Outgoing FSB Chair Highlights Progress And Priorities

In a letter to G20 leaders, Financial Stability Board ("FSB") Chair Mark Carney reported the steps that the FSB has taken to meet its 2018 priorities. The four priorities include (i) dealing with emerging vulnerabilities while capitalizing on innovation, (ii) the completion and implementation of post-crisis G20 reforms, (iii) ensuring that such reforms are operating efficiently and (iv) optimizing how the FSB works in order to maximize effectiveness and transparency.

Mr. Carney highlighted:

• the importance of continued vigilance to contain the risks of "non-bank finance";
• that the FSB will seek to develop effective responses to major cyber incidents;
• the necessity of "harnessing" the advantages of new financial technologies while also controlling the risks;