On 14 April 2011, a communiqué was published following a meeting of G-20 Finance Ministers and Central Bank Governors. Key points in the communiqué included: (i) the Finance Ministers and Central Bank Governors stressed the need for participants on commodity derivatives markets to be subject to appropriate regulation and supervision and called for enhanced transparency in both cash and derivatives markets as previously recommended by the International Organization of Securities Commissions (“IOSCO”). IOSCO was asked to finalise, by September, its recommendations on regulation and supervision in this area particularly to address market abuse; (ii) the Finance Ministers and Central Bank Governors took stock of the progress made to determine a cohort of globally systemically important financial institutions. The Financial Stability Board (“FSB”) will make recommendations on a multi-pronged framework with more intensive supervisory oversight, effective resolution capabilities and higher loss absorbency capacity; and (iii) the Finance Ministers and Central Bank Governors are committed to set high, internationally consistent, coordinated and non-discriminatory requirements in legislation implementing the FSB recommendations on over-the-counter derivatives markets and stressed the need to avoid overlapping requirements.