G20 Meeting of Finance Ministers and Central Bank Governors: Communique, Gyeongju, Republic of Korea, 23 October 2010

Sectors : Financial Institutions, markets, services and microfinance, Transparency and accountability, Sustainable development
Organisation : G20
Date made: 
2010
Level: 
Ministerial
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

 “4. We have made significant strides since the adoption of the Action Plan to Implement Principles for Reform at the Washington Summit in November 2008, with support from the FSB. We are committed to take action at the national and international level to raise standards, so that our national authorities implement global standards consistently, in a way that ensures a level playing field and avoids fragmentation of markets, protectionism and regulatory arbitrage. To build a stronger global financial system, we have agreed to prioritize the following issues on the agenda for the Seoul Summit:

Welcome and commit to fully implement within the agreed timeframe the new bank capital and liquidity framework drawn up by the Basel Committee and the Governors and Heads of Supervision.

Endorsement of the FSB’s recommendations to increase supervisory intensity and effectiveness.

Endorsement of the policy framework, work processes and timelines proposed by the FSB to mitigate the risks posed by Systemically Important Financial Institutions and address the 'too big- to-fail' problems.

Commitment to implement all aspects of the G20 financial regulation agenda, in an internationally consistent and non-discriminatory manner, including the commitments on OTC derivatives, compensation practices and accounting standards and FSB principles on reducing reliance on credit rating agencies.

Further work on macro-prudential policy frameworks, including tools to help mitigate the impact of excessive capital flows; the reflection of the perspective of emerging market economies in financial regulatory reforms, including through increased outreach; commodity derivative markets; shadow banking; and market integrity.

Pursue our work decisively to tackle Non-Cooperative Jurisdictions.”

 
Scope: 
International

Commitments in: Environment - Sustainable development

 “9. We noted the progress made on rationalizing and phasing out inefficient fossil fuel subsidies and promoting energy market transparency and stability and agreed to monitor and assess progress towards this commitment at the Seoul Summit.”

Scope: 
International