The Private Sector Taskforce of Regulated Professions and Industries (PSTF) was established in May 2011 at the request of the Presidency of the G-20. The 2011 report provided the G-20 with an analysis of the development of financial policy and regulation, with the aim of facilitating economic stability in the world’s capital markets. The benefits of regulatory convergence were identified, as well as the inefficiencies and associated costs created by regulatory gaps. A range of possible scenarios and associated risks were analyzed and explored, specific examples were given, and a set of recommendations provided. The 2012 update report strongly encourages the G-20 to implement all of the 15 recommendations presented in its 2011 Report with a strong emphasis on its first two recommendations. The update includes additional recommendations regarding public sector financial management and reporting, transparency, and accountability.
Coordinated by the International Federation of Accountants, the taskforce includes CFA Institute (CFA I); INSOL International; Institute of International Finance (IIF); International Accounting Standards Board (IASB); International Actuarial Association (IAA); International Corporate Governance Network (ICGN); International Insurance Society (IIS); and International Valuation Standards Council (IVSC).