Private sector task force final report to G20

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07 Oct 2011

The Private Sector Task Force of Regulated Professions and Industries has published a final report, Regulatory Convergence in Financial Professions and Industries, to the deputies of the G20. The report focuses on the private sector's point of view in regards to global regulatory convergence.

The report, at the request of the G20 presidency, provides assistance to the G20 in its goal of providing comparability and consistency for investors, regulators, and market participants. It also identifies some of the current gaps in global convergence and provides a method of minimising the systemic risk these gaps may cause.

The Taskforce's report recommends that the G20 maintain its momentum and ambition for global regulatory reform and convergence, in addition to discouraging unilateral national regulatory reforms that are inconsistent with international standards. It also calls for the G20 to encourage and support the development, adoption, and implementation of one set of globally accepted high-quality international standards for each of financial reporting, auditing, valuations, and actuarial services.

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