OREANDA-NEWS. February 14, 2013. The Financial Stabiliy Board (the FSB) met in Zurich, Switzerland. It is the inaugural meeting of FSB as an association and the first meeting of FSB this year. Around 70 senior officials from member economies and international institutions attended the meeting. China was represented by Deputy Governor Yi Gang, Vice Minister Li Yong of the Ministry of Finance, and Vice Chairman Wang Zhaoxing of the China Banking Regulatory Commission, reported the press-centre of PBC.

At the meeting, the FSB passed Articles of Association and the Procedural Guidelines. That marked its establishment as an association and a major progress in its institutional reform that had lasted for a year. The meeting's agenda included vulnerabilities affecting the financial system, current financial reform, including lastest development in OTC derivatives, resolving failing financial institutions, shadow banking, risk governance and accounting convergence reform, and the focus and objective of financial sector reform in 2013. Besides, they also discussed the refrom of financial benchmark setting, regulatory factors affecting long-term investment financing, progress of regional consultative groups, and etc.

The FSB was established in accordance with the Communique of the G20 London Summit in April 2009. It brings together economies including G20 member states and international institutions and plays a crucial role in advancing standard setting for the financial sector and the implementation of the standards. China joined the FSB in May 2009 and since then the PBC, Ministry of Finance, China Banking Regulatory Commission, China Securities Regulatory Commission, the China Insurance Regulatory Commission have actively participated in the FSB activities, contributing a lot to the development of global standard setting and the domestic financial regulatory reform. The Hong Kong MonetaryAuthority, also a member of the FSB due to its membership in the Financial Stability Forum that preceded the FSB, play an important role in the FSB.