Council Calls on the G20 to Enhance International Financial Regulatory Coordination

PARIS and CAMBRIDGE, Massachusetts, April 14, 2011 - The Council on Global Financial Regulation (Council) today issued its
initial report titled "Practical Measures for Enhancing International
Financial Regulatory Coordination". The Report calls on G20 governments and
related financial regulatory authorities and international bodies to enhance
the existing process of international financial regulatory coordination. Most
particularly, the Council recommends new steps to bolster institutionally the
coordinating capacity of the Financial Stability Board (FSB) commensurate
with its mandates from the G20.

In the midst of the recent global financial crisis, the G20 issued an
unprecedented challenge to member governments to enhance international
coordination on financial regulation as essential to avoiding another major
crisis. "Over the past two years, considerable progress has been made.
However, as the international financial system appears to have stabilized,
the urgency behind earlier G20 pronouncements appears to have diminished.
Yet, much remains to be accomplished," said Hal Scott, Co-Chairman of the
Council.

Michel Prada, Co-Chairman, emphasized that "This is the time for
meaningful action to enhance the current coordination framework, particularly
to support mechanisms that accelerate alignment of domestic regulatory
policies around consensus international views. The Council encourages more
pro-active work by existing international bodies. This should proceed
consistent with the efficient functioning of the market, financial innovation
and the requirements for growth and global prosperity."

The Council endorses the central leadership role of the Financial
Stability Board, as a working extension of the G20 and encourages the FSB to
keep pace institutionally with the growing demands being placed on its
agenda. The Council offers a number of recommendations with respect to
mandate, institutional capacity and governance, as well as steps to promote
adherence to international regulatory and supervisory standards. The Report
is available on the Council's website: www.c-gfr.org/cgfr-reports.

The Council was formed in 2010 with the objective of providing G20
government officials and regulators with independent views on issues relating
to international financial regulatory coordination. The Council is composed
of 15 private-sector individuals — representing 11 different nationalities
– who are internationally respected in the field of financial regulation.
Members have committed to act independently of any institutions with which
they are or have been affiliated. The membership of the Council is posted on
its website: www.c-gfr.org/members-list.

Olin L. Wethington, Council Director and Member, +1-202-538-3447 , owethington at cgfr.org; or Tim Metz, Hullin Metz & Co., +1-646-495-5136, tim at hmcllc.com