The Basel Committee on Banking Supervision (http://www.bis.org/bcbs/index.htm) was created in 1974 under the auspices of the Bank for International Settlements. The Committee was established by the Central Bank Governors from 10 countries. Originally, the Committee focused on closing the gaps in international banking supervision and to achieve this, the Committee has issued a large number of documents since 1975.

The Basel Committee comprises 45 members from 28 jurisdictions, consisting of central banks and banking supervisory authorities. Additionally, there are eight observers associated with the Committee including central banks, supervisory groups, international organisations and other bodies.

The Basel Committee on Banking Supervision provides a forum for close cooperation between member countries in the field of banking supervisory issues. However, the Committee does not operate as a supranational supervisory authority, nor are its guidelines legally binding. The Committee drafts technical standards, guidelines and recommendations concerning best practices in the expectation that individual supervisory authorities will take the necessary steps to introduce them into national legal systems in the best possible way.

The Basel Committee’s government structure comprises: 

• Chair,
• Standing groups,
• Secretariat.

The Secretariat is headed by the Secretary General and it is hosted and supported by the Bank of International Settlements, located in Basel.

The following standing groups are established within the Basel Committee:

• the Risks and Vulnerabilities Assessment Group,
• the Supervisory Cooperation Group,
• the Policy and Standards Group,
• the Basel Consultative Group.

The Committee’s oversight body is the Group of Central Bank Governors and Heads of Supervision (GHOS).