PARIS (MNI) – Most countries worldwide are complying with a call by
the G20 to develop a toolbox of measures to promote adherence to
prudential standards and cooperation, the Financial Stability Board
(FSB) said Wednesday.
“The FSB’s initiative is making good progress,” it said in a press
release. The focus is on adherence to international standards for
cooperation and the exchange of information in the areas of banking and
insurance supervision and securities regulation.
Of the 61 countries or “jurisdictions” evaluated, 41 “already
demonstrate sufficiently strong adherence to the relevant standards,”
the FSB said. These include most advanced economies, but also many
developing economies as well as Liechtenstein, Guernsey, Jersey, the
Cayman Islands and Hong Kong.
Another 18 zones “are implementing reforms to strengthen their
adherence or have decided to request new assessments of their adherence
from the IMF and World Bank because their earlier assessments are
outdated or they have never undergone an assessment,” it said. These
include China, Russia, Turkey, the Bahamas and Greece.
While no countries were deemed “non-cooperative,” the FSB noted
that it has not yet opened a dialogue with the new authorities in Libya
and that Venezuela has never been assessed by the IMF and the World
Bank.
–Paris newsroom +331 4271 5540; email: ssandelius@marketnews.com
[TOPICS: MI$$$$,MGX$$$,M$$CR$]
