Standard-Setting Bodies in the Compendium
The following is a list of standard-setting bodies whose standards are featured in the Compendium of Standards.
The BCBS, established by the G10 Central Banks in 1974, provides a forum for regular co-operation among its member countries on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide.
The BCBS formulates supervisory standards and guidelines and recommends statements of best practice in banking. In this regard, the BCBS is best known for its international standards on capital adequacy and the Core Principles for Effective Banking Supervision.
The CGFS, a committee of major advanced and emerging economy central banks, undertakes systematic short-term monitoring of global financial system conditions, longer-term analysis of the functioning of financial markets, and the articulation of policy recommendations aimed at improving market functioning and promoting stability.
The CPMI (formerly known as the Committee on Payment and Settlement Systems or CPSS) promotes the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy. It monitors and analyses developments in these arrangements, both within and across jurisdictions. It also serves as a forum for central bank cooperation in related oversight, policy and operational matters, including the provision of central bank services.
The Financial Action Task Force (FATF) was established by the G7 in 1989, and is an intergovernmental body with 36 members whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.
The FATF is responsible for setting the international standards for combating money laundering and terrorist financing, and works to generate the necessary political will to bring about the required national legislative and regulatory reforms. It also monitors members' progress in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.
The FSB was established in April 2009 as the successor to the Financial Stability Forum (FSF). Its mandate is to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies.
The FSB brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
The IADI, founded in 2002 with members and associates representing over 70 jurisdictions, is a non-profit organization domiciled at the Bank for International Settlements in Basel, Switzerland.
The IADI provides a forum for international cooperation among deposit insurers, central banks, and international organisations on issues related to financial stability, deposit insurance, and resolution activities. As part of its objective to enhance the effectiveness of deposit insurance systems, IADI, together with the BCBS, published the Core Principles for Effective Deposit Insurance Systems and issued a methodology for the assessment of compliance with the Core Principles.
Established in 1994, the IAIS represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries and has also more than 120 insurance professionals, insurers, reinsurers and trade associations as observers. The IAIS mission is to promote effective and globally consistent regulation and supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
The IAIS issues global insurance core principles, standards and guidance material, develops a common framework for the supervision of internationally active insurance groups, provides training and support on issues related to insurance supervision, fosters supervisory cooperation and information exchange, develops assessment mechanisms that help assess and enhance observance of IAIS core principles and standards, works closely with other international institutions to promote financial stability, and organises meetings and seminars for insurance supervisors.
The International Accounting Standards Board is an independent, privately-funded accounting standard setter based in London, UK. Board members come from nine countries and have a variety of functional backgrounds. The Board is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements.
In addition, the Board cooperates with national accounting standard setters to achieve convergence in accounting standards around the world. The IASB is responsible for developing and approving International Accounting Standards (IAS). To-date, a total of 40 IASs have been promulgated by the IASB and its predecessor, the International Accounting Standards Committee (IASC).
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board (PIOB), which oversees the activities of the IAASB, and the IAASB's Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).
The IMF's mandate is the surveillance of its members' macroeconomic and financial policies, as well as of the international monetary system. The IMF develops and monitors international standards in areas relevant to this mandate. In collaboration with other standard-setting bodies, it has developed international standards for data dissemination and transparency practices in fiscal, monetary and financial policies, and has contributed to the development of international standards for banking, as well as for insurance and securities supervision.
In addition, the IMF (in cooperation with the World Bank in developing and emerging market countries) is assessing compliance with all the core international financial sector standards through its FSAP and ROSC programs. The IMF periodically publishes reports to its Board summarizing country experiences with the implementation of the standards and codes that it monitors.
IOPS is a legal body whose Governing Members are entities responsible in whole or in part for the supervision of pension funds, plans, schemes or arrangements in a country or in the subdivision of a country. Formed in July 2004, the IOPS has over 80 members and observers from over 70 countries and territories worldwide.
One of the main purposes of the IOPS is to serve as the standard-setting body on pension supervisory issues and on regulatory issues related to pension supervision, through the development and promotion of the implementation of international principles, standards, and good practices in pension supervision, having regard to the variety of different private pension system. The IOPS Secretariat is hosted by the Organisation for Economic Cooperation and Development (OECD).
IOSCO is the international policy forum for national regulators of securities and futures markets. IOSCO develops and promotes standards of securities regulation in order to maintain efficient and sound markets. It draws on its international membership to establish standards for effective surveillance of international securities markets and provides mutual assistance to promote the integrity of markets by a rigorous application of the standards and effective enforcement against offences.
The Islamic Financial Services Board (IFSB), established in 2002, is an international organisation that promotes the soundness and stability of the Islamic financial services industry by issuing prudential standards and guiding principles for the banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.
The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates.
The objective of the Joint Forum is to support banking, insurance and securities supervisors in meeting their regulatory and supervisory objectives and, more broadly, to contribute to the international regulatory agenda in particular where risks exist across or in gaps between the three supervised sectors.
The OECD aims to promote policies designed to achieve sustained economic growth and employment in its member countries. In the area of promoting efficient functioning of markets, the OECD encourages the convergence of policies, laws and regulations covering financial markets and enterprises.
The WB develops international standards in areas of direct operational relevance to its mandate of promoting financial sector development. In collaboration with other standard-setting bodies, it has developed international standards for insolvency and creditors rights, financial infrastructure (e.g. international remittances services, credit reporting systems), and public debt management.
The WB has also contributed to the development of international standards and assessment methodologies for financial sector supervision, AML/CFT, payment and settlement systems, accounting and auditing, and corporate governance standards. The WB, in cooperation with the IMF, is assessing compliance with all the core international financial sector standards through its FSAP and ROSC programs.