The Financial Stability Forum met in Rome on 28 – 29 March 2008 in connection with the Bank for International Settlements . Members discussed current challenges in financial markets , and various policy options to address them from this point forward . At this meeting , the FSF discussed a report to be delivered to G7 Finance Ministers and Central Bank Governors in April 2008 . The report identifies key weaknesses underlying current financial turmoil , and recommends actions to improve market and institutional resilience . The FSF discussed work underway at the International Monetary Fund and Organisation for Economic Co-operation and Development with regard to sovereign wealth funds . The International Monetary Fund is working closely with sovereign wealth funds to identify a set of voluntary best practice guidelines , and is focusing on the governance , institutional arrangements and transparency of sovereign wealth funds . On 12 April 2008 , the FSF delivered a report to the G7 Finance Ministers detailing its recommendations : The High-Level Panel on the Governance of the FSB was an independent initiative coordinated by Domenico Lombardi of the Brookings Institution and funded by the Connect U.S. Fund . It assembled a high-level panel of experts , including Uganda 's former Finance Minister and Central Bank Governor of Uganda Ezra Suruma , former Prime Minister of Kyrgyzstan Djoomart Otorbaev , former Finance Minister of Colombia José Antonio Ocampo , and Jacques Mistral , a former member of France 's Council of Economic Analysis . Lombardi published the panel 's final report in September 2011 as a Brookings Issue Paper , concluding that the FSB 's governance had not evolved as quickly as its prominence . It made several recommendations : At the 2011 G20 Cannes summit , the G20 called for a strengthening of the FSB 's capacity resources and governance by establishing the FSB " on an enduring organizational basis " . In its 2012 report to the G20 Los Cabos summit , the FSB set out concrete steps to strengthen the organization 's capacity , resources , and governance as well as establish it on an enduring organizational footing . The G20 endorsed the FSB 's restated and amended charter . In January 2013 , the FSB became a separate legal entity in the form of an association or " Verein " under Swiss law , when its Articles of Association were adopted by the FSB Plenary
2011 G20 Cannes summit
2011 G20 Cannes summit
Financial Stability Board