Ten years have passed since the onset of the worst financial crisis since the Great Depression. In 2009, the G20 launched a comprehensive programme of reforms, coordinated through the FSB, to increase the resilience of the global financial system while preserving its open and integrated structure. Implementation progress continues but is uneven across the four core areas: Building resilient financial institutions; Ending too-big-to-fail; Making derivatives markets safer; Transforming shadow banking into resilient market-based finance. The evidence on effects of reforms to date shows that higher resilience is being achieved without impeding the supply of credit to the real economy. However, authorities need to remain vigilant in a number of areas: Maintaining an open and integrated global financial system; Market liquidity; Effects of reforms on emerging market and developing economies (EMDEs). Over the past year, the FSB completed assessments in two core reforms: OTC derivatives and Shadow banking.  The FSB, in collaboration with the SSBs, has developed a framework for the post-implementation evaluation of the effects of G20 reforms. G20 Leaders’ continued support is needed to implement fully the agreed reforms, and to reinforce global regulatory cooperation. [...]