Bloomberg News

FSB Plans Regional Groupings to Broaden Its Regulatory Reach

November 03, 2010

The Financial Stability Board said it’s seeking to add to the number of countries that implement its regulatory principles.

The FSB will set up so-called regional consultation groups, including non-members, to broaden the “applicability and implementation of the policies and standards the FSB promotes,” Mario Draghi, the board’s chairman, said in an e-mailed statement today.

The Group of 20 countries set up the FSB last year, putting it in charge of coordinating efforts to strengthen global financial regulation in the wake of the worst financial crisis since the Great Depression. It replaced the Financial Stability Forum, an advisory group with no formal role that was created in 1999 after the Asian financial crisis.

The FSB’s members include national regulators from 24 countries, including all members of the G-20.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.


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