A uniform framework of supervisory rules and methods is constantly updated to ensure financial stability, to improve the functioning of markets and reduce systemic risk, and to encourage the exchange of information and international cooperation between the different authorities.
The Financial Stability Board (FSB) is the primary entity in this field. Since the 2007-08 financial crisis, the G20 has been focusing on the efforts needed to continuously strengthen the regulation and supervision of the financial system, including the management of crises in global systemically important financial institutions.
In 2011, the Financial Stability Board developed a new international standard for managing financial institution crises, the 'Key Attributes of Effective Resolution Regimes for Financial Institutions', to help countries reform their national resolution regimes. The scope of the key attributes is to strengthen the authorities’ powers in managing crises and resolving financial institutions in an orderly manner, while ensuring continuity of their functions critical to the economy and without exposing taxpayers to loss when intervening using public funds.
