(MENAFN - Kuwait News Agency (KUNA)) Members of the Financial Stability Board's (FSB) Regional Consultative Group for the Middle East and North Africa (RCG-MENA) met here Saturday to discuss FSB's plan of action and financial reforms in member states.
They discussed vulnerabilities and regional financial stability issues, impact of regulatory reforms on the Emerging Market Developing Economies (EMDEs), implementation issues in macro-prudential policy framework and tools, and progress in FSB-led initiative on development of a global Legal Entity Identifier (LEI) for financial markets, state-run news agency (SPA) reported.
They shared experiences in strengthening and promoting institutional reforms in the capital markets in MENA region, it added, as well as discussing best best practices in selected prudential norms for the banking sector.
Discussions also touched upon regulatory reforms encompassed Basel III implementation issues, national perspectives on dealing with the Domestic Systemically-Important Banks (D-SIBs) and the findings of the FSB monitoring exercise of the shadow banking system.
The RCG-MENA is currently co-chaired by Fahad Al-mubarak, Governor of Saudi Arabian Monetary Agency, and Mohammad Al-Hashel, Governor of Central Bank of Kuwait.
The FSB has been established to coordinate at international level the work of national financial authorities and international standard setting bodies, and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.
It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. Through the six regional groups, the FSB will be able to develop global financial policy initiatives through a more inclusive process.
The FSB is chaired by Mark Carney, Governor of the Bank of Canada.