The Financial Stability Board, at its Plenary virtual meeting on 18 October, appointed the chairs of two of its Standing Committees and the Resolution Steering Group, following the completion of the previous chairs’ terms:
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Mr Andrew Bailey, Governor, Bank of England, has been appointed as Chair of the Standing Committee on Supervisory and Regulatory Cooperation (SRC), as from 19 October 2021. The SRC addresses key financial stability risks through the development of supervisory and regulatory policies and coordinates issues that arise among supervisors and regulators to ensure effective consideration of cross-sector and international implications.
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Mr Fahad Almubarak, Governor, Saudi Central Bank, has been appointed as Chair of the Standing Committee on Standards Implementation (SCSI), as from 19 October 2021. The SCSI undertakes FSB peer reviews of its members, encourages global adherence to international financial standards and reports on members’ progress in implementing these standards and other agreed G20 and FSB commitments.
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Ms Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation, has been appointed as Chair of the Resolution Steering Group (ReSG), as from 1 November 2021. The ReSG leads the FSB’s work on resolution regimes, resolution planning and resolvability assessments for all sectors.
Each appointment is for a two-year term, renewable once.
The Plenary thanked the outgoing Chairs, Himino Ryozo (former Commissioner, Japan Financial Services Agency, and outgoing Chair of SRC), Lesetja Kganyago (Governor, South African Reserve Bank, and outgoing Chair of SCSI) and Mark Branson (President, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and outgoing Chair of ReSG), for their exemplary leadership of their respective committees.
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