The Financial Stability Board (FSB) has today published a progress report for the G20 on the FSB’s work on addressing misconduct in the financial sector. The progress report on the Measures to reduce misconduct risk sets out details about the FSB-coordinated work to address misconduct in the financial sector and the timeline for the actions. That work includes: considering whether post crisis reforms to incentives are sufficient to address misconduct risks; and whether steps are needed to improve global standards of conduct in the fixed income, commodities and currency (FICC) markets, including, including improvements in the integrity and reliability of benchmarks. Highlights from the reports include:
The role of incentives in reducing misconduct in markets and institutions
International coordination on conduct in FICC markets
Coordination in the application of conduct regulation and the need for credible deterrence
The FSB is encouraging senior officials from prudential and conduct financial authorities to share information on their respective powers and approaches to the supervision and enforcement of conduct rules.
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