The Financial Stability Board and international standards

Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions The fact that the international standards regime was (IOSCO), the International Association of Insurance divided so starkly into “rule-makers” and “rule-takers’” Supervisors (IAIS), the Committee on Payment and undermined the commitment of the latter to its goals. [...] The legitimacy problems created by the narrow membership of the FSF and SSBs were in fact widely The FSF’s ability to encourage the adoption of these predicted at the time of the FSF’s creation. [...] The de Larosière report on financial that the FSB’s various committees might consider the supervision in the European Union in February 2009 model of the G20 working groups involving co-chairs recommended this course, suggesting that the FSF from developed and developing countries (this was report to the IMF’s International Monetary and Financial also the model of the G22 working groups in the lat [...] The first peer review, between December systemic importance and weak adherence to the relevant 2009 and March 2010, was a thematic one focusing on standards.” The FSB noted in January 2010 that it would the implementation of the “FSB Principles for Sound begin by concentrating solely on compliance with the Compensation Practices.” By the end of the year, the international cooperation and informati [...] It is interesting that the only ratification mentioned in the FSB’s Article 16 of its Charter acknowledges that the Charter “is Charter concerns the membership of international organizations: “The acceptance of membership by the international financial institutions in the FSB is subject to the approval of their respective governing bodies.” 11 The Centre for International Governance Innovation “ru