The Financial Stability Board (FSB) has devised a number of standards for sound compensation practices, and is cooperating with other relevant bodies to establish a single global accounting standard. Discussions under the G20 aegis are also ongoing in a number of other areas, including the expansion of the perimeter of regulation and supervision (e.g.
hedge funds, credit rating agencies, over-the-counter derivatives), and the treatment of systemically important financial institutions, including ways for the financial sector to contribute to the costs associated with government interventions. It is essential that these global initiatives are brought to a successful conclusion so as to ensure a comprehensive and level playing field for all parties.