On 25 April 2024, the Bank for International Settlements issued a press release on the revised core principles for effective banking supervision.
Over 220 central bankers and banking supervisors representing more than 90 jurisdictions met on 24–25 April in Basel for the 23rd International Conference of Banking Supervisors. The conference included a programme to celebrate the 50th anniversary of the Basel Committee on banking supervision. Delegates endorsed the Committee’s revised Core Principles for Effective Banking Supervision, which is the global standard for the sound prudential regulation and supervision of banks and banking systems.
The Committee commenced a review of the Core Principles in 2022, aiming to reflect supervisory and regulatory developments, structural changes affecting the banking system and lessons learned since the last update in 2012. The revised standard reflects changes in certain areas, including (i) embedding lessons learned for mitigating financial risks and strengthening the macroprudential aspects of supervision; (ii) promoting operational resilience; (iii) reinforcing corporate governance and risk management practices; and (iv) addressing new and emerging risks, including the digitalisation of finance and climate-related financial risks.
For the press release, please see here. To access a full copy of the Core Principals for effective banking supervision, please see here.
