U.S. Department of the Treasury

The FSAP provides an integrated analysis of financial stability and development issues, and generally includes financial sector analysis, stress testing, and an assessment of the observance and implementation of international standards and codes. 

29 major jurisdictions selected by the IMF undergo an FSAP review every five years. Like other Financial Stability Board members, the United States has committed to publishing FSAP documents. The last review concluded in July 2020.

United States FSAP Documents

As one of 29 systemically important jurisdictions selected by the IMF, the United States undergoes an FSAP review every five years.

 
Documents for the U.S. FSAP reviews:

2020 FSAP

2015 FSAP

2010 FSAP

The FSAP process generates a number of useful documents:

• Self-Assessments – the U.S. agency perspective on how U.S. regulation and supervision meets international standards. 
• Detailed Assessment Reports (DAR) – the IMF view of U.S. agency compliance with international standards. 
• Technical Notes – the IMF perspective on specific financial system aspects.  There is one technical note for each subject reviewed.
• Financial System Stability Assessment (FSSA) – the IMF perspective on financial stability issues of macro-economic significance. 

Criteria for Determining the Key Standards

The FSB applied the following criteria for determining the list of key standards for sound financial systems:

• relevant and critical for a stable, robust, and well-functioning financial system (including in light of the lessons from the recent financial crisis), in order to impart a sense of prioritization in implementation;
• universal in their applicability, by covering areas that are important in nearly all jurisdictions;
• flexible in implementation, by being general enough to take into account different country circumstances;
• broadly endorsed - namely, that such standards should have been issued by an internationally recognized body in the relevant area in extensive consultation with relevant stakeholders. To satisfy this criterion, the standard should preferably undergo a public consultation process. This criterion would also be satisfied when the standard-setting body has wide representation, or when the standard has been endorsed by International Financial Institutions (IFIs), such as the IMF and the World Bank; and
• assessable by national authorities or by third parties such as IFIs.

United States 2020 FSAP Documents

Standards Assessments

• Core Principles for Effective Banking Supervision
  Banking Self-Assessment 
• Core Principles for Effective Deposit Insurance Systems
  Deposit Insurance Self-Assessment 

• Insurance Core Principles
  Insurance Self-Assessment 

• Objectives and Principles of Securities Regulation
  • Self-Assessment of Implementation by the U.S. Commodity Futures Trading Commission
  • Self-Assessment of Implementation by the U.S. Securities and Exchange Commission

IMF Financial System Stability Assessment

IMF Technical Notes

• Supervision of Financial Market Infrastructures, Resilience of Central Counterparties and Innovative Technologies (8/10/20)

• Financial Crisis Preparedness and Deposit Insurance (8/10/20)  

• Risk Analysis and Stress Testing the Financial Sector (8/10/20)

• Banking Supervision and Regulation (8/10/20)

• Systemic Risk Oversight and Systemic Liquidity (8/10/20)

• Securities—Fund Management; Equity and Derivatives Trading; and Virtual Assets and Virtual Asset Service Providers (8/10/20)

• Insurance Supervision and Regulation (8/10/20)

United States 2015 FSAP Documents

• Core Principles for Effective Banking Supervision
  IMF Detailed Assessment Report (DAR) on Banking  (4/3/2015)

• Insurance Core Principles
  Insurance Self-Assessment | IMF Detailed Assessment Report (DAR) on Insurance (4/3/2015)

• Objectives and Principles of Securities Regulation
  IMF Detailed Assessment Report (DAR) on Securities (4/3/2015)
  • Self-Assessment of Implementation by the U.S. Commodity Futures Trading Commission​
  • Self-Assessment of Implementation by the U.S. Securities and Exchange Commission
• Key Attributes of Effective Resolution Regimes for Financial Institutions
  • Resolution and Recovery Self-Assessment 

IMF Financial System Stability Assessment

Financial System Stability Assessment ​

IMF Technical Notes

• Review of the Key Attributes of Effective Resolution Regimes for the Banking and Insurance Sectors (7/7/2015)
• Systemic Risk Oversight and Management (7/7/2015)
• Stress Testing (7/7/2015)
• Anti-money Laundering and Combating the Financing of Terrorism (7/7/2015)

United States 2010 FSAP Documents

Standards Assessments

• Core Principles for Systemically Important Payment Systems
  Standard | Self-Assessment (8/31/2009)
  • IMF Detailed Assessment Report (DAR) on Securities Settlement—Fedwire Securities Service (FSS) (5/14/2010)
  • IMF Detailed Assessment Report (DAR) on Securities Settlement—Depository Trust Company (DTC) (5/14/2010)
  • IMF Detailed Assessment Report (DAR) on Central Counterparties—National Securities Clearing Corporation (NSCC) (5/14/2010)
  • IMF Detailed Assessment Report (DAR) on Central Counterparties—Fixed Income Clearing Corporation, Government Securities Division (FICC) (5/14/2010)
  • IMF Report On Standards and Codes (ROSC) on Securities Settlement and Central Counterparties (7/30/2010)

• Core Principles for Effective Banking Supervision
  Self-Assessment (8/31/2009)
  • IMF Detailed Assessment Report (DAR) on Banking (5/14/2010)
  • IMF Report On Standards and Codes (ROSC) on Banking (7/30/2010)
• Objectives and Principles of Securities Regulation
• Self-Assessment - part a (8/31/2009) | Self-Assessment - part b (8/31/2009)
  • IMF Detailed Assessment Report (DAR) on Securities (5/14/2010)
  • IMF Report On Standards and Codes (ROSC) on Securities (7/30/2010)
• Insurance Core Principles
  Insurance NAIC Self-Assessment (8/31/2009
  • IMF Detailed Assessment Report (DAR) on Insurance (5/14/2010)
  • IMF Report On Standards and Codes (ROSC) on Insurance (7/30/2010)

IMF Financial System Stability Assessment

• IMF Financial System Stability Assessment (FSSA) of the United States (7/30/2010)
• IMF FSSA Supplement (7/30/2010)

IMF Technical Notes

• Basel II Implementation (5/14/2010)
• Crisis Management Arrangements (5/14/2010)
• Payment Systems—Oversight (5/14/2010)
• Payment Systems—Liquidity Risk Management (5/14/2010)
• Stress Testing (7/30/2010)
• Consolidated Regulation and Supervision (7/30/2010)
• Regulatory Reform: OTC Derivatives Markets (7/30/2010)
• Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) (7/30/2010)