15:14 - 6.08.2019

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August 6, Fineko/abc.az. On 2 August, the Financial Market Supervision Authority (FIMSA) became a member of the Basel Consulting Group of the Basel Committee on Banking Supervision (BCBS), FIMSA has reported.

BCBS was established in 1974 by 10 countries (Belgium, Canada, France, Germany, the U.S., Italy, Japan, the Netherlands, Sweden and the UK) as the body that defines prudential standards for banking supervision. The Basel Consulting Group forms a single platform between the supervisory bodies without special obligations to the members of the Basel Committee. The main purpose of this group is to ensure mutual exchange of experience in banking supervision in the format of discussions between regulatory authorities. And the proposals formed by the Consulting Group in the field of banking supervision can be submitted to the Basel Committee.

Currently, the members of the Basel Consulting Group are financial control bodies of Georgia, Kazakhstan and Ukraine from neighbouring and regional countries.

"Membership in the Consulting Group will make it possible to use the experience of advanced countries in the field of regulation and control of the banking system by bringing it to a broad dialogue platform, fully adapt the country's basic standards of legislation, as well as make proposals in the Basel Committee," FIMSA informed.