When SMEs, innovative and start-up enterprises issue bond by a large scale, the supervisors will have to work harder because some of innovative SMEs go public after relying on bond financing in its early stage of development. Often the process suffers from lack of transparency, no disclosure and cover-ups. The story of junk bond in the U.S. can provide some reference in this regard.
Starting with the G20 summit in Washington, D.C., in November 2008, the global community established the runway for a structural change. The subsequent G20 summit in London led to the establishment of the Financial Stability Board (FSB), with a strengthened mandate as a successor to the Financial Stability Forum.