This is an issues paper report of a task force set up by the FSF in September 1999, under the chair of Mr Andrew Sheng, Chairman, Securities and Futures Commission, Hong Kong. The paper which was submitted to the FSF 25-26 March 2000 meeting:

• identifies a set of international standards most relevant to strengthening financial systems;

• considers official and market incentives to promote their implementation; and

• explores strategies for assisting countries in implementation.

It recommended, among other things, to endorse a list of 12 key standards essential for sound financial systems.