This report responds to the call of G20 Leaders on the FSB, IMF and BIS to do further work on macroprudential policy. It traces the progress in implementing macroprudential policy frameworks along three broad lines: (i) advances in the identification and monitoring of systemic financial risk; (ii) the designation and calibration of instruments for macroprudential purposes; and (iii) building institutional and governance arrangements in the domestic and regional context. The report's main message is that effective macroprudential frameworks require institutional arrangements and governance structures that, tailored to national circumstances, are able to mobilise the right tools to limit systemic risk as well as ensure a frank dialogue and resolve conflicts among policy makers' objectives. While recognising that no one size fits all, the report describes steps that have been taken, nationally and internationally, in developing macroprudential policy frameworks. The report also highlights the scope for further progress in the identification of systemic risk, the collection and analysis of data, in assessing the performance of newly introduced tools and in the establishment of institutional arrangements for the conduct of policy.