Financial Stability Board
Tue, Apr 15In April 2009, G20 leaders made the decision to enhance the oversight of financial markets by expanding the membership of the former Financial Stability Forum (FSF) and renaming it the Financial Stability Board (FSB). The new membership now includes the G20, Hong Kong SAR, Singapore, and Spain.
The FSB aims to improve the functioning of financial markets and mitigate systemic risk through better information sharing and international collaboration among the authorities responsible for ensuring financial stability.
The FSF held its inaugural meeting on April 14, 1999, at the IMF headquarters and has since convened semiannually. It became an observer of the IMFC in September 1999.
The FSB is structured with a Plenary, a Steering Committee, and additional committees and subgroups as necessary, along with a secretariat located in Basel, Switzerland. The Plenary serves as the decision-making body of the FSB.
Members of the Plenary include the heads of member jurisdictions' treasuries, central banks, and supervisory agencies, as well as the chairs of key standard-setting bodies and central bank committees, along with senior representatives from international financial institutions such as the Bank for International Settlements, International Monetary Fund, Organization for Economic Cooperation and Development, and World Bank.
The Steering Committee offers operational guidance between plenary meetings to implement the FSB's directives. Its composition is determined by the Plenary based on the Chair's proposal. The Plenary has the authority to establish Standing Committees and working groups as needed.
Financial Stability Board Membership
- Chairman (1)
- Member Jurisdictions (25)
- International Financial Institutions (4)
- International Standard-Setting and Other Bodies (6)
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