The Financial Stability Board is conducting peer reviews this year to ensure member nations are complying with the board's rules, sources said. Spain, Italy and Mexico are up first for the reviews, which will delve into how effectively the countries implemented regulations to avoid and prevent financial crises. "The process is starting for real, and countries who sense they might not match up know that it is coming and will catch up with them in due course," said David W Green, an adviser to regulators.

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