Financial Stability Board(FSB)

  1. Financial Stability
  2. Financial Stability
  3. Participation in FSB & BCBS
  4. Financial Stability Board(FSB)

Objectives and Business Areas

The FSB was established as the successor to the Financial Stability Forum (FSF) that was founded in 1999 in a bid to seek international cooperation on finding ways to prevent a financial crisis, effectively address it when it occurs and strengthen the stability of the international financial system. It originally consisted of 12 member countries, including G7 countries and Australia, and 10 international organizations such as the IMF and BCBS, but in 2009 the expanded FSF with 13 new member states, including Korea, changed its name to the Financial Stability Board. The FSB member institutions include central banks, regulatory authorities and finance ministries of the member countries.

The FSB is advantageous for carrying out a wide range of activities since financial authorities of member states and international standard-setting bodies are participating as its member institutions. Its major topics for discussion in 2014 cover addressing the vulnerabilities of the global financial system, ending too-big-to-fail, developing shadow banking regulations, implementing OTC derivatives and coordinating benchmark reforms.

Organization

The FSB consists of the Plenary Meeting in charge of decision making, the Steering Committee which provides operational guidance, the Secretariat, six Regional Consultative Groups and four Standing Committees.

FSB Organogram

FSB Organogram

FSB Organogram

The Bank of Korea's Activities

The Bank of Korea, joined the FSB in March 2009, when it was expanding its membership following the reorganization from its predecessor, the FSF. Ever since, the Bank has been proactively acting as a member institution, not only participating in the FSB Plenary Meeting but also joining one of the 4 standing committees, the Standing Committee on Assessment of Vulnerabilities (SCAV), and actively contributing to assessing the vulnerabilities of the global financial system and establishing the necessary policy measures. The Bank has also been participating in the Analytical Group on Vulnerabilities (AGV), the Legal Entity Identifier (LEI) and the Shadow Banking Working Group. Moreover, from 2011, the Bank served as the co-chair of the FSB RCGfA (Regional Consultative group for Asia) for 2 years and has hosted several FSB related meetings, including the FSB Plenary meeting in October 2010.

List of Member Institutions

FSB Member Institutions

FSB Member Institutions
Nation FSB Participant
Central Bank Regulator Finance Ministry
Canada Bank of Canada Office of the Superintendent of
Financial Institutions
Department of Finance
France Bank of France Autorite des Marches Financiers (AMF) Ministry of Economy, Finance and Foreign Trade
Germany Deutsche Bundesbank Federal Financial Supervisory Authority (BaFin) Ministry of Finance
Italy Bank of Italy Commissione Nazionale
per le Societa e la Borsa (CONSOB)
Ministry of Economy and
Finance
Japan Bank of Japan Financial Services Agency Ministry of Finance
United Kingdom Bank of England Financial Conduct Authority HM Treasury
United States Board of Governors of
the Federal Reserve System
Securities & Exchange Commission Department of theTreasury
Brazil Central Bank of Brazil Securities & Exchange Commission of Brazil Ministry of Finance
Russia Central Bank of theRussian
Federation
Federal Financial Markets Services Ministry of Finance
India Reserve Bank of India Securities & Exchange Board of India Ministry of Finance
China People's Bank of China China Banking Regulatory Commission Ministry of Finance
Korea Bank of Korea Financial Services Commission
Mexico Bank of Mexico Ministry of Finance & Public Credit
Spain Bank of Spain Ministry of Economy & Finance
Australia Reserve Bank of Australia Department of the Treasury
Switzerland Swiss National Bank Swiss Federal Department
of Finance
Netherlands Netherlands Bank Ministry of Finance
Hong Kong Hong Kong Monetary
Authority
Singapore Monetary Authority of
Singapore
Indonesia Bank Indonesia
Saudi
Arabia
Saudi Arabian Monetary
Agency
Turkey Central Bank of the
Republic of Turkey
Argentina Central Bank of Argentina
South Africa Ministry of Finance

International Organizations, etc.

International Organizations, etc.
Category Organization
European Unio European Central Bank(ECB)
European Commission(EC)
International Financial Institution Bank for International Settlements (BIS)
International Monetary Fund (IMF)
Organisation for Economic Co-operation and Development (OECD)
World Bank
International standard-setting bodies and other groupings Basel Committee on Banking Supervision (BCBS)
International Accounting Standards Board (IASB)
International Association of Insurance Supervisors (IAIS)
International Organisation of Securities Commissions (IOSCO)
Committee on Payment and Settlement Systems (CPSS)
Committee on the Global Financial System (CGFS)
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