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In the 10 years since the financial crisis, the world’s regulators have achieved significant reform, which has fundamentally reshaped the global financial system, says the Financial Stability Board (FSB) in a new report. But there’s more to be done.

The FSB’s report examines the implementation of the financial regulatory reforms agreed to by the G20 in the wake of the crisis, including measures to improve the resilience of financial institutions; put an end to too-big-to-fail policies; make derivatives markets safer; and enhance the resilience of the shadow banking sector.

Overall, the report concluded that policymakers have made good progress on these reforms over the past 10 years. In particular, the core elements of new capital rules for banks have been implemented.

There’s also been good progress on reforming the oversight of the global derivatives markets, and at identifying and supervising systemically important firms.

However, the report also noted that in a number of areas, there has been less progress. For instance, the the implementation of specific bank capital provisions is behind schedule.

“Delayed implementation may have implications for a level playing field, and puts unnecessary pressure on those jurisdictions that have implemented the standards based on the agreed timelines,” the report stated.

Similarly, the adoption of plans for resolving systemically important firms remains a work in progress, as do reforms to ensure the resilience of firms in the shadow banking sector.

The FSB recommended that regulators finish implementing the remaining reforms; enhance cross-border cooperation; and assess whether the reforms are achieving their intended objectives.

“It is critical to maintain momentum and avoid complacency, in order to fully achieve the goal of greater resilience as vulnerabilities are evolving,” the FSB said. “Rapid structural and technological change require continued vigilance to maintain a sound and efficient financial system.”