A group of former top regulators is warning against any weakening of post-financial crisis regulatory reforms.

The Washington, DC-based Systemic Risk Council (SRC) issued a policy statement on Monday directed at the leaders of the G20, which says, “… this is not a moment to relax or to retreat from the global reform program, given the debt overhang and impaired macroeconomic policy capability to cushion any shocks to continued recovery. Rather, this is a time for stability of the financial system to remain a priority.”

The group defends the reforms adopted in the wake of the global financial crisis, including tougher capital requirements; enhanced oversight; measures to address liquidity risk; central counterparty clearing; and, adopting regimes for resolving failing firms.

“The SRC has decided to put on paper our view of the essential ingredients of a safe and sound financial system,” says Sir Paul Tucker, chairman of the SRC and former vice chairman of the Bank of England, in a statement.

“In the wake of unresolved debates at the global level, potential changes to U.S. policy on system stability, and ongoing issues in Europe, the SRC stands ready to make specific comments and recommendations to ensure that policymakers stay committed to building a resilient financial system,” he adds.

The SRC, which is funded by CFA Institute, was established to support regulatory reform in global capital markets. Its members include several former top regulators, policymakers, academics, and industry executives.