The IBFed responded to the Basel Consultation on the Core principles for effective banking supervision. It is important that the Core Principles do not intrinsically introduce any new standards, either intentionally or unintentionally, which have not been previously consulted on introduced, and,
through other relevant BCBS processes.
The Core Principles are an important benchmark to assess the effectiveness of regulatory and supervisory frameworks, and our membership is generally supportive of the proposed changes, which we understand are targeted not so much at larger regulators but at the those in countries where the approach to banking supervision is still evolving. The following recommendations are intended to ensure the proposed revisions to the Core Principles are properly calibrated and avoid unintended consequences. Read our response here.