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Financial Stability Forum re-established as Financial Stability Board: FSF institutionally strengthened with expanded membership

9. Alongside the current mandate of the FSF – to assess vulnerabilities affecting the financial system, identify and oversee action needed to address them, and promote coordination and information exchange among authorities responsible for financial stability – the FSB will:

a) monitor and advise on market developments and their implications for regulatory policy;

b) advise on and monitor best practice in meeting regulatory standards;

c) undertake joint strategic reviews of the policy development work of the international SSBs to ensure their work is timely, coordinated, focused on priorities and addressing gaps;

d) set guidelines for and support the establishment of supervisory colleges;

e) manage contingency planning for cross-border crisis management, particularly with respect to systemically important firms; and

f) collaborate with the IMF to conduct Early Warning Exercises.

10. In support of 9 c), the SSBs will report to the FSB on their work without prejudice to their existing reporting arrangements or their independence. This process should not undermine the independence of the standard setting process but strengthen support for strong standard setting by providing a broader accountability framework.

11. To support the FSB’s role described in 9, the FSB Plenary will establish Standing Committees for Vulnerabilities Assessment; Supervisory and Regulatory Co-operation (including for supervisory colleges and cross-border crisis management); and Implementation of Standards and Codes. It may establish other Standing Committees and ad hoc working groups as necessary. The Steering Committee may establish fastacting ad hoc workstreams as needed. Ad hoc working groups can include non-FSB member countries.

12. Over time, the FSB will promote and help coordinate the alignment of international standard setting activities to address any overlaps or gaps and clarify demarcations in light of changes in national regulatory structures relating to prudential and systemic risk, market integrity and consumer protection, infrastructure, and accounting and auditing.

13. The FSB will step up its regional outreach activities to broaden the circle of countries engaged in work to promote international financial stability. It will also engage in stronger public relations outreach to raise the visibility of its work and role in the international financial system.

14. The FSB and IMF will intensify their collaboration, each complementing the other’s role as per the 13 November 2008 letter by the Managing Director of the IMF and the Chair of the FSF. The FSB and the IMF will collaborate in conducting Early Warning Exercises and make a joint presentation to the IMFC on financial risks and vulnerabilities and policy recommendations to mitigate such risks and vulnerabilities.

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