Bern, 29.01.2013 - During its plenary meeting yesterday, the Financial Stability Board (FSB), a central body for issues associated with international financial market regulation and supervision, established itself as an association headquartered in Basel, thereby reaffirming its ties with Switzerland.

In the wake of the financial crisis, the FSB became increasingly important as a coordinator of international financial market regulation. In November 2011, the G20 heads of state and government decided to make the FSB an institution with its own legal personality. This move will enable the body to establish appropriate structures and processes and be more independent financially. Switzerland campaigned for the FSB to keep its headquarters in Basel.

There will be no changes to the FSB's organisational structure. Administratively, the FSB will remain hosted by the Bank for International Settlements (BIS). The Federal Department of Finance (FDF) and the Swiss National Bank (SNB) represent Switzerland's interests within the FSB. The Swiss Financial Market Supervisory Authority (FINMA) supports this work by participating in various working groups.

The FSB is responsible for international financial stability and financial market regulation. Frequently based on a G20 mandate, it drives international financial market reforms in areas such as systemically important financial institutions, derivatives markets and shadow banks, and monitors national implementation. Its members include 54 authorities from 24 countries (G20 countries, Switzerland, the Netherlands, Spain, Singapore and Hong Kong) and ten international organisations and standard-setting bodies.

Anne Césard, SIF Communications
+ 41 31 322 62 91, anne.cesard@sif.admin.ch
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