On the 4 and 5 September 2016, the G20 leaders met and President XI Jinping (chairing the summit) stated that one of the main issues and areas that the leaders need to focus on is the present global economy and the need to address volatility in the financial market through sustainable, balanced and inclusive growth.
Here are a few take away points from their discussion which relate to the financial services industry:
- they reiterated the support for the work by the Basel Committee on Banking Supervision to finalise Basel III;
- they emphasised the importance of the Financial Stability Board’s consultation which highlighted the structural vulnerabilities within the asset management sector and their proposed policy recommendations which was presented at the G20 nations on 21 June 2016;
- they agreed to being committed to a full and timely implementation of the agreed over-the-counter derivatives reform agenda by removing any legal and/or regulatory barriers to the reporting of OTC derivatives to trade repositories and to authorities’ appropriate access to data;
- they agreed to ensure that the G20 members, the International Monetary Fund and the World Bank Group work together to help their countries improve compliance with global anti-money laundering and countering the financing of terrorism; and
- they agreed to encourage countries to consider the G20 High Level Principles for Digital Financial Inclusion and to take action to accelerate progress on individual’s access to finance.
The full communique can be read by clicking here.