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G20 proposals on hedge funds, pay, ratings agencies

(Agencies)
Updated: 2009-03-15 21:31

The G20 finance ministers laid out a broad framework for regulatory reform and repairing the financial system at meetings this weekend.

Finance ministers, central bank governors and heads of institutions pose for a family photograph during a break in the G20 Finance Ministers meeting at a hotel, near Horsham, in southern England March 14, 2009. [Agencies]

Following is a summary of recommendations in their communique for G20 leaders to consider at their financial summit in London on April 2:

- Hedge funds or their managers should be registered and disclose information needed to assess risks they pose to the financial system. Any financial instition or instrument that could pose a risk should have regulatory oversight.

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- Pay and bonuses should adhere to the Financial Stability Forum's principles of sound practice.

- Capital reserves should be built up during good times and leverage limited in order to buffer financial firms during downturns. But in the current recession, capital should remain unchanged until recovery is assured.

- Credit ratings agencies should be registered, comply with the International Organisation of Securities Commissions code and have regulatory oversight.

- Off-balance sheet vehicles should be fully transparent; accounting standards improved notably on treatement of assets of uncertain value; there should be greater standardisation for credit derivative markets.

- Financial Stability Forum should be beefed up as part of strengthened international cooperation and it should conduct early warning exercises with the IMF.

US Treasury Secretary Timothy Geithner also said the FSF should be elevated as lead body for overseeing the global financial system, taking its place alongside the IMF, World Bank and World Trade Organisation.

Until now it has been an informal gathering of financial supervisors.

- On impaired assets, G20 leaders said a top priority for governments is to tackle toxic assets on bank balance sheets, now they have taken a range of steps such as injected bank capital, set up insurance schemes and are providing liquidity to money markets. In an attachment to the G20 communique, they released a set of principles to guide how each country handles assets of uncertain value.

The United States said it plans to release its toxic asset plan before the April 2 summit.