More NewsExpansion of Membership Announced by the Basel Committee

Expansion of Membership Announced by the Basel Committee

At its meeting on 10-11 March, the Basel Committee on Banking Supervision decided to expand its membership and invite representatives from the following countries to join the Committee:

  • Australia.
  • Brazil.
  • China.
  • India.
  • Korea.
  • Mexico.
  • Russia.

Nout Wellink, chairman of the Basel Committee and President of the Netherlands Bank, stated that, “this expansion in membership will enhance the Committee’s ability to carry out its core mission, which is to strengthen regulatory practices and standards worldwide.” He added that this step carries forward the call from G20 leaders for major standard-setting bodies to review their membership. The Basel Committee’s governance body will also be enlarged to include the Central Bank Governors and Heads of Supervision from these new member organisations.

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