Small business of-interest and news-to-watch. The prevention strides to prevent another financial crises update.
Excerpt: …. the FSB proposed its organization as an independent legal entity under Swiss law, its establishment of a committee to govern its finances, the adoption of internal procedural rules, and modifications to its charter to facilitate its independence. The G20 Leaders immediately endorsed the FSB’s recommendation, strengthening both the FSB’s international legitimacy and its macroprudential regulatory influence. Although the FSB will remain for the present as an affiliate of the BIS, it will undertake a review in five years to determine whether it should sever that affiliation and operate independently.
What to Expect
The FSB’s report, backed by the G20’s grant of additional authority to the FSB, suggests that certain areas of the financial industry are likely to see increased regulatory efforts over the coming years: