This is the most difficult and time-consuming step because it means taking global minimum standards or principles for financial sector regulation and adapting them for local implementation. This is where the rubber hits the road. The stated goal of the FSB is for “full, timely and consistent” implementation of global standards at the national level.
Each of these adjectives is essential: they underscore the importance of a coherent and comprehensive approach to regulation to create a level regulatory playing field across jurisdictions. The FSB and its member agencies are developing a multi-year framework to monitor the implementation of these reforms.