Basel Committee on Banking Supervision(BCBS)

Objectives and Business Areas

The BCBS, established in 1974 in accordance with the resolution of the central bank Governors of the G10, is an international organization to set standards for bank regulation and supervision and promote international cooperation. Its members have increased to include 28 countries now. Member institutions are central banks and supervisory authorities of each country. The member institutions representing Korea are the Bank of Korea and the Financial Supervisory Service entrusted by the Financial Services Commission.

BCBS's activities focus on bank regulation, and major issues for discussion in 2014 include policy reform, with the primary goal of completing the crisis-initiated reforms, monitoring and assessing implementation of the Basel framework, further examining the balance between simplicity, comparability and risk-sensitivity and improving the effectiveness of supervision. The BCBS is also in charge of assessing the compliance of individual jurisdiction's domestic regulations with the international minimum requirements defined by the Basel Committee through the Regulatory Consistency Assessment Programme (RCAP).

Organization

BCBS consists of the Meeting of Governors and Heads of Supervision (GHOS), the Basel Committee on Banking Supervision and a number of working groups including the Risks and Vulnerabilities Assessment Group (RVG), the Supervisory Cooperation Group (SCG), the Policy and Standards Group (PSG) and the Basel Consultative Group (BCG).

BCBS Organogram

BCBS consists of the Meeting of Governors and Heads of Supervision(GHOS), the Basel Committee on Banking Supervision, the Policy Development Group(Accounting Task Force, Standard Implementation Group, Policy Development Group) and a number of working groups.

BCBS consists of the Meeting of Governors and Heads of Supervision(GHOS), the Basel Committee on Banking Supervision, the Policy Development Group(Accounting Task Force, Standard Implementation Group, Policy Development Group) and a number of working groups.

The Bank of Korea's Activities

The Bank of Korea joined the BCBS in March 2009 when it was expanding its members from 13 nations to 28. The start of the Bank’s membership coincided with the nascent discussion of a new set of bank regulation standards, the ‘Basel III’ in order to overcome the global financial crisis and prevent another one from occurring. Therefore, the Bank actively participated not only in the GHOS Meeting and the BCBS Meeting but also in working groups such as the RVG, the SCG, the PSG and the BCG contributing considerably to the success of each group. In October 2024, the Bank hosted the PSG Meeting. Moreover, the Bank has hosted numerous working group meetings.

List of Member Institutions

BCBS Member Institutions

BCBS Member Institutions
Nation BCBS Participant
Belgium
  • National Bank of Belgium
Canada
  • Bank of Canada
  • Office of the Superintendent of Financial Institutions
France
  • Bank of France
  • Prudential Supervision and Resolution Authority
Germany
  • Deutsche Bundesbank
  • Federal Financial Supervisory Authority (BaFin)
Italy
  • Bank of Italy
Japan
  • Bank of Japan
  • Financial Services Agency
Luxembourg
  • Surveillance Commission for the Financial Sector
Netherlands
  • Netherlands Bank
Spain
  • Bank of Spain
Sweden
  • Sveriges Riksbank
  • Finansinspecktionen
Switzerland
  • Swiss National Bank
  • Swiss Financial Market Supervisory Authority (FINMA)
United Kingdom
  • Bank of England
  • Prudential Regulation Authority
United States
  • Board of Governors of the Federal Reserve System
  • Federal Reserve Bank of New York
  • Office of the Comptroller of the Currency
  • Federal Deposit Insurance Corporation
Argentina
  • Central Bank of Argentina
Australia
  • Reserve Bank of Australia
  • Australian Prudential Regulation Authority
Brazil
  • Central Bank of Brazil
China
  • People's Bank of China
  • National Financial Regulatory Administration
Hong Kong SAR
  • Hong Kong Monetary Authority
India
  • Reserve Bank of India
Indonesia
  • Bank Indonesia
  • Indonesia Financial Services Authority
Korea
  • Bank of Korea
  • Financial Supervisory Service
Mexico
  • Bank of Mexico
  • Comision Nacional Bancaria y de Valores
Russia
  • Central Bank of the Russian Federation
Saudi Arabia
  • Saudi Central Bank
Singapore
  • Monetary Authority of Singapore
South Africa
  • South African Reserve Bank
Türkiye
  • Central Bank of the Republic of Türkiye
  • Banking Regulation and Supervision Agency
European Union
  • European Central Bank
  • European Central Bank Single Supervisory Mechanism

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