They will be reinforced through supervisory examination and intervention at the national level, as well as by disclosure requirements (on which IOSCO is working). We expect national authorities and firms to implement material parts of the Principles by end of 2009. There is a clear need for supervisors, regulators and other authorities to raise their own game, nationally and internationally.
At both levels, authorities need to become more responsive to and more nimble and effective in mitigating emerging risks. Information exchange and co-operation across authorities both nationally and internationally needs to improve. Most countries are reviewing their national arrangements for collaboration amongst relevant national authorities. And at the international level, supervisory colleges have now been established for most global banks.