Progress in implementing G20 reforms continues but is uneven and challenges remain.
Reports Delivered to the G20
The links below provide information on the various FSB progress reports on financial regulatory reforms that have been prepared for G20 Leaders’ Summits and for meetings of G20 Finance Ministers and Central Bank Governors.
G20 Leaders’ Summits
Click a G20 Leaders’ Summit below to see the delivered documents.
Meetings of G20 Finance Ministers and Central Bank Governors
FSB Chair’s letters to G20 Finance Ministers and Central Bank Governors
22 October 2024
FSB Chair, Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting.
22 July 2024
FSB Chair submits progress report on work to address systemic risk in non-bank financial intermediation with his letter to G20 Finance Ministers and Central Bank Governors.
26 February 2024
FSB Chair Klaas Knot’s letter to G20 Finance Ministers and Central Bank Governors ahead of their February meeting in São Paolo, Brazil.
FSB Chair Klaas Knot’s letter to G20 Finance Ministers and Central Bank Governors ahead of their July meeting in Gandhinagar, India.
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their April meeting in Washington DC.
20 February 2023
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their February meeting in Bengaluru.
11 October 2022
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting in Washington DC.
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their July meeting in Bali.
FSB Chair’s letter discusses current challenges for financial stability following Russia’s invasion of Ukraine, and the FSB’s work to bolster financial system resilience.
17 February 2022
FSB Chair’s letter outlines the FSB’s policy work to promote global financial resilience in 2022.
11 October 2021
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting.
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their July meeting.
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their April virtual meeting.
25 February 2021
FSB Chair updates Finance Ministers and Central Bank Governors on the FSB’s ambitious 2021 work plan, which seeks to address vulnerabilities directly related to COVID-19; and support strong, sustainable growth in a post-COVID world.
14 October 2020
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their October virtual meeting.
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their July virtual meeting.
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their April virtual meeting.
19 February 2020
Randal K. Quarles’ letter to the G20 ahead of meetings in Riyadh.
13 October 2019
Randal K. Quarles’ letter to the G20 ahead of meetings in Washington D.C.
Letter sets out the FSB’s deliverables for the Japanese G20 Presidency.
FSB Chair provides an update on the FSB’s work and discusses current vulnerabilities in the financial system.
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors March 2018 Buenos Aires meeting setting out the FSB agenda for 2018.
17 March 2017
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors highlights progress on implementing reforms and 2017 priorities.
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors provides an update on progress in advancing the FSB priorities for 2016.
27 February 2016
Letter from FSB Chair to G20 Finance Ministers and Central Bank Governors sets out the FSB’s work programme for 2016.
9 October 2015
The FSB Chair’s letter updates G20 Finance Ministers and Central Bank Governors on progress in advancing the FSB’s 2015 agenda.
17 April 2015
This letter from the FSB chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington in April 2015 provides an update on progress in taking forward the FSB’s financial regulation agenda for 2015.
FSB Chair’s Letter to G20 on Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward
11 February 2015
This letter by FSB Chair sets out the FSB’s work programme to advance during the Turkish G20 Presidency in 2015 the priorities for the next phase of financial reforms.
FSB Chair’s Letter to G20 on Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward
10 February 2015
This letter by FSB Chair sets out the FSB’s work programme to advance during the Turkish G20 Presidency in 2015 the priorities for the next phase of financial reforms.
21 September 2014
FSB Chair provided an update to the G20 on progress toward correcting the fault lines that led to the global crisis and to build safer, more resilient sources of finance to serve better the needs of the real economy.
11 April 2014
This letter summarises the progress to complete the programme of reform for the Brisbane summit, begins to look ahead to plans for implementation beyond Brisbane, and summarises the initial findings of the FSB review of representation.
FSB Chair reviews what remains to complete the core elements of reform, and then outlines the characteristics of financial supervision and regulation needed to realise fully the benefits of an open, integrated global financial system.
FSB Chair reports on progress in three key areas of reform to create a more resilient global financial system. They include implementation of the Basel III capital and liquidity requirements, implementation of reforms to resolution regimes and implementation of OTC derivatives reforms.
FSB Chair reviews the progress made in implementation of financial regulatory reforms, provides an assessment of the effect of the G20 financial regulatory programme on the availability of long term investment finance, and highlights FSB’s priorities and work plans.
This letter summarises the progress being made in the priority areas identified by the G20 Leaders. These include (i) building resilient financial institutions; (ii) ending “too big to fail”; (iii) strengthening the oversight and regulation of shadow banking activities; and (iv) creating continuous core markets by completing OTC derivatives and related reforms.
FSB Chair provided an update to the G20 on progress towards (i) building resilient financial institutions; (ii) ending “too big to fail”; (iii) strengthening the oversight and regulation of shadow banking activities; (iv) completing OTC derivatives and other reforms to create continuous core markets; and (v) implementing agreed G20 reforms in a timely and consistent manner.
15 April 2011
This report provides an overview of work underway to implement the G20 recommendations for strengthening financial stability. It focuses on international policy development and implementation that has taken place since the G20 Finance Ministers and Governors meeting in February 2011.
18 February 2011
This report provides an overview of work underway to implement the G20 recommendations for strengthening financial stability. It focuses on international policy development and implementation that has taken place since the G20 Seoul Summit in November 2010.
23 April 2010
FSB Chair’s Letter to G20 Ministers and Governors.
19 April 2010
This report describes the measures that have been taken and other progress made to implement the recommendations made by the G20 and the FSB for strengthening financial stability since the November 2009 meeting of G20 Finance Ministers and Central Bank Governors at St Andrews.
7 November 2009
This report describes the measures that have been taken and other progress made since the Pittsburgh Summit to implement the recommendations made by the G20 and the FSB for strengthening financial stability.
The links below provide information on the various FSB progress reports on financial regulatory reforms that have been prepared for G20 Leaders’ Summits and for meetings of G20 Finance Ministers and Central Bank Governors.
G20 Leaders’ Summits
Click a G20 Leaders’ Summit below to see the corresponding documents.
The following documents were sent to the G20 New Delhi Summit:
5 September 2023 FSB Chair’s letter to G20 Leaders: September 2023
FSB Chair Klaas Knot’s letter to the G20 Leaders ahead of their September Summit in New Delhi.
5 September 2023 FSB Chair letter to G20 Leaders on Cross-border Payments Roadmap
FSB Chair’s letter to G20 Leaders asks for the G20’s continued support for the Roadmap to enhance cross-border payments.
11 October 2023
Report presents the FSB’s assessment of current and emerging vulnerabilities in the global financial system and reflections from the March banking turmoil; outlines the FSB’s work to address these vulnerabilities; and reports on the implementation and effects of G20 financial reforms.
10 October 2023
Report reviews the events of March 2023 in Switzerland, the US, and the UK, the handling of distressed banks, and the implications for the effective operationalisation and implementation of the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions.
9 October 2023
Report discusses the key performance indicators (KPIs) that will, over time, provide estimates of progress toward meeting the cross-border payments targets across three market segments: wholesale, retail and remittances.
9 October 2023
Annual progress report sets out the main insights from the key performance indicators monitoring report and outlines progress on priority themes, including some examples of concrete improvements that have been made or that are underway.
7 September 2023
Paper describes how the policy and regulatory frameworks for crypto-assets developed by the IMF and the FSB (alongside standard-setting bodies) fit together and interact with each other.
Report sets out progress over the past year and planned work under the FSB’s work programme to enhance the resilience of non-bank financial intermediation (NBFI).
6 September 2023
Report provides an overview of aggregate NBFI leverage trends across FSB jurisdictions and the vulnerabilities associated with that leverage.
Framework consists of two distinct recommendations for the regulation, supervision and oversight of crypto-asset markets and activities and “global stablecoin arrangements”.
Final recommendations seek to promote the comprehensiveness and greater international consistency of regulatory and supervisory approaches to crypto-asset activities and markets, including crypto-asset issuers and service providers.
High-level Recommendations seek to promote consistent and effective regulation, supervision and oversight of global stablecoins across jurisdictions to address the potential financial stability risks they pose.
Related Documents
G20 New Delhi Summit – Leaders’ Declaration
The G20 Leaders’ Declaration published by the G20 Presidency.
The following documents were sent to the G20 Bali Summit:
11 November 2022 FSB Chair’s letter to G20 Leaders: November 2022
FSB Chair Klaas Knot’s letter to the G20 Leaders ahead of their November Summit in Bali.
17 November 2022
This report provides an update on the FSB’s development of a framework for monitoring progress toward meeting the quantitative targets for the G20 Cross-Border Payments Roadmap.
16 November 2022
Report presents the FSB’s high-level assessment of current vulnerabilities in the global financial system; describes its ongoing financial stability work; and reports on the implementation and effects of G20 reforms.
This FSB-NGFS joint report draws lessons for effective scenario analysis and sketches out the global perspective stemming from the various national/regional exercises conducted to date.
14 November 2022
This report sets out steps that could be taken at the international level to aid jurisdictions in their exit strategies, supporting the capacity of the financial system to finance strong and equitable growth.
Report assesses vulnerabilities and sets out policies to address systemic risk in NBFI. It also provides an overview of the FSB’s NBFI work programme for 2023 and beyond.
This consultative document sets out recommendations to address impediments to achieving convergence, advances work on establishing common terminologies related to cyber incidents and proposes the development of a common format for incident reporting exchange.
13 October 2022
Report presents progress and reviews actions taken by the International Sustainability Standards Board in developing the global minimum baseline disclosures standards as well as by individual jurisdictions and firms in improving climate disclosures.
This report aims to assist supervisory and regulatory authorities in developing their approaches to monitor, manage and mitigate risks arising from climate change and to promote consistent approaches across sectors and jurisdictions.
11 October 2022
Recommendations to promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets and to strengthen international cooperation, coordination and information sharing.
This report contains a review with proposals to update the FSB’s high-level recommendations of October 2020 for the regulation, supervision, and oversight of “global stablecoin” arrangements.
Related Documents
G20 Bali Summit – Leaders’ Declaration
The G20 Leaders’ Declaration published by the G20 Presidency.
The following documents were sent to the G20 Rome Summit:
28 October 2021 FSB Chair’s letter to G20 Leaders: October 2021
FSB Chair Randal K. Quarles’s letter to the G20 Leaders ahead of their October Summit in Rome.
This report describes progress over the past year and planned work by the FSB, as well as by standard-setting bodies and other international organisations, to enhance the resilience of non-bank financial intermediation.
28 October 2021
This final report updates the assessment of lessons learnt for financial stability from the COVID-19 pandemic and outlines actions by the FSB and other standard-setting bodies in response to those lessons.
27 October 2021
Report presents the FSB’s high-level assessment of current vulnerabilities in the global financial system; describes its ongoing financial stability work; and reports on the implementation and effects of G20 reforms.
19 October 2021
This report sets out actions to achieve greater convergence in the reporting of cyber incidents.
This report summarises progress to date during the first year of the roadmap and confirms the next steps for 2022 and beyond.
Global quantitative targets for addressing the challenges of cost, speed, transparency and access faced by cross-border payments.
This report presents a framework and policy toolkit for addressing vulnerabilities in money market funds.
8 October 2021
Annual progress report on the implementation of Phase Two of the G20 Data Gaps Initiative (DGI-2).
This report provides a status update on implementation progress of the FSB high-level recommendations for Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements.
Related Documents
G20 Rome Summit – Leaders’ Declaration
The G20 Leaders’ Declaration published by the G20 Presidency.
The following documents were sent to the G20 Riyadh Summit:
17 November 2020 FSB Chair’s letter to G20 Leaders: November 2020
FSB Chair Randal K. Quarles’ letter to the G20 Leaders ahead of their November virtual summit.
17 November 2020
Analysis of market reaction to COVID-19 and the FSB’s work programme to address non-bank financial intermediation risks.
17 November 2020
Update to G20 Leaders on the impact of COVID-19 on the financial system.
13 November 2020
2020 annual report to the G20 on the implementation and effects of the financial regulatory reforms.
A toolkit of effective practices for cyber incident response and recovery.
14 October 2020
Progress updates to the G20 on the work to address market fragmentation.
13 October 2020
A roadmap to address the key challenges faced by cross-border payments.
High-level recommendations that promote coordinated and effective regulation, supervision and oversight of global stablecoin arrangements.
Market developments and potential financial stability implications of the growth in BigTech financial services in emerging market and developing economies.
Market developments and financial stability implications of the use of SupTech and RegTech.
Annual progress report to the G20 on the Data Gaps Initiative.
Related Documents
G20 Riyadh Summit – Leaders’ Declaration
The G20 Leaders’ Declaration published by the G20 Presidency.
Meetings of G20 Finance Ministers and Central Bank Governors
FSB Chair’s letters to G20 Finance Ministers and Central Bank Governors
22 October 2024
FSB Chair, Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting.
22 July 2024
FSB Chair submits progress report on work to address systemic risk in non-bank financial intermediation with his letter to G20 Finance Ministers and Central Bank Governors.
26 February 2024
FSB Chair Klaas Knot’s letter to G20 Finance Ministers and Central Bank Governors ahead of their February meeting in São Paolo, Brazil.
FSB Chair Klaas Knot’s letter to G20 Finance Ministers and Central Bank Governors ahead of their July meeting in Gandhinagar, India.
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their April meeting in Washington DC.
20 February 2023
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their February meeting in Bengaluru.
11 October 2022
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting in Washington DC.
FSB Chair Klaas Knot’s letter to the G20 Finance Ministers and Central Bank Governors ahead of their July meeting in Bali.
FSB Chair’s letter discusses current challenges for financial stability following Russia’s invasion of Ukraine, and the FSB’s work to bolster financial system resilience.
17 February 2022
FSB Chair’s letter outlines the FSB’s policy work to promote global financial resilience in 2022.
11 October 2021
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their October meeting.
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their July meeting.
FSB Chair Randal K. Quarles’ letter to the G20 Finance Ministers and Central Bank Governors ahead of their April virtual meeting.
25 February 2021
FSB Chair updates Finance Ministers and Central Bank Governors on the FSB’s ambitious 2021 work plan, which seeks to address vulnerabilities directly related to COVID-19; and support strong, sustainable growth in a post-COVID world.
14 October 2020
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their October virtual meeting.
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their July virtual meeting.
FSB Chair Randal K. Quarles’ letter to the G20 ahead of their April virtual meeting.
19 February 2020
Randal K. Quarles’ letter to the G20 ahead of meetings in Riyadh.
13 October 2019
Randal K. Quarles’ letter to the G20 ahead of meetings in Washington D.C.
Letter sets out the FSB’s deliverables for the Japanese G20 Presidency.
FSB Chair provides an update on the FSB’s work and discusses current vulnerabilities in the financial system.
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors March 2018 Buenos Aires meeting setting out the FSB agenda for 2018.
17 March 2017
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors highlights progress on implementing reforms and 2017 priorities.
Letter from the FSB Chair to G20 Finance Ministers and Central Bank Governors provides an update on progress in advancing the FSB priorities for 2016.
27 February 2016
Letter from FSB Chair to G20 Finance Ministers and Central Bank Governors sets out the FSB’s work programme for 2016.
9 October 2015
The FSB Chair’s letter updates G20 Finance Ministers and Central Bank Governors on progress in advancing the FSB’s 2015 agenda.
17 April 2015
This letter from the FSB chair to G20 Finance Ministers and Central Bank Governors ahead of their meeting in Washington in April 2015 provides an update on progress in taking forward the FSB’s financial regulation agenda for 2015.
FSB Chair’s Letter to G20 on Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward
11 February 2015
This letter by FSB Chair sets out the FSB’s work programme to advance during the Turkish G20 Presidency in 2015 the priorities for the next phase of financial reforms.
FSB Chair’s Letter to G20 on Financial Reforms – Finishing the Post-Crisis Agenda and Moving Forward
10 February 2015
This letter by FSB Chair sets out the FSB’s work programme to advance during the Turkish G20 Presidency in 2015 the priorities for the next phase of financial reforms.
21 September 2014
FSB Chair provided an update to the G20 on progress toward correcting the fault lines that led to the global crisis and to build safer, more resilient sources of finance to serve better the needs of the real economy.
11 April 2014
This letter summarises the progress to complete the programme of reform for the Brisbane summit, begins to look ahead to plans for implementation beyond Brisbane, and summarises the initial findings of the FSB review of representation.
FSB Chair reviews what remains to complete the core elements of reform, and then outlines the characteristics of financial supervision and regulation needed to realise fully the benefits of an open, integrated global financial system.
FSB Chair reports on progress in three key areas of reform to create a more resilient global financial system. They include implementation of the Basel III capital and liquidity requirements, implementation of reforms to resolution regimes and implementation of OTC derivatives reforms.
FSB Chair reviews the progress made in implementation of financial regulatory reforms, provides an assessment of the effect of the G20 financial regulatory programme on the availability of long term investment finance, and highlights FSB’s priorities and work plans.
This letter summarises the progress being made in the priority areas identified by the G20 Leaders. These include (i) building resilient financial institutions; (ii) ending “too big to fail”; (iii) strengthening the oversight and regulation of shadow banking activities; and (iv) creating continuous core markets by completing OTC derivatives and related reforms.
FSB Chair provided an update to the G20 on progress towards (i) building resilient financial institutions; (ii) ending “too big to fail”; (iii) strengthening the oversight and regulation of shadow banking activities; (iv) completing OTC derivatives and other reforms to create continuous core markets; and (v) implementing agreed G20 reforms in a timely and consistent manner.
15 April 2011
This report provides an overview of work underway to implement the G20 recommendations for strengthening financial stability. It focuses on international policy development and implementation that has taken place since the G20 Finance Ministers and Governors meeting in February 2011.
18 February 2011
This report provides an overview of work underway to implement the G20 recommendations for strengthening financial stability. It focuses on international policy development and implementation that has taken place since the G20 Seoul Summit in November 2010.
23 April 2010
FSB Chair’s Letter to G20 Ministers and Governors.
19 April 2010
This report describes the measures that have been taken and other progress made to implement the recommendations made by the G20 and the FSB for strengthening financial stability since the November 2009 meeting of G20 Finance Ministers and Central Bank Governors at St Andrews.
7 November 2009
This report describes the measures that have been taken and other progress made since the Pittsburgh Summit to implement the recommendations made by the G20 and the FSB for strengthening financial stability.