The Financial Stability Board (FSB) has published a report entitled ‘Progress and Next Steps Towards Ending “Too-Big-To-Fail”’ for the upcoming G20 Summit. The report takes stock of the progress made in implementing the FSB’s policy framework for reducing the moral hazard posed by systemically important financial institutions, which was endorsed by the G20 in 2010. Good progress has been made in putting this international policy framework in place and there are signs that firms and markets are beginning to adjust to authorities’ determination to end “too-big-to-fail”. However, the FSB warns that more needs to be done through legislation, regulation and international agreements.