The 2008 international financial crisis reveals many defects of the current financial regulation and supervision system，particularly the low capital standards of bank regulation，the increasing interconnectedness and procyclicality of financial system，loose supervision and inadequate cross-border financial regulation. Since the end of 2008，financial regulation reform has been perused throughout the world，with all the major economies of the world actively involving in the discussions and debates over measures of reform. Several important progresses have been witnessed in establishing international capital and liquidity standards. However，the philosophy guiding the reform so far has been trying to further enhance Basel II framework through refined accuracy，and to constrain financial institutions from overtaking risks by increasing the cost of high risk activities. The fundamental issues that will help to build a more resilient financial system have not been addressed，such as limiting the structure of current financial system，changing the short-term incentive mechanism of financial institutions，and enforcing the implementation of financial regulation and supervision. It’s doubtful that the current financial regulation reform will be able to meet its original objective of effective supervision as stipulated in the G20 statements. It is more likely that the future financial regulation system will continue to be a transitional system.