G8 agree on a set of financial regulatory principles
14 Jun 2009
Meeting in Lecce, Italy on 12-13 June 2009, the Group of Eight (G8) finance ministers agreed on a set of common principles and standards for propriety, integrity and transparency aimed at stabilising the world's financial markets.
The principles are referred to as the Lecce Framework. The Framework provides a direction to build on existing initiatives, to identify and fill regulatory gaps and to foster the broad international consensus needed for rapid implementation. Specific issues covered by the framework include executive compensation, regulation of systemically important institutions, credit rating agencies, accounting standards, the cross-border exchange of information, bribery, tax havens, non-cooperative jurisdictions, money laundering and the financing of terrorism, and the quality and dissemination of economic and financial data. The G8 countries are Canada, France, Germany, Italy, Japan, United Kingdom, United States, and Russia. Click for G8 Finance Ministers' Statement (PDF 33k).