Int'l financial bodies finalizing reform measures for G20 Summit

16:30, October 19, 2010      

Email | Print | Subscribe | Comments | Forum 

Global financial regulatory committees are ready to reach a substantial agreement on financial sector reform at meetings to be held in the South Korea's capital, local media reported Tuesday.

The Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB), which plan to hold plenary meetings in Seoul on Tuesday and Wednesday respectively, will finalize proposals on financial sector reform that will be submitted to the upcoming G20 Seoul Summit, media here said.

At the BCBS meeting, officials will discuss new capital and liquidity standards in order to enhance microprudential supervision of individual lenders, while exploring ways to tighten regulation on systematically important financial institutes (SIFIs) .

The Seoul BCBS meeting, however, will be mostly based on Basel III, agreed in September, media reports said.

Basel III lays its foundation on substantial strengthening of existing capital requirements, by increasing the minimum common equity requirement to a total of 7 percent from the current level of 2.5 percent, while creating a capital conservation buffer to use in the face of financial crises.

The FSB Plenary Meeting, on the other hand, will deal with measures to minimize moral hazard problems in SIFIs, and discuss ways to boost regulation on bank capital and liquidity.

Over-the-counter (OTC) financial market reform and outreach programs will also be tabled at the FSB meeting.

Results from both of the meetings will be sent to the upcoming G20 Finance Ministers and Central Bank Governors Meeting in Gyeongju, a coastal city in the far southeastern corner of North Gyeongsang province in South Korea, where the issues will be discussed in the Section for Financial Regulatory Reform, and then to the Seoul Summit.

Source: Xinhua

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion