While a more thorough review of the progress in the implementation of these recommendations is due for the G7 meeting in October, the preliminary assessment has been encouraging. Financial institutions have made progress in improving their financial reporting, following leading market practices and the so called “FSF template” providing for more meaningful quantitative and qualitative disclosures.
Furthermore, guidance in this area has been prepared and is currently being further developed by both public fora – such as the Basel Committee on Banking Supervision at international level and the Committee of European Banking Supervisors (CEBS) in the EU – and private sector initiatives, including the recommendations of the European and the American Securitisation Fora, aiming at standardising disclosure practices and at enhancing the accessibility, usability and comparability of information.