The BCBS has issued a public consultation on revisions to the Core Principles for effective banking supervision. These Core Principles serve as the minimum standards for sound prudential regulation and supervision of banks and banking systems. They are universally applicable and are used by supervisors to assess the effectiveness of their regulatory and supervisory frameworks.
The Core Principles were first issued in 1997 and last updated in 2012. The recent review, which began in April 2022, aims to incorporate supervisory and regulatory developments, structural changes affecting the banking system, and lessons learned from the FSAP since the last update.
The proposed changes affect both the structure and contents of the Core Principles standard. They are informed by various thematic topics, including financial risks, operational resilience, systemic risk, and macroprudential aspects of supervision, as well as new risks such as climate-related financial risks and the digitalization of finance. Non-bank financial intermediation and risk management practices are also covered in the proposed amendments.
To develop these proposals, a Task Force was formed, consisting of Committee and non-Committee member jurisdictions, as well as representatives from the IMF and World Bank.
This public consultation represents an important opportunity for stakeholders to contribute to the enhancement of banking supervision globally. The revisions to the Core Principles aim to ensure that the regulatory and supervisory frameworks keep up with the evolving banking landscape and address emerging risks effectively.
The Basel Committee welcomes comments on the revised Core Principles, and interested parties have until 6 October 2023 to submit their feedback. All submissions will be made publicly available on the BIS website unless a respondent specifically requests confidential treatment.
A Comparison PDF between the 2012 and 2023 versions of the Core principles for effective banking supervision is also available.
Other Features
auditing
banks
financial stability
operational
regulatory
resilience
risk
risk management
standard
surveys
sustainability
Date Published: 2023-07-06
Regulatory Framework: Basel Standards
Regulatory Type: consultation
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