To strengthen the surveillance of financial markets, the G20 leaders decided in April 2009 to expand the membership of the former Financial Stability Forum (FSF) and renamed it the Financial Stability Board (FSB).
The new membership includes the G20, Hong Kong SAR, Singapore, and Spain.
The FSB is designed to help improve the functioning of financial markets, and to reduce systemic risk through enhanced information exchange and international cooperation among the authorities responsible for maintaining financial stability.
The FSF first met on April 14, 1999, at IMF headquarters, and has since then met semiannually. It was made an observer of the IMFC in September 1999.
The FSB consists of a Plenary, a Steering Committee, other committees and subgroups as needed, and a secretariat based in Basel, Switzerland.
The Plenary is the decision-making organ of the FSB.
Its members are the heads of members’ treasuries, central banks, and supervisory agencies; the chairs of the main standard-setting bodies and central bank committees; and senior representatives of international financial institutions (the Bank for International Settlements, International Monetary Fund, Organization for Economic Cooperation and Development, and World Bank).
The Steering Committee provides operational guidance between plenary meetings to carry forward the directions of the FSB.
Its composition is decided by the Plenary at the proposal of the Chair.
The Plenary may establish Standing Committees and working groups as necessary.
|Financial Stability Board Membership|
|Member Jurisdictions (25)|
|International Financial Institutions (4)|
|International Standard-Setting and Other Bodies (6|