In December, we launched a detailed assessment of implementation of these standards. This is a very important task not just because this is the FSB’s first peer review, but also because of the importance and political dimension of this topic. We are on schedule to conclude this review later this month.
The review points to a key message – that a lot has been done by national authorities and that change is taking place in the major firms. However, differences remain in the approach to and pace of implementation.