April 19, 2012

The IAA Participates in the Private Sector Taskforce of Regulated Professions and Industries and Makes Recommendations to the G-20

version française

Update to 2011 Report Addresses Implications for 2012 and Beyond

The Private Sector Taskforce (PSTF), in which the International Actuarial Association (IAA) is a member, submitted an update to its report Regulatory Convergence in Financial Professions and Industries ("2011 Report") issued to the G-20 Deputies in September 2011.

The PSTF strongly encourages the G-20 to implement all of the 15 recommendations presented in its 2011 Report with emphasis on its first two recommendations:

• Continue to focus on regulatory convergence in the financial sector, ensuring that G-20 nations work together to identify and narrow gaps in regulatory practice; and
• Discourage nations from implementing unilateral national regulatory reforms that are inconsistent with international standards and that widen—rather than narrow—the convergence gap.

In support of these recommendations, the update provides a discussion of matters that have arisen since the 2011 Report was issued―including examples of where regulatory convergence has moved forward, such as the application of Legal Entity Identifiers (LEI) and the adoption of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISAs). The update also notes examples where international regulatory arrangements have become more fragmented.

The update includes additional recommendations regarding public sector financial management and reporting, transparency, and accountability. Over the last year this has been brought into greater focus as a consequence of the sovereign debt crisis, and growing global financial instability. Other important matters are identified which the PSTF suggests will require closer attention by the G-20 in 2013 and beyond.

The PSTF was established in 2011 at the request of the Presidency of the G-20. In addition to the IAA, the PSTF includes International Federation of Accountants (which acts as coordinator), CFA Institute (CFA I); INSOL International; Institute of International Finance (IIF); International Accounting Standards Board (IASB); International Corporate Governance Network (ICGN); International Insurance Society (IIS); and International Valuation Standards Council (IVSC).

To learn more about the work of the IAA on this topic, contact the IAA Secretariat, care of the Chairperson of the Task Force.

The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
International Actuarial Association | Association Actuarielle Internationale
150 Metcalfe Suite 601 Ottawa, ON Canada K2P 1P1
Tel: 1-613-236-0886 | Fax: 1-613-236-1386
secretariat@actuaries.org | www.actuaries.org