The Financial Stability Board (FSB) has highlighted the key reforms of the G20 agreement which are behind schedule ahead of September’s summit.
The report states that implementation of Basel III capital and liquidity standards has been timely overall, although certain economies have not addressed deviations in the rules from the Basel framework.
This report comes a day after European Commission and Council chiefs stressed that refinements to upcoming Basel III regulations must be the subject of deep analysis and scrutiny.
Other findings from the report – which details country-by-country progress – also suggest prioritising the safety of over-the- OTC derivatives stating that reform is underway but progress is currently uneven.
In particular, according to the report, margin requirements are behind schedule and trading frameworks are undeveloped in many jurisdictions.
OTC derivatives were also mentioned in the EC letter released yesterday with EC president Jean-Claude Juncker and European Council head president Donald Tusk stressing the need for resolution on OTC derivative reforms.
The review analyses areas of implementation across the G20 nations that were first initiated as a result of the 2008 financial crisis.