The Financial Stability Board said 44 of 61 nations it evaluated are sticking strongly to international standards of cooperation and information-sharing.
Based in Basel, Switzerland, the FSB is a global panel of financial institutions created in 2009 to coordinate regulatory efforts of national financial authorities. Among its objectives is the development of “contingency planning for cross-border crisis management,” according to its website.
Of the 61 jurisdictions selected on the basis of their financial importance and evaluated by the FSB, 44 have demonstrated “sufficiently strong adherence to the relevant standards,” the organization said in a statement yesterday.
Among the nations so rated are FSB member jurisdictions the U.S., U.K., China, Canada, Australia and Japan, and non-members Austria, Ireland, Bahrain and the Czech Republic.
Those ranked as taking steps recommended by the board and not yet strong are 15 nations including members Russia, India, Turkey and Indonesia. Venezuela was deemed “non-cooperative,” while Libya was omitted from the evaluation process because of its change in governance last year with the toppling and death of dictator Muammar Qaddafi.
Yesterday’s report updated information first publicized by the FSB last November reporting the results of a March 2010 initiative to develop internationally agreed upon standards for sharing information and cooperation on issues of banking, insurance and securities supervision.
China, the Czech Republic and Saudi Arabia graduated this year to the list of countries complying with the standards.
FSB member institutions include the U.S. Federal Reserve, the Bank of England, Central Bank of the Russian Federation and Swiss Federal Department of Finance. The organization is currently led by Mark Carney, governor of the Bank of Canada.