04/16/2021 | Press release | Distributed by Public on 04/16/2021 04:08
The Basel Committee on Banking Supervision is today publishing its work programme for 2021-22. The work programme sets out the strategic priorities for the Committee over the coming year and reflects the outcome of a recent strategic review by the Committee to ensure that it continues to effectively promote global financial stability and strengthen the regulation, supervision and risk management practices of banks worldwide.
The work programme, which was recently endorsed by the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Committee, focuses on three key themes:
As previously agreed by the GHOS, the Committee has marked a clear end to the Basel III policy agenda. Going forward, the Committee's Basel III-related work will focus on: (i) monitoring the full, timely and consistent implementation of these standards by its members; and (ii) completing an evidence-based evaluation of the effectiveness of these reforms.
The Committee will continue to cooperate closely with other global standard-setting bodies and international fora on cross-sectoral supervisory issues, including work related to cross-border payments, non-bank financial intermediation, benchmark rate transition and FX settlement risk.
The work programme of the Basel Committee for the coming year reflects the Committee's forward-looking approach to assessing and mitigating emerging risks and vulnerabilities to the global banking system and a clear focus on strengthening supervisory coordination. It is critical that all member jurisdictions implement the outstanding Basel III standards in a full, timely and consistent manner. Our strategic priorities are ambitious and seek to ensure that the Committee continues to promote global financial stability and safeguard the safety and soundness of banks worldwide.
Note to editors:
The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee does not possess any formal supranational authority, and its decisions do not have legal force. Rather, the Committee relies on its members' commitments to achieve its mandate. The Basel Committee is chaired by Pablo Hernández de Cos, Governor of the Bank of Spain. More information about the Basel Committee is available here.