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

## Source details

**Canonical URL:** [Use of Supervisory Standards in the Financial Sector Assessment Program—Understandings with Standard Setting Bodies](https://www.imf.org/en/publications/policy-papers/issues/2017/07/20/pp060817use-of-supervisory-standards-in-fsap)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2017/07/20/pp060817use-of-supervisory-standards-in-fsap/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2017/07/20/pp060817use-of-supervisory-standards-in-fsap/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2017/07/20/pp060817use-of-supervisory-standards-in-fsap/bundle-manifest.json)

## Bibliographic details
- Published: July 20, 2017

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### Purpose and scope
- 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 three supervisory standards covered:
  - 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).

### Approach to assessments
- 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.

### Key facts and metadata
- Publication date: July 20, 2017
- Accessed: 9/19/2026

*Use of Supervisory Standards in the Financial Sector Assessment Program—Understandings with Standard Setting Bodies, (USA: International Monetary Fund, ) accessed 9/19/2026*

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2017/pp060817useofsupervisorystandarsfsap.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2017/pp060817useofsupervisorystandarsfsap.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2017/07/20/pp060817use-of-supervisory-standards-in-fsap_