Global regulatory coordination has vastly improved since the last financial crisis, with enhanced processes for cross-border resolution of large banking groups and greater interaction, collaboration and information sharing between regulators. Reforms devised at the global standard setting bodies and then implemented at the national or regional level, together with enhanced cooperation and information sharing, have fostered increased supervisory trust and cooperation. This includes the implementation of the FSB's ?Key Attributes of Effective Resolution Regimes for Financial Institutions? and FSB's final total loss-absorbing capacity standards for G-SIBs. These steps have materially enhanced financial stability and substantially reduced the risk of firms failing in a manner that might require taxpayer bailouts.

Please read the full letter via the link below.