Brussels, 05/11/2012 (Agence Europe) - On 2 November, the Financial Stability Board (FSB) published a report, “Global adherence to regulatory and financial standards on international cooperation and information exchange” assessing progress by some five dozen countries and jurisdictions (including the FSB's 24 member countries) on banks and securities regulation.
Of the 41 countries that demonstrate sufficiently tight regulations there are 16 EU member states (Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Spain, Sweden and the United Kingdom), along with the United States, Japan, Switzerland and tax havens like Bermuda, the Virgin Islands, the Cayman Islands, Guernesey, Jersey and Liechtenstein.
Greece (insurance), Poland (banks and insurance), Hungary (banks), the Czech Republic (banks), China, India, Russia and Turkey are listed as countries with some failings, but which have started to take the action recommended by the FSB or are making progress towards satisfactory respect of the rules. The FSB did not find any truly non-cooperative jurisdictions in the sense of places refusing to ensure greater respect of the rules or make sufficient progress; however, it did point out Libya (under the previous regime) and Venezuela for failing to enter dialogue with the FSB in this connection.
The FSB made the assessment on the basis of the most recent detailed report underlying the IMF/World Bank Report on the Observance of Standards and Codes (ROSC) as well as on the signatory status to the IOSCO Multilateral Memorandum of Understanding concerning Consultation and Cooperation and the Exchange of Information.
The FSB was informally constituted in 2009 by the G20 to identify vulnerabilities in the global financial system and come up with ways of solving them. (FG/transl.fl)