The Basel Committee on Banking Supervision (BCBS)modification date 02 June 2017
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 of the Group of 10 countries. Originally, the Committee had focused on closing the gaps in international banking supervisory coverage 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 the authorities responsible for the banking supervision (in cases when banking supervision is located outside the 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 and its guidelines are not legally binding. The Committee formulates technical standards, guidelines and recommendations concerning best practices in the expectation that individual supervisory authorities will take necessary steps to introduce them into national legal systems in the best manner.
The Committee’s Secretariat is located at the Bank for International Settlements in Basel, Switzerland.
The Committee’s work is organized under four main sub-committees:
• the Standards Implementation Group
• the Policy Development Group
• the Accounting Task Force
• the Basel Consultative Group.