Following the global financial crisis, there has been a large program of international financial regulatory reform. The following lists the key international bodies that have driven this work and on which Australia is represented.
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision (BCBS) is the primary global standard-setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
Australia is represented on the BCBS by APRA and the RBA.
Committee on Payments and Market Infrastructures
The Committee on Payments and Market Infrastructures (CPMI), formerly the Committee on Payment and Settlement Systems, contributes to strengthening the financial market infrastructure through promoting sound and efficient payment, clearing and settlement systems.
The CPMI is a standard-setting body for payment, clearing and securities settlement systems. It also serves as a forum for central banks to monitor and analyse developments in domestic payment, clearing and settlement systems as well as in cross-border and multicurrency settlement schemes.
Australia is represented on the CPMI by the RBA.
Financial Stability Board
The Financial Stability Board (FSB) coordinates, at the international level, the work of national financial authorities and international standard-setting bodies, and develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
Australia is represented on the FSB by the RBA and Treasury.
Group of Twenty
The Group of Twenty (G20) is the premier forum for international economic cooperation with members from 19 countries and the European Union. G20 Leaders, Finance Ministers and Central Bank Governors meet regularly to address global economic and financial challenges.
Australia is represented on the G20 by the Prime Minister, the Treasurer and the RBA Governor.
International Association of Deposit Insurers
The International Association of Deposit Insurers (IADI) enhances the effectiveness of deposit insurance systems by promoting guidance and international cooperation. Members of the IADI conduct research and produce guidance for the benefit of those countries seeking to establish or improve a deposit insurance system.
Australia is represented on the IADI by APRA.
International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) represents insurance regulators and supervisors of more than 200 jurisdictions in nearly 140 countries. Its objectives are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.
Australia is represented on the IAIS by APRA.
International Organization of Securities Commissions
The International Organization of Securities Commissions (IOSCO) is an association of organisations that regulate the world's securities and futures markets. Its role is to assist its members to promote high standards of regulation and provides a forum where securities regulators can exchange information, and coordinate supervisory and regulatory efforts.
Australia is represented on IOSCO by ASIC.
International Organisation of Pension Supervisors
The International Organisation of Pension Supervisors (IOPS) is an independent international body representing those involved in the supervision of private pension arrangements. IOPS currently has around 70 members and observers representing approximately 60 countries and territories worldwide.
Australia is represented on IOPS by APRA.
The Joint Forum is an international group bringing together financial regulatory representatives from banking, insurance and securities markets. It works under the international bodies for these sectors, the BCBS, IOSCO and the IAIS. The group develops guidance, principles and identifies best practices that are of common interest to all three sectors.
Australia is represented on the Joint Forum by APRA and ASIC.Top