As per the results of the summit, which took place in Antalya (Turkey) on the 15th-16th of November, the Group of 20 (G20) planned to strengthen oversight and regulation of shadow banking, as it is said in the official communique of G20, RBC-Ukraine reports.
“The building of stronger and sustainable financial system remains a very important matter”, as it is said in the final communique. In this regard the group will continue working, including strengthening oversight and regulation of shadow banking sector in order to avoid systemic risks, to ensure sustainability of market mechanism of financing.
It is also said in the document that the countries, participating in the summit, intend to make great efforts to implement reforms of OTC market of derivative financial instruments.
In addition, G20 reported that with the purpose of formation of the fair and modern global international taxation system, the group approves a set of measures, developed under the Action Plan of “Group of twenty”/OECD on the Impact of Base Erosion and Profit Shifting (BEPS Action Plan).
Sharing the cross-border tax ruling information is indicated as an important item for realization of this plan.
