Financial Stability Board

The profile

The FSB describes itself as an international body that monitors and makes recommendations about the global financial system, coordinating national authorities and international standard setters so that regulatory and supervisory policy is applied coherently across sectors and jurisdictions. It has no rule-making power of its own: the policies it develops are implemented by member jurisdictions, and its accountability runs through publishing and through periodic reporting to the G20's heads of state and finance ministers. It is constituted as a not-for-profit association under Swiss law and is hosted by the Bank for International Settlements under a five-year renewable service agreement. The Plenary is its sole decision-making body and currently seats 59 representatives from 25 jurisdictions, six from four international financial institutions and eight from six international standard-setting, regulatory, supervisory and central bank bodies; a Steering Committee runs work between Plenaries and three Standing Committees carry the workstreams, among them the Standing Committee on Assessment of Vulnerabilities and the Standing Committee on Supervisory and Regulatory Cooperation. Andrew Bailey, governor of the Bank of England, is chair, appointed by the Plenary for a three-year term renewable once. Crypto-assets and global stablecoins, and cross-border payments, are two of the standing work areas its own site lists, and it is the body the G20 has repeatedly asked to produce the international stocktakes that national regulators then diverge from. Its chair's letter of 28 August 2026, published on 31 August ahead of the Asheville meeting, is about frontier artificial intelligence, leverage in equity markets, private credit and sovereign debt, and contains no reference to digital assets of any kind.