The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Established in April 2009 at the G20 summit in London, the Financial Stability Board (FSB) is the successor to the Financial Stability Forum (FSF). The FSB was created after G20 leaders called for an expanded membership of the FSF to strengthen its effectiveness as a mechanism for national authorities, standard-setting bodies (SSBs) and international financial institutions (IFIs), and oversee the implementation of strong regulatory, supervisory and other financial sector policies. For further details on the G20, please see Practice Note: G-20
The FSB operates as a formalised international convening body based in Basel, Switzerland. It drives, monitors and makes recommendations for a coordinated global response to the world financial and economic crisis. It aims to bring together national authorities responsible for financial stability in significant financial sectors, namely central banks, treasuries, supervisory agencies, sector-specific international grouping of regulators and supervisors, IFIs and SSBs.
Despite being described by Tim Geithner, former Secretary of the Treasury of the United States, as the 'fourth pillar of global economic governance architecture' (alongside the International Monetary Fund (IMF), The World Bank and The World Trade Organization), the FSB lacks legal form and has no formal powers over its members. The FSB Charter, which came into effect on 25 September 2009, specifically does not create any legal rights or obligations over its members.
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