Key Standards for Sound Financial Systems

The standards under the 12 policy areas highlighted here have been designated by the FSB as key for sound financial systems and deserving of priority implementation depending on country circumstances. These standards are broadly accepted as representing minimum requirements for good practice that countries are encourages to meet or exceed.

The FSB applied the following criteria for determining the list of key standards for sound financial systems:

The list of key standards will be periodically reviewed and updated by the FSB in light of policy developments at the international level. 

  
Area Standard Issuing Body

Macroeconomic Policy and Data Transparency
Monetary and financial policy transparency Code of Good Practices on Transparency in Monetary and Financial Policies IMF
Fiscal policy transparency Code of Good Practices on Fiscal Transparency IMF
Data dissemination Special Data Dissemination Standard /
General Data Dissemination System 1
IMF
Financial Regulation and Supervision
Banking supervision Core Principles for Effective Banking Supervision BCBS
Securities regulation Objectives and Principles of Securities Regulation IOSCO
Insurance supervision Insurance Core Principles

IAIS

Institutional and Market Infrastructure
Crisis resolution and deposit insurance 2 Core Principles for Effective Deposit Insurance Systems BCBS/IADI
Insolvency Insolvency and Creditor Rights 3 World Bank
Corporate governance Principles of Corporate Governance OECD
Accounting and Auditing

International Financial Reporting Standards (IFRS)

International Standards on Auditing (ISA)

IASB

IAASB

Payment, clearing and settlement

Principles for Financial Market Infrastructures

CPSS/IOSCO

Market integrity

FATF Recommendations on Combating Money Laundering and the Financing of Terrorism & Proliferation

FATF

 

  1. Economies that have, or seek, access to international capital markets are encouraged to subscribe to the more stringent SDDS and all other economies are encouraged to adopt the GDDS.
  2. The FSB supports the inclusion of one or more standards on resolution regimes under this policy area, and intends to make a selection once relevant policy development work is completed.
  3. The World Bank, working with UNCITRAL and internationally recognized experts, has completed and implemented the ICR ROSC Assessment Methodology. The ICR ROSC Methodology is based on the current Creditor Rights and Insolvency Standard (ICR Standard), derived from the World Bank's Principles and Guidelines for Effective Insolvency and Creditor Rights Systems, and the recommendations included in the UNCITRAL's Legislative Guide on Insolvency Law.