The Financial Stability Board (FSB) has published a paper which is entitled Promoting global adherence to international cooperation and information exchange standards.

In this paper the FSB announces the launch of an initiative to encourage all jurisdictions to adhere to international financial standards. The initial focus of the initiative is on adherence to international cooperation and information exchange standards in the financial regulatory and supervisory area. The three key financial regulatory and supervisory standards are:

  • The BCBS Core Principles for Effective Banking Supervision.
  • The IAIS Insurance Core Principles.
  • The IOSCO Objectives and Principles of Securities Regulation.

Section 2 of the paper summarises the process to be followed by the FSB for evaluating adherence to international cooperation and information exchange standards in the financial regulatory and supervisory area. Sections III, IV and V provide a more detailed description of the initiative.

The FSB’s initiative is in response to a call by the G20 leaders at the April 2009 London summit. It also compliments similar initiatives by the Global Forum and the OECD to promote adherence to international standards in tax, and by FATF for standards concerning anti-money laundering and combating the financing of terrorism.

View Promoting global adherence to international cooperation and information exchange standards, 10 March 2010