The Basel Committee on Banking Supervision (BCBS)
The Basel Committee on Banking Supervision (BCBS) 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 Committee’s member countries are represented by their central banks and also by banking supervisory authorities (where banking supervision is located outside a central bank). There are twenty-seven member countries: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong (SAR), India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
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 Committee’s Secretariat is located at the Bank for International Settlements in Basel, Switzerland.
The Committee’s work is organised within four main sub-committees:
- the Standards Implementation Group
- the Policy Development Group
- the Accounting Task Force
- the Basel Consultative Group.