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FSB launches peer review of bank reforms

The Financial Stability Board has launched a peer review of regulators around the world to monitor how remuneration at banks and large financial institutions is being managed.

The FSB was formed in April 2009 as the successor to the Financial Stability Forum and is made up of central bankers, financial regulators and international financial institutions.

Its principles for sound compensation practices and their implementation standards were endorsed by the G20 leaders at summits in London in April and Pittsburgh in September 2009.

The peer review on compensation will focus on the steps being taken or planned by FSB member jurisdictions to ensure effective application of the principles and standards, as well as progress to date in implementation by significant financial institutions.

The initial review is to be completed by March 2010.

As part of this review the FSB is welcoming feedback from financial institutions and other stakeholders on practical experiences in implementing the principles and standards. Feedback must be submitted by February 1, 2010

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