Global financial regulators have identified modernising regulations, aligning rules on stablecoins, and monitoring rising debt and private credit markets as key priorities for 2026, according to the Financial Stability Board (FSB).
The FSB, which coordinates financial regulation across the Group of 20 (G20) economies, outlined its work programme for the coming year as leadership of the G20 prepares to shift to the United States under President Donald Trump, whose administration has signalled support for easing regulatory requirements.
Speaking after a two-day plenary meeting of FSB members, Bank of England Governor and FSB Chair Andrew Bailey said the organisation remains committed to closely monitoring vulnerabilities in global financial markets and ensuring the implementation of agreed regulatory reforms.
The meeting, held in Saudi Arabia ahead of the G20 leaders’ summit in South Africa, examined how several major economies have begun, or are planning, to revise regulatory frameworks following years of stricter rules. The FSB said it will review these initiatives to identify opportunities to support greater global alignment.
A major focus for 2026 will be the rapid expansion of private credit markets. Regulators flagged concerns about the sector’s growth, complexity, limited transparency, and increasing interconnectedness with the broader financial system, noting the need for closer oversight and improved data collection.
The FSB also emphasized the importance of continued monitoring of crypto-assets and stablecoins. It warned that stablecoins pose specific risks, including potential run risk and regulatory challenges linked to issuers operating across multiple jurisdictions.
Additional concerns raised during the meeting included elevated asset valuations, particularly in AI-related stocks and the growing role of highly leveraged non-bank financial institutions in government debt markets.
