As you are all no doubt aware, a key focus of the G20 has been the consideration of the causes and effects of the Global Financial Crisis and the development of recommendations for regulatory action to restore confidence in the international financial system.
In November of last year, the G20 called for a review of the scope of financial regulation with a special emphasis on institutions, instruments and markets that are currently unregulated.
It is through global bodies such as the International Organisation of Securities Commissions, or IOSCO, that national regulators are able to co-operate to develop consistent and appropriate regulatory principles, and in support of the G20 mandate, IOSCO announced a number of initiatives designed to strengthen financial markets and investor protections, including the establishment of the Task Force on Unregulated Financial Markets and Products, or TFUMP In November 2008.