IMF published a report that informs the Executive Board of the staff-level understandings reached with global standard-setting bodies on the use of the three financial sector supervisory standards in the Fiinancial Sector Assessment Programs (FSAPs). The three supervisory standards are the Core Principles for Effective Banking Supervision (BCP) by BCBS; Insurance Core Principles (ICP) by IAIS; and Objectives and Principles of Securities Regulation by IOSCO.
As graded assessments of compliance with supervisory standards are voluntary, FSAPs have adopted a flexible approach to the use of supervisory standards. A standard is either assessed in full, resulting in grades, or used as the basis for a deeper analysis of selected elements of the oversight framework in a focused review, without grades. The standard-setting bodies and IMF staff have reached understandings on a refinement of the existing flexible approach, with sets of “base principles” serving as the starting points for focused reviews.
Related Link: Report (PDF)
Keywords: International, Banking, Insurance, Securities, FSAP, BCP, ICP, IMF
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