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37. The FSB1 has played a key role in promoting development and implementation of regulation of the financial sector.

38. To keep pace with this growing role, we agreed to strengthen FSB’s capacity, resources and governance, building on its Chair’s proposals. These include:

  • the establishment of the FSB on an enduring organizational footing: we have given the FSB a strong political mandate and need to give it a corresponding institutional standing, with legal personality and greater financial autonomy, while preserving the existing and well-functioning strong links with the BIS;
  • the reconstitution of the steering committee: as we move into a phase of policy development and implementation that in many cases will require significant legislative changes, we agree that the upcoming changes to the FSB steering committee should include the executive branch of governments of the G20 Chair and the larger financial systems as well as the geographic regions and financial centers not currently represented, in a balanced manner consistent with the FSB Charter;
  • the strengthening of its coordination role vis-à-vis other standard setting bodies (SSB) on policy development and implementation monitoring, avoiding any functional overlaps and recognizing the independence of the SSBs.

39. We call for first steps to be implemented by the end of this year and will review the implementation of the reform at our next Summit.


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