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April 22, 2012

G20 accepts call for greater regulatory convergence

G20 Finance Ministers and Central Bank governors have welcomed recent calls by IFAC’s Private Sector Taskforce (PSTF) to push for greater regulatory convergence.

At the G20 meeting in Washinghton last week, G20 nations said they had assessed progress on the implementation of a financial regulatory reform agenda and hoped to deliver on their commitments ahead of the Los Cabos Leaders’ Summit.

“We reaffirm our commitment to common global standards by pursuing the financial regulatory reform agenda according to our agreed timetable in an internationally consistent and non-discriminatory manner,” the G20 said.

The Private Sector Taskforce, co-ordinated by the International Federation of Accountants, said G20 nations should harmonise regulatory practice and countries should be discouraged from introducing regulation that is inconsistent with international norms.

IFAC

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