FSB Annual Report 2025

FSB Publications

Published March 24th, 2026

Detected March 24th, 2026

Summary

The Financial Stability Board (FSB) has published its 2025 Annual Report, detailing efforts to strengthen global financial systems and markets. The report highlights key focus areas including NBFI leverage, crypto-asset regulation, operational resilience, and cross-border payments, alongside a strategic review to address implementation slowdowns.

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What changed

The FSB's 2025 Annual Report, published on March 24, 2026, outlines the organization's work in enhancing global financial stability. Key initiatives detailed include addressing leverage and data challenges in Non-Bank Financial Intermediation (NBFI), ensuring consistent implementation of regulatory frameworks for crypto-assets and stablecoins, improving resolution and operational resilience of financial firms, and enhancing cross-border payments. The report also notes the launch of a strategic review to identify and address root causes for a slowdown in G20 reform implementation.

This report serves as an informational notice for regulated entities and financial institutions. While it does not impose new direct obligations, it signals ongoing regulatory priorities and areas of focus for the FSB and its member jurisdictions. Compliance officers should be aware of these stated priorities as they may inform future regulatory actions and supervisory expectations, particularly concerning NBFI, crypto-assets, and operational resilience.

Source document (simplified)

Publications Promoting Global Financial Stability: 2025 FSB Annual Report
In 2025, the FSB continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote consistent and coherent implementation of policy recommendations across sectors and jurisdictions.

Key areas of focus for the year under review included addressing financial stability risks from leverage in NBFI and related data challenges; ensuring full and consistent implementation of the FSB regulatory framework for crypto-asset activities and global stablecoin arrangements; initiatives to enhance the resolution and operational resilience of financial firms; and improving cross-border payments.

Against a backdrop of rising vulnerabilities, the next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively.