July 12, 2020

CIMA to host meeting of the Financial Stability Board Regional Consultative Group for the Americas

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CIMA_WEB BANNER_PROOF3The Cayman Islands Monetary Authority (CIMA) will host the fourth meeting of the Regional Consultative Group for the Americas of the Financial Stability Board (FSB) on 27 May, 2013.

The FSB was established in 2009 to coordinate the work of national financial authorities and international standard setting bodies at the international level, and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements.

Six regional consultative groups of the FSB were established in 2011, in response to a call from the G20 Leaders at their Toronto Summit the previous year, to bring together financial authorities from 89 FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability. The regional groupings are the Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and Sub-Saharan Africa. Through these six regional groups, the FSB is able to develop global financial policy initiatives through a more inclusive process.

In addition to the Cayman Islands, the Regional Consultative Group for the Americas consists of Argentina, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Canada, Chile, Colombia, Costa Rica, Guatemala, Jamaica, Mexico, Panama, Paraguay, Peru, Uruguay and the United States of America. Approximately 40 representatives from these member countries are expected to come to the Cayman Islands to participate in the meeting to be hosted by CIMA.

The meeting will focus on vulnerabilities and regional financial stability issues, key regulatory issues in financial stability including the over-the-counter derivatives market reforms and the Key Attributes of Effective Resolution Regimes.

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