Large and complex financial institutions are global players and thus require a global response. In this context, international collaboration between the authorities and a strong commitment to enforce a timely and harmonised implementation will be of the essence to promote a level playing field and prevent international regulatory arbitrage.
Strengthened cooperation has already taken place at the level of policy-making bodies such as the Financial Stability Board and the Basel Committee on Banking Supervision in the context of the implementation of the G20 regulatory reform agenda. This has fostered convergence, on both sides of the Atlantic, in the approaches to bolstering the national frameworks.