With the 14th G20 Summit scheduled in Osaka later this month, it is time to take stock of what the G20 itself saw as one of the ultimate causes of the 2008 Global Financial Crisis (GFC), namely the failure of financial regulation.    Financial regulatory reform, like most G20 initiatives, was attempted through advisories to multilateral institutions, such as the Basel Committee on Bank Supervision (BCBS) for commercial banks, and the International Organisation of Securities Commissions (IOSCO) for non-banks and shadow banking. Monitoring of these reforms is being done by the G20 through the restructured Financial Stability Board (FSB). These reforms were supplemented by national initiatives, such as the Dodd Frank Act in the US, the Vickers Commission in the UK, and the Liikanen Report of the European Union.