Leading by example
FSB members’ adherence to international standards is essential to reinforce the credibility of the FSB’s efforts to strengthen adherence by all countries and jurisdictions. To lead by example, as described in the FSB’s Framework for Strengthening Adherence to International Standards, FSB member jurisdictions have committed to:
- implementing international financial standards;
- undergoing an assessment under the IMF-World Bank Financial Sector Assessment Program (FSAP) every five years;
- disclosing their degree of adherence of international standards, notably by publishing the detailed assessments prepared by the IMF and World Bank as a basis for the Reports on the Observance of Standards and Codes (ROSCs); and
- undergoing periodic peer reviews using, among other evidence, reports prepared as part of the FSAP.
The sections below provide information on FSB member jurisdictions’ participation in FSAPs and publication of the resulting assessments, as well as on the schedule of past and future FSB country peer reviews.
The schedule of the second round of FSB country reviews and the year of the most recent (completed) FSAP and of the previous peer review for a jurisdiction are shown below.
| Year of launch of second peer review | FSB member | Latest FSAP | First peer review | Comment |
|---|---|---|---|---|
| 2019 | South Africa | Feb 2022 | Feb 2013 | Report published in Mar 2020 |
| Mexico | Nov 2022 | Sep 2010 | Report published in Mar 2020 | |
| Germany | Jul 2022 | Apr 2014 | Report published in Jul 2020 | |
| Indonesia | Jun 2017 | Feb 2014 | Report published in Feb 2021 | |
| United Kingdom | Feb 2022 | Sep 2013 | Report published in Apr 2021 | |
| 2023 | Italy | Mar 2020 | Mar 2011 | Report published in Jan 2024 |
| Switzerland | Jun 2019 | Jan 2012 | Report published in Feb 2024 | |
| 2024 | Brazil | Nov 2018 | Apr 2017 | Underway |
| France | Jul 2019 | Jul 2017 | Underway | |
| Netherlands | Apr 2017 | Nov 2014 | To launch in H2 2024 | |
| 2025 | Spain | Oct 2017 | Mar 2011 | |
| China | Dec 2017 | Aug 2015 | ||
| Türkiye | Jul 2023 | Nov 2015 | ||
| 2026 | Canada | Jun 2019 | Jan 2012 | |
| EU | Jul 2018* | n/a | ||
| India | Dec 2017 | Aug 2016 | ||
| Saudi Arabia | Oct 2017 | Nov 2015 | ||
| 2027 or later (TBC) | Argentina | Jul 2013 | Aug 2017 | |
| Australia | Feb 2019 | Sep 2011 | ||
| Hong Kong | Jun 2021 | Feb 2018 | ||
| Japan | Jul 2017 | Dec 2016 | ||
| Korea | Apr 2020 | Dec 2017 | ||
| Russia | Jul 2016 | Feb 2015 | ||
| Singapore | Jul 2019 | Feb 2018 | ||
| United States | Aug 2020 | Aug 2013 |
* Refers to the Euro Area.
The table below shows information, provided by the IMF and the World Bank as of May 2024, on the status of FSAPs and publication of DARs for FSB jurisdictions.
- FSAP = Financial Sector Assessment Program
- DAR = Detailed Assessment Report on the observance of standards and codes
- FSSA = Financial Stability Assessment
- BCPs = Basel Committee on Banking Supervision’s Basel Core Principles
- ICPs = International Association of Insurance Supervisors’ Insurance Core Principles
- IOSCO = International Organization of Securities Commissions’ Objectives and Principles of Securities Regulation
- n/a = Not Applicable.
Note: The IMF has made it mandatory for 32 jurisdictions with systemically important financial sectors to undergo FSAP assessments every five years. These include all FSB member jurisdictions except Argentina and South Africa. These FSAP assessments are formally part of IMF Article IV consultations.
- Refers to the month that the Financial System Stability Assessment (FSSA) report was published by the IMF, except in the case of Argentina (see footnote 4).
- Refers to reports prepared as part of the latest FSAP (unless otherwise indicated). These include the FSSA and the DARs (Detailed Assessment Reports on the observance of standards and codes) on the BCBS’s Basel Core Principles (BCPs), the IAIS’s Insurance Core Principles (ICPs), and IOSCO’s Objectives and Principles of Securities Regulation.
- The dates, which refer to the calendar year of the concluding FSAP mission, are indicative and subject to change.
- The FSSA of Argentina was completed in 2013 and published in February 2016. Due to the ongoing IMF program for Argentina, scheduling of FSAPs has been difficult.
- Stand-alone ROSCs for Argentina were completed in October 2011.
- The published DARs date back to an earlier FSAP. For the EA member states, the FSAPs usually do not have DARs for BCP assessments anymore.
- The last IOSCO assessment (not published) for Türkiye dates back to 2006.
- Refers to the Euro Area.
