The Financial stability board is out with a US review and they say that while the US is making good progress in supervision of banks, insurers and other financial firms there is still “significant additional work” to be done.
Substantial progress has been made by the relevant US agencies (Federal Reserve Board, Securities and Exchange Commission, and Commodity Futures Trading Commission) in strengthening the oversight and supervision of systemically important FMIs. In terms of further strengthening the FMI framework, the peer review recommends that:
- the US agencies should continue to enhance cooperation with foreign regulators with respect to US-based and relevant foreign FMIs, in line with international guidance;
- they should consider publishing an indicative timeline for implementing the Principles for Financial Market Infrastructures (PFMIs) to enhance regulatory transparency; and
- they should continue to strengthen liquidity risk management for financial market utilities designated as systemically important.
The full report can be read here.
The FSB gathers regulators, central bankers and finance ministers from the G20
