Policy Papers

Use of Supervisory Standards in the Financial Sector Assessment Program—Understandings with Standard Setting Bodies

July 20, 2017

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Use of Supervisory Standards in the Financial Sector Assessment Program—Understandings with Standard Setting Bodies, (USA: International Monetary Fund, 0) accessed September 18, 2024

Summary

                                                                                                           This paper informs the Executive Board of the staff-level understandings reached with global Standard Setting Bodies (SSBs) on the use of the three financial sector supervisory standards in FSAPs:

  • the Basel Committee’s Core Principles for Effective Banking Supervision (BCP), set by the Basel Committee on Banking Supervision (BCBS);
  • the Insurance Core Principles (ICP), set by the International Association of Insurance Supervisors (IAIS); and
  • the Objectives and Principles of Securities Regulation (Principles), set by the International Organization of Securities Commissions (IOSCO).

    • As graded assessments of compliance with supervisory standards are voluntary, FSAPs have adopted a flexible approach to the use of supervisory standards. A standard is either assessed in full, resulting in grades, or used as the basis for a deeper analysis of selected elements of the oversight framework in a focused review, without grades. The SSBs and Fund staff have reached understandings on a refinement of the existing flexible approach, with sets of “base principles” serving as the starting points for focused reviews.

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