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.