> Financial Stability Forum

Transparency: Encourage firms to boost risk disclosures.

Regulatory cooperation: The FSF and IMF will intensify their cooperation on financial stability.

> Basel Committee On Banking Supervision

Capital: Raise capital requirements for complex structured products, trading book exposures and banks’ ABCP liquidity facilities.

Liquidity: Develop guidance on the management and supervision of liquidity.

Transparency: Issue guidance to strengthen disclosure of securitization exposures, off-balance sheet vehicles, ABCP conduits and valuations.

Risk management: Issue guidance for supervisory review in areas such as risk management, stress testing and securitization.

Valuation: Will issue guidance to enhance the supervisory assessment of banks’ valuation processes.

> International Organization Of Securities Commissions

Capital: Boost capital requirements for credit exposures in firms’ trading books.

Credit ratings: Will revise its code of conduct for credit rating agencies by mid-2008.

> U.S. Treasury

Lending: Create a new federal commission to oversee mortgage origination.

Capital: Make the Federal Reserve a market stability regulator and create a single prudential regulator.

Liquidity: Clarify liquidity provisioning by the Fed.

> Institute Of International Finance

Lending: Ensure robust due diligence standards.

Liquidity: Consider the risk of overdependence on any form of funding.

Transparency: Strengthen SIV disclosure.

Risk management: Improve risk management, strengthen standards in governance, technical issues and stress testing.

Valuation: Strengthen valuation processes and enhance fair-value accounting in low liquidity markets.

Credit ratings: Need for independent review of internal governance and ratings models, and increased transparency on structured product risks.

Incentives: Develop principles to align compensation with long-term performance.