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November 29, 2010

G20 & Post-Summit Agenda for Sustained Regulatory Reform. November 29, 2010. Dr. Lee Jang Yung. Senior Deputy Governor Financial Supervisory Service. Overview. G20 Seoul Summit: Significance & Achievements. Key Agreements at Seoul Summit. Post-Summit Agenda for Sustained Reform.

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November 29, 2010

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  1. G20 & Post-Summit Agenda for Sustained Regulatory Reform November 29, 2010 Dr. Lee Jang Yung Senior Deputy Governor Financial Supervisory Service

  2. Overview G20 Seoul Summit: Significance & Achievements Key Agreements at Seoul Summit Post-Summit Agenda for Sustained Reform

  3. G20 Seoul Summit: Significance & Achievements

  4. G20 Seoul Summit: Significance & Achievements G20 Summit: Top Global Forum for Economic Cooperation • December, 1999: Agreement among G7, 12 emerging market countries, and the EU • November 15, 2008: Washington Summit on the global financial crisis • Five Summit Meetings • - November 2008: Washington, DC • - April 2009: London • - September 2009: Pittsburgh • - June 2010: Toronto • - November 2010: Seoul

  5. Key Agreements at Seoul Summit

  6. Key Agreements at Seoul Summit Agenda & Accomplishments

  7. Key Agreements at Seoul Summit Capital ▪ Common equity ratio: 2.0% → 4.5% ▪ Capital conservation buffer: 2.5% ▪ Counter-cyclical capital buffer: 0.0% → 2.5% Basel III Leverage ▪ Leverage: Tier 1 capital Nominal exposure ≥ 3% Basel III • Liquidity coverage ratio: • Net stable funding ratio: H.Q. liquid assets 30-day net cash outflow Liquidity ≥ 100% Available S.F. Required S.F. ≥ 100%

  8. Key Agreements at Seoul Summit SIFI Regulation • Loss-absorbency capacity • Resolution framework • More intense supervisory oversight • Robust core financial market infrastructures

  9. Post-Summit Agenda for Sustained Reform

  10. Post-Summit Agenda for Sustained Reform Implementation and Oversight 1 • Legal and regulatory harmony across countries & compliance • Compliance and adaption of financial firms to new environment Safety and Balance between Real & Financial Sectors 2 • Sustaining regulatory reform while promoting growth • Korea committed to Basel III with minimal market disruption

  11. Post-Summit Agenda for Sustained Reform Innovation 3 Respect for Market Innovation • Efficient allocation of financial market resources • Lower transaction cost Optimal Regulatory Frameworks • Stepped-up oversight of high risk areas (e.g., OTC derivatives) • Support for productive real economic activities • Fine-tuning of regulations

  12. Post-Summit Agenda for Sustained Reform Emerging Market Economies 4 G20 Seoul Summit • Participation of five non-G20 members as invited countries • Emerging market economies’ agenda in the G20 discussion • - Global financial safety net • - Development Future Summit Meetings • Discussion on emerging market issues at the FSB, IMF, WB • - Foreign exchange risks • - Local regulation and supervision of internationally active financial institutions

  13. Financial Regulation Reform Ahead Balance between Advanced & Emerging Countries Asia as Growth Engine Return to Global Economic Growth Global Regulatory Reform Shared Growth beyond Crisis Reform Momentum

  14. THANK YOU

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