously the G SIFI framework to domestic systemically important banks. We also ask the IAIS to continue its work on a common framework for the supervision of internationally active insurance groups, call on CPSS and IOSCO to continue their work on systemically important market infrastructures and the FSB in consultation with IOSCO to prepare methodologies to identify systemically important non-bank financial entities by end-2012.
