Subgroup on Regulation and Standard-Setting Bodies

The Subgroup Co-Chairs are: India, Indonesia, UK

Download here: Subgroup Terms of Reference and Work Plan

The Subgroup on Regulation and Standard-Setting Bodies (SSBs) supports the implementation and promotion of the G20 Principles for Innovative Financial Inclusion into practice through providing information on the Principles and supporting various implementation activities.

The Subgroup also works to embed financial inclusion in the work of SSBs, as well as the private sector, and explores ways to improve the treatment of financial inclusion in various financial system assessments.

The work on promoting the G20 Principles for Innovative Financial Inclusion has focused on continuing to support developing and emerging countries to meet the commitments they have made under the Maya Declaration, in addition to supporting the mobilization of new country commitments. Over 40 countries have made financial inclusion commitments under the Maya Declaration. Many countries are now demonstrating strong progress toward implementation of the G20 Principles by meeting their commitments to the Maya Declaration. To provide support for the countries committing to develop national strategies as well as cross-sector coordination mechanisms under the G20 Financial Inclusion Peer Learning Program, the Alliance for Financial Inclusion (AFI) has launched a Financial Inclusion Strategy Peer Learning Group, and the World Bank Group is providing technical assistance and capacity building support through its Financial Inclusion Support Framework.
 
The Subgroup has led focused engagement with the SSBs on financial inclusion. This work seeks to catalyze progress on financial inclusion by the SSBs consistent with their respective mandates, and harness the influence of the G20 to help ensure the global regulatory environment supports national policy makers to promote innovative financial inclusion. The Subgroup engages with the SSBs most relevant to financial inclusion – the Basel Committee on Banking Supervision (BCBS), the Committee on Payment and Settlement Systems (CPSS), the Financial Action Task Force (FATF), the International Association of Deposit Insurers (IADI), the International Association of Insurance Supervisors (IAIS), and the International Organization of Securities Commissions (IOSCO) – to support and encourage their efforts related to financial inclusion.  The Subgroup also works with various SSBs on cross-cutting issues for financial inclusion that are of relevance to multiple SSBs.
 
Another focus of the Subgroup is to improve financial sector assessments, including national financial system/sector assessments and those of other international bodies, to incorporate robust financial inclusion components that yield high quality analysis and actionable recommendations.
 
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