The Financial Stability Board (FSB) today published its second report on progress in its workplan of Measures to reduce misconduct risk that it agreed in May 2015.
Ethical conduct, and compliance with both the letter and spirit of applicable laws and regulations, is critical to public trust and confidence in the financial system. Misconduct is also relevant to prudential oversight as it can potentially affect the safety and soundness of a particular financial institution.
The FSB’s workplan covers: (1) examining whether reforms to incentives, for instance to governance and compensation structures, are having sufficient effect on reducing misconduct; (2) improving global standards of conduct in the fixed income, commodities and currency (FICC) markets; and (3) reforming major benchmarks.
The report provides an update on progress made and future actions to take forward the FSB’s misconduct workplan:
Global Code of Conduct for the Foreign Exchange Market
Principles for Financial Benchmarks
The FSB will publish a third progress report on its misconduct workplan in advance of the next G20 Leaders’ meeting in July 2017.
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