At its eighth meeting, the FSF:
- discussed vulnerabilities in the international financial system and noted that downside risks had increased compared to six months ago, calling for greater vigilance;
- reviewed recent initiatives by market participants, national authorities, and international standard setters to restore investor confidence in the wake of recent corporate failures and misleading financial accounts;
- welcomed the OECD's decision to advance its comprehensive review of Principles of Corporate Governance, and urged it to make these principles more specific;
- called upon standard setters to improve and bring about a greater convergence around principles-based accounting standards;
- encouraged IOSCO to approve and publish swiftly its forthcoming guidelines concerning audit independence, audit profession oversight and transparency and disclosure;
- welcomed the opportunity to discuss, at its next meeting, the Securities and Exchange Commission's forthcoming report on policies and procedures of credit-rating agencies;
- lent its full support to IAIS and others' efforts to improve available data, disclosure practices and the global regulatory framework pertaining to reinsurers;
- reviewed progress on compliance by Offshore Financial Centres with the process for assessing observance of international standards; and
- agreed that their next meeting would take place in Berlin on 24-25 March 2003.
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