International standard

The Basel Committee on Banking Supervision is an international organization operating under the patronage of the Bank for International Settlements; it is the primary global standard-setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.
The Basel Committee aims to: enhance the safety and reliability of the financial system, establish minimum standards in prudential supervision, disseminate best practices on banking supervision and promote international cooperation for prudential supervision. The Committee reports to the Group of Governors and Heads of Supervision (GHOS). The Committee seeks the endorsement of GHOS for its major decisions and its work programme.

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. The FSB was established in April 2009.
The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions.
The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets. The policies developed in the pursuit of this agenda are implemented by jurisdictions and national authorities.