The Financial Stability Board invites cross-border payments market stakeholders to join its Taskforce on Legal, Regulatory and Supervisory matters

12 December 2024

The Financial Stability Board (FSB) invites firms that offer cross-border payment services and relevant industry associations to nominate senior representatives to serve on the FSB’s Taskforce on Legal, Regulatory, and Supervisory matters (LRS Taskforce).

Extensive engagement with the private sector has been integral to achieving the goals of the G20 Roadmap for faster, cheaper, more transparent and accessible cross-border payments. In early 2023, the FSB established the LRS Taskforce to serve as a mechanism for regular engagement between the public and private sectors. The LRS Taskforce is chaired by Carolyn Rogers, Senior Deputy Governor of the Bank of Canada.

The LRS Taskforce has provided input and feedback on a number of key policy issues for cross-border payments, including issues arising from data frameworks and bank and non-bank supervision in cross-border payments. In addition, the LRS Taskforce has contributed to the identification of areas of particular relevance for the FSB’s work programme in 2025.

Now that much of the policy development is completed, focus will turn to implementation of the policy recommendations as well as to addressing any other legal, regulatory and supervisory frictions that have been identified as significant impediments to achieving the goals of the G20 Roadmap. The FSB is renewing the LRS Taskforce membership to support this work.

The renewed taskforce is expected to have 30-40 members (approximately two-thirds private sector and one-third public sector). The FSB is seeking to ensure wide representation in terms of jurisdictions, regions, private-sector institutional types and business models, public-sector authorities and international organisations. The taskforce will meet approximately four times a year; the timing of the meetings will be driven by the FSB’s cross-border payments work plan. Most meetings will be virtual but at least one meeting will be held in person each year.

Private-sector nominees should be senior managers with significant experience and direct responsibilities related to cross-border payments in the areas of compliance, legal, cross-border operations or risk management. Nominees should be able to commit sufficient time and organise resources from within their organisation to support the work of the LRS Taskforce until at least the end of 2026.

The Taskforce on Cross-border Payments Interoperability and Extension (PIE Taskforce) of the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) is complementary to the LRS Taskforce. Institutions on the PIE taskforce may be considered also for LRS membership.

FSB notes significant progress in monitoring, regulating and supervising crypto-asset activities in France

11 December 2024

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 37/2024

  • Peer review highlights significant progress by the French authorities to enhance the monitoring, regulation and supervision of crypto-asset markets in recent years.
  • France’s PACTE Law has successfully brought most of crypto activities within the regulatory perimeter.
  • Review recommends further steps to facilitate the transition to the EU MiCAR regime, strengthen enforcement and promote cross-border cooperation and information sharing.

The Financial Stability Board (FSB) today published its Peer Review of France, examining France’s regulation and supervision of crypto-asset activities.

The French authorities have made significant progress in monitoring, regulating and supervising crypto-assets in recent years. They successfully brought a large part of the crypto-asset market into the regulatory perimeter through the 2019 Action Plan for Business Growth and Transformation (PACTE Law). The PACTE Law introduced registration and licensing regimes for digital asset service providers, enabled authorities to build up their regulatory expertise in crypto-assets, and fostered regulatory literacy and awareness for the industry.

Notwithstanding these achievements, the review notes further steps can be taken to strengthen the regulatory framework for crypto-assets and stablecoins. These include: facilitating a smooth transition to the European Union’s Markets in Crypto-Asset Regulation (MiCAR); strengthening enforcement efforts; and promoting cross-border cooperation and information sharing.   

Ryozo Himino, Chair of the FSB’s Standing Committee on Standards Implementation (SCSI) that oversaw the preparation of the peer review said: “Regulatory authorities around the world are in the process of implementing the FSB’s 2023 regulatory framework for crypto-asset activities. The French authorities’ experience in introducing and adjusting their framework for crypto-assets and stablecoins will give those authorities invaluable insights on possible implementation challenges and ways to address them.”  

Notes to editors

The peer review focused on French authorities’ steps to implement reforms for the regulation and supervision of crypto-asset activities. It also took into account the recent adoption of the FSB’s high-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets and global stablecoin arrangements, and France’s ongoing transition to the European Union’s Markets in Crypto-Asset Regulation (MiCAR).

The report was prepared by a team of experts from FSB member institutions and led by Emily Shepperd, Chief Operating Officer and Executive Director, Authorisations, Financial Conduct Authority, United Kingdom. The review benefited from dialogue with the French authorities and market participants as well as the FSB’s Standing Committee on Standards Implementation (SCSI).

FSB member jurisdictions have committed to undergo periodic peer reviews to evaluate their adherence to international financial standards. To fulfil this responsibility, the FSB has established a regular programme of country and thematic peer reviews of its member jurisdictions. As part of this commitment, France volunteered to undergo a peer review in 2023-2024. A schedule of country peer reviews, as well as all completed peer review reports, are available on the FSB website.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

Peer Review of France

| PDF full text (642 KB)

France has successfully managed to bring a large part of the crypto-asset market within the regulatory perimeter.

This Peer Review of France looks at the country’s progress in regulating and supervising crypto-asset activities, including stablecoins.

In France, the main use cases of crypto-assets to date are related to investment and trading, with stablecoins being used mostly as a medium of exchange for crypto-to-crypto transactions. Their use for payments remains limited, and so are the direct links between traditional finance and the crypto-asset market.

The French authorities have made significant progress in monitoring, regulating and supervising crypto-asset markets. They have established a regular mechanism to monitor market developments and risk trends as part of the financial stability framework of the Banque de France. They also successfully brought a large part of the crypto-asset market into the regulatory perimeter by introducing registration and licencing for digital asset service providers, and have enhanced their regime over time.

Notwithstanding these achievements, further steps can be taken to strengthen the regulatory framework for crypto-assets and stablecoins. These include facilitating a smooth transition to the European Union’s Markets in Crypto-Asset Regulation (MiCAR) regime, strengthening enforcement efforts and promoting cross-border cooperation and information sharing.

Liquidity Preparedness for Margin and Collateral Calls: Final report

10 December 2024 | PDF full text (529 KB)

Summary of document history

Summary of document history

Whilst margin and collateral calls are a necessary protection against counterparty risk, they can also amplify the demand for liquidity by market participants if they are unexpected in times of stress and affect a large enough part of the market.

Recent episodes of market stress, including the March 2020 market turmoil, the Archegos failure in March 2021, the 2022 turmoil in certain commodities markets, and the September 2022 issues experienced by many pooled liability-driven investment funds, underscore the importance of margin and collateral calls to financial stability. During these episodes the sudden increases in margin and collateral requirements were sometimes significant in scale and frequency, stretching some market participants’ ability to manage the associated liquidity risks.

These events illustrate that whilst margin and collateral calls are a protection against counterparty risk, they can also amplify the demands for liquidity across markets and market participants if they are unexpected in times of stress and affect a large enough part of the market. The increase in margin and collateral calls can impact market participants differently depending on the size of their positions and level of liquidity preparedness. This highlights the need for market participants to be well prepared to meet these calls.

This report sets out steps to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets. It forms part of the FSB’s work programme on NBFI.

FSB policy recommendations

Liquidity risk management practices and governance

Recommendation 1: Market participants should incorporate the assessment of liquidity risks arising from margin and collateral calls in their liquidity risk management and governance frameworks.

Recommendation 2: Market participants should define their tolerance for liquidity risk arising from margin and collateral calls and establish contingency funding plans to ensure that liquidity needs arising from these calls can be met, including under extreme but plausible stressed conditions.

Recommendation 3: Market participants should regularly review and update their liquidity risk framework to ensure that liquidity risks arising from margin and collateral calls are robustly managed and mitigated, particularly under extreme but plausible stress scenarios.

Liquidity stress testing and scenario design

Recommendation 4: Market participants should conduct liquidity stress tests to identify sources of potential liquidity strains caused by margin and collateral calls, and to ensure a level of resilience consistent with their established liquidity risk tolerance. The stress test results should be used to calibrate adequate, diverse, and reliable sources of liquidity and collateral arrangements.

Recommendation 5: Robust stress testing should analyse a range of extreme but plausible liquidity stresses caused by changes in margin and collateral calls, as well as market participants’ overall liquidity position.

Collateral management practices

Recommendation 6: Market participants should have resilient and effective operational processes and collateral management practices.

Recommendation 7: Market participants should maintain sufficient levels of cash and readily available as well as diverse liquid assets and establish appropriate collateral arrangements to meet margin and collateral calls.

Recommendation 8: Market participants should have active, transparent, and regular interactions with their counterparties and third-party service providers in collateralised transactions to ensure adequate operational resilience with respect to spikes in margin and collateral calls under stressed conditions.

Liquidity Preparedness for Margin and Collateral Calls: Overview of responses to the consultation

| PDF full text (160 KB)

Summary of document history

Summary of document history

On 17 April 2024, the FSB published a consultation report with policy recommendations aimed at enhancing liquidity preparedness for margin and collateral calls among non-bank market participants.

The FSB received 25 responses to the consultation, which ended on 18 June 2024. Respondents included a broad range of market participants including trade associations, which represent a diverse range of sectors including global financial institutions, asset management, insurance, securities exchanges, derivatives markets, money market funds, hedge funds, alternative investments, and energy commodity trading. In addition, responses were received from regulated financial institutions, commodities firms, and others.

This note presents a summary of the responses received and changes made in response to those comments.

FSB issues policy recommendations to enhance non-bank market participants’ preparedness for margin and collateral calls

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 36/2024

  • Policy recommendations aim to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets.
  • Recommendations follow public consultation and focus on liquidity risks arising from spikes in margin and collateral calls, including during times of market-wide stress.
  • Recommendations cover liquidity risk management and governance, stress testing and scenario design, and collateral management practices of non-bank market participants.

The Financial Stability Board (FSB) today published policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets (including securities financing such as repo).

The recommendations respond to calls for regulatory adjustments to deal with liquidity strains in the non-bank financial intermediation (NBFI) sector arising from spikes in margin and collateral calls during market stress. The recommendations are intended to build on and complement rules and regulations for liquidity risk management and governance that already exist in many sectors and jurisdictions.

Derivatives and securities activities can expose market participants to margin and collateral calls. Recent episodes of market stress, including the March 2020 market turmoil, the Archegos failure in March 2021, the 2022 turmoil in certain commodities markets, and the September 2022 issues experienced by many pooled liability-driven investment (LDI) funds, underscore the importance of margin and collateral calls to financial stability and the need for market participants to be prepared to meet these calls.

The FSB’s eight policy recommendations cover liquidity risk management and governance, stress testing and scenario design, and collateral management practices of non-bank market participants, focussing on liquidity risks arising from spikes in margin and collateral calls  during times of market-wide stress. The recommendations cover both centrally and non-centrally cleared derivatives and securities markets and apply to a broad range of non-bank market participants that may face margin and collateral calls, including insurance companies, pension funds, hedge funds, other investment funds, and family offices.

Non-financial entities such as commodities traders can also have material derivatives and securities exposures. While the recommendations do not directly apply to such entities, they and their counterparties could use the recommendations to improve their liquidity management and governance practices.

Notes to editors

This work forms part of the FSB’s work programme on enhancing the resilience of NBFI. It follows up on the findings of a review of margining practices conducted in 2022 by the Basel Committee on Banking Supervision (BCBS), Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO). The review recommended that the FSB undertake additional international work on enhancing liquidity preparedness of market participants and on regulatory data gaps, so that authorities can better monitor the NBFI sector’s liquidity preparedness.

The FSB launched a public consultation on its proposed recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls during times of market-wide stress in April 2024. The overview of the responses to this consultation has also been published today.

Further details on the FSB’s work programme to enhance resilience in NBFI can be found in its latest progress report.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

FSB Sub-Saharan Africa Group discusses financial scams and fraud prevention, and crisis preparedness and resolution

6 December 2024

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 35/2024

The Financial Stability Board (FSB) Regional Consultative Group for Sub-Saharan Africa (RCG SSA) met on 6 December in Cape Town. The meeting was hosted by the South African Reserve Bank.

The meeting started with an overview of the FSB’s work programme for 2025 and its planned contributions to South Africa’s G20 Presidency. A key focus in 2025 will be on implementation of the FSB recommendations on crypto-assets and global stablecoins and on enhancing cross-border payments globally.

Participants exchanged views on global and regional vulnerabilities in the financial system, including perspectives on the financial stability outlook. They noted that long-standing vulnerabilities remain, such as high debt levels in governments, corporates and households. Particular attention was devoted to the challenges regional authorities face in monitoring risks from non-bank financial intermediation. In that respect, members looked forward to the forthcoming FSB Global monitoring report on non-bank financial intermediation for 2024.

An important area of concern is the increasing number of financial scams and fraud cases worldwide. Participants explored the scope for cross-border cooperation, including through the FSB and other international organisations, to protect investors and consumers from malicious online activities, ensure the proper functioning of capital markets and promote financial stability. They shared experiences on preventive and enforcement measures implemented in response to these disruptions and discussed the role that artificial intelligence (AI) can play in fraud detection and prevention.

Finally, members discussed crisis preparedness and resolution planning for financial institutions in light of the growing interconnectedness within the financial system. Members noted the need to be prepared for failures of banks beyond globally systemic important banks, as noted in the FSB’s recent statement on the importance of resolution planning and loss-absorbing capacity for banks which may be systemically significant or critical if they fail. Members further noted the increasing significance of regionally systemic banks and emphasised the need for African regulators to collaborate in crisis preparedness work. They also exchanged views on promoting cross-border cooperation and information sharing during crises, for example through crisis management groups, as set out in the FSB’s Key Attributes for Effective Resolution Regimes for Financial Institutions.

Notes to editors

The FSB Regional Consultative Group for Sub-Saharan Africa is co-chaired by Lesetja Kganyago, Governor, South African Reserve Bank and Denny Kalyalya, Governor, Bank of Zambia. Membership includes financial authorities from Angola, Botswana, Ghana, Kenya, Mauritius, Namibia, Nigeria, South Africa and Tanzania, as well as the Central Bank of West African States based in Senegal. Permanent observers include the Committee of Central Bank Governors of the Southern African Development Community, and the East African Community.

The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.1 Typically, each Regional Consultative Group meets twice each year.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

  1. The FSB Regional Consultative Groups cover the following regions: Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa. ↩︎

2024 Resolution Report: “From Lessons to Action: Enhancing Resolution Preparedness”

5 December 2024 | PDF full text (813 KB)

The FSB is progressing work to address the remaining lessons for the resolution framework from the 2023 bank failures.

This report outlines the work the FSB is undertaking to address the remaining lessons for the resolution framework from the 2023 bank failures and to advance the resolution framework for insurers and central counterparties.

Ensuring an effective resolution framework for the banking sector has been a significant focus for the FSB. The bank failures in 2023 provided several lessons for resolution planning and for the broader elements of the crisis management framework for banks. The FSB is progressing work to address the remaining lessons for the resolution framework from the 2023 bank failures.

The FSB achieved important milestones advancing resolution framework development for other sectors of the financial system. The FSB finalised a new global standard to support the orderly resolution of a central counterparty. Moreover, the FSB is publishing a list of insurers subject to resolution planning standards consistent with the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions for the first time, as part of this report.

The FSB will continue monitoring implementation of global resolution standards.

FSB details advances in global resolution regimes and unveils a list of insurers subject to resolution planning standards

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 34/2024

  • List of insurers subject to resolution planning standards published in the FSB’s Resolution Report, with thirteen insurers on this first annual list.
  • List of central counterparties (CCPs) that are systemically important in more than one jurisdiction has been expanded to fourteen from its last update in 2022, with the addition of ASX Clear (Futures) in Australia.
  • Resolution Report also outlines work the FSB is undertaking to address remaining lessons for the resolution framework from the 2023 bank failures.

The Financial Stability Board (FSB) today published its 2024 Resolution Report. The report takes stock of the FSB resolution-related work of the past year as well as of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. It also sets out the FSB’s 2025 priorities in the resolution area.

In 2024, the FSB focused on advancing the work to explore and address the lessons from the 2023 bank failures. This included work on public sector backstop funding mechanisms, operationalisation of bail-in, and assessing the impact of technological innovation on resolution processes. In the coming year, the FSB will continue to address these areas further and also explore practices of authorities using transfer tools in resolution (e.g. sales of asset portfolios); and promote cross-border cooperation and information sharing with authorities outside of Crisis Management Groups.

The FSB achieved important milestones advancing resolution framework development for other sectors of the financial system. The FSB finalised a new global standard to support the orderly resolution of a CCP. The standard aims to ensure that transparently calibrated resolution resources are available to achieve the orderly resolution of a CCP. In addition, ASX Clear (Futures) in Australia has been added to the list of CCPs that are systemically important in more than one jurisdiction.

The FSB is also publishing for the first time a list of insurers reported by FSB member authorities as being subject to resolution planning standards consistent with the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions. In the coming year, the FSB will work on promoting consistency in the scope of application of resolution planning standards for insurers.

Notes to editors

The Resolution Report has been prepared by the FSB Resolution Steering Group (ReSG), which is the primary global forum for the development of global standards and guidance for resolution regimes, and for recovery and resolution planning for systemically important financial institutions. ReSG is chaired by Martin J. Gruenberg, Chairman of the Board of Directors of the Federal Deposit Insurance Corporation.

In December 2022, the FSB announced that it would discontinue the annual identification of global systemically important insurers. It committed to publish annually a list of insurers reported by FSB member authorities as being subject to resolution planning standards consistent with the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions. The FSB has been closely coordinating with the IAIS on its resolvability monitoring and annual public reporting on the insurance sector and will continue to do so.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

FSB Plenary meets in Hong Kong

4 December 2024

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 33/2024

The Financial Stability Board (FSB) Plenary met yesterday and today in Hong Kong. Members discussed the outlook for global financial stability, including issues of particular relevance to emerging market and developing economies (EMDEs). The Plenary also reviewed policy work in several areas, including climate-related financial risks, crypto-assets and global stablecoins, cross-border payments, and non-bank financial intermediation (NBFI).

Members also agreed on the FSB’s work programme for 2025, confirmed the extension of Klaas Knot’s term as FSB Chair until 1 July 2025, and discussed the process for selection of a new FSB Chair.

Financial stability outlook

Long-standing vulnerabilities in the financial system remain. The global economy and financial system continue to be affected by economic and financial conditions, policy uncertainty, and geopolitical tensions. Globally, asset valuations remain elevated, while the heightened market volatility in early August suggests they are susceptible to further shocks.

Members discussed a number of issues, including the combination of high private and public debt and large bank holdings of domestic government bonds in some jurisdictions, which may lead to greater transmission of shocks between sovereigns and banks. Changing investor expectations about interest rates or geopolitical tensions could also spark market and capital flow volatility. Members also discussed recent developments in crypto-asset markets and global stablecoins, and the FSB’s work in this area.

Climate-related financial risks

The FSB supports international coordination of work to address financial risks from climate change through its Roadmap for Addressing Climate-related Financial Risks. The Plenary discussed progress in the four areas of the Roadmap as well as EMDE-specific climate vulnerabilities and ways to help address those vulnerabilities. Members stressed the importance of continued external engagement and coordination with international bodies on climate-related financial risks. The FSB will issue its next report on progress with the Roadmap in mid-2025.

Cross-border payments

In October 2022, the FSB published a prioritisation plan and engagement model for taking the G20 Roadmap for Enhancing Cross-Border Payments forward. It followed up, in 2023, by setting out priority actions for achieving the G20 goals for cheaper, faster, more transparent, and more accessible cross-border payments. While more than half of the priority actions have been completed, the FSB’s latest Key Performance Indicators report suggests that the work done so far is not yet sufficient and that further efforts are needed to improve the user experience across all payments market segments. 

The Plenary discussed ongoing legal, regulatory, and supervisory challenges and measures to address them, including the finalisation of the FSB’s recommendations to promote greater alignment and interoperability in data frameworks that apply to cross-border payments, and recommendations to strengthen the consistency in the regulation and supervision of banks and non-banks in their provision of cross-border payments services. The group discussed measures to promote their implementation, within and beyond the G20.

Non-bank financial intermediation (NBFI)

The FSB is continuing its substantial work programme to enhance the resilience of NBFI. As part of this, the FSB will shortly publish its final policy recommendations on measures to enhance liquidity preparedness of non-bank market participants for margin and collateral calls and will be launching a consultation on proposed policy recommendations to monitor and address financial stability risks from NBFI leverage. Data issues are hampering efforts to further improve the ability of authorities to effectively assess vulnerabilities stemming from the non-bank sector and to calibrate appropriate policies. The Plenary agreed to steps for how to overcome these challenges.

Implementation of resolution reforms

Members discussed progress in addressing the lessons learnt for resolution from the 2023 banking turmoil and key resolution work priorities for 2025. The Plenary agreed on the list of insurers subject to the resolution planning standards of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions.

FSB work programme

The Plenary discussed the FSB’s work programme for 2025, including deliverables to South Africa’s G20 Presidency. In addition to advancing work on NBFI, crypto-assets and global stablecoins, artificial intelligence, cyber and operational resilience, cross-border payments, climate-related financial risks, and resolution, members stressed the importance of policy implementation and the role the FSB could take in promoting this. The finalised work programme will be published in early 2025.

Notes to editors

The FSB Chair is selected from representatives on the Plenary and appointed by the Plenary for a term of three years renewable once. Klaas Knot’s first term as FSB Chair ends on 1 December 2024. His term has been extended to 30 June 2025, when his term as President of De Nederlandsche Bank ends.

The process for appointing the FSB’s Chair is set out in the FSB’s Procedural Guidelines and the Charter.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.