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 members, 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 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 Plenary Meeting
- Strring Committee
- The Secretariat
- Standing Committee on Assessment of Vuinerabilities
- Standing Committee on Supervisory and Reguiatory Cooperation
- Standing Committee on Standars Implementation
- Standing Committee on Budge of Resources
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
| 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 |
| Germany | Deutsche Bundesbank | Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) | Ministry of Finance |
| Italy | Bank of Italy | Commissione Nazionale per le Societa e la Borsa (CONSOB) |
Ministry of Economy & Finance |
| Japan | Bank of Japan | Financial Services Agency | Ministry of Finance |
| United Kingdom | Bank of England | Financial Conduct Authority | HM Treasury |
| United States | Federal Reserve System | Securities & Exchange Commission | Department of Treasury |
| Brazil | Central Bank of Brazil | Securities & Exchange Commission | Ministry of Finance |
| Russia | Central Bank of the Russian Federation |
Ministry of Finance | |
| India | Reserve Bank of India | Securities & Exchange Board of India | Ministry of Finance |
| China | People's Bank of China | China Banking & Insurance 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 & Digitalization | |
| Australia | Reserve Bank of Australia | Department of the Treasury | |
| Switzerland | Swiss National Bank | Swiss Federal Department of Finance |
|
| Netherlands | The Netherlands Bank | Ministry of Finance | |
| Hong Kong SAR | Hong Kong Monetary Authority |
||
| Singapore | Monetary Authority of Singapore |
||
| Indonesia | Bank Indonesia | Ministry of Finance | |
| Saudi Arabia |
Saudi Central Bank | Ministry of Finance | |
| Turkey | Central Bank of the Republic of Turkey |
Ministry of Treasury & Finance | |
| Argentina | Central Bank of Argentina | Ministry of Finance | |
| South Africa | South African Reserve Bank | National Treasury | |
International Organizations, etc.
| Category |
Organization |
|---|---|
| European Union | European Central Bank(ECB) |
| European Commission(EC) | |
|
ECB Banking Supervision (SSM) |
|
| 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 Market Infrastructures (PMI) | |
| Committee on the Global Financial System (CGFS) |