FSB appoints new chairs of its Standing Committees

LONDON: FSB, the apex body of financial authorities and regulators from across the world, has appointed new chairpersons, including Ravi Menon, for its three standing committees effective from March 31.

Ravi Menon, Managing Director, Monetary Authority of Singapore, has been appointed Chairman of the Standing Committee on Standards Implementation, succeeding Tiff Macklem.

The SCSI undertakes the FSB's peer reviews of its members and encourages global adherence to international financial standards.

Agustin Carstens, has been appointed Chairman of the Standing Committee on Assessment of Vulnerabilities (SCAV), responsible for monitoring and assessing vulnerabilities affecting the global financial system and proposing actions needed to address them.

Daniel Tarullo, has been made Chairman of the Standing Committee on Supervisory and Regulatory Cooperation that addresses financial stability issues relating to the development of supervisory and regulatory policy and coordination issues.

"The appointments are for a term of two years, renewable once, and are effective from 31 March 2013," the Financial Stability Board (FSB) said in a statement.

Mark Carney, FSB Chair welcomed the new chairs, noting they form a strong, balanced team to build on what has been achieved so far and to take the FSB's work programme forward.

Meanwhile, the FSB's fourth Standing Committee, on Budget and Resources, is chaired by Jens Weidmann, President of the Deutsche Bundesbank. This committee is responsible for the assessment of the resource needs of the FSB Secretariat and for its medium-term budget and resource framework.