financial regulation and supervision - credit suisse · financial. regulation and supervision. ......

FINANCIAL REGULATION AND SUPERVISIONAn Interactive Guide from a Global and European Union Perspective

CLICK TO BEGIN

AN INTRODUCTION

T his interactive Guide aims at explaining, through the use of images and

text, the global and EU regulatory framework of financial services. The

Guide offers an overview of the key institutions and bodies that influence

the global financial regulatory environment, their mandate and their internal

structures and composition. This Guide will also provide the same features

in describing the European Union legislative system’s nuances with particular

focus on financial services regulation. Moreover, the Guide indicates if and how

Swiss institutions are represented within such international and EU bodies.

To begin, please click on one of the destinations below:

This document was prepared by Public Policy, Credit Suisse, solely for information purposes and for use by the recipient. The information contained herein is indicative and may be subject to change at any time. No guarantee is made regarding reliability or completeness of this document, nor shall any liability be accepted for any losses that arise from its use. Copyright © 2014 Credit Suisse Group AG and/or its affiliates. LAST UPDATED: DECEMBER 2014.

GLOBAL

EUROPEAN UNION


GLOBAL: FINANCIAL OVERVIEW GLOBAL OVERVIEW EUROPEAN UNION OVERVIEW START OVER

FINANCIAL SECTOR ASSESSMENT PROGRAMME

(since 1999)

INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE

(since 1999) members of the IMF Executive Board

THEMATIC ANALYSIS: OVERVIEW, AUDIT, AND REVIEW

WORLD TRADE ORGANIZATION

ORGANISATION FOR ECONOMIC CO-OPERATION

AND DEVELOPMENT

FINANCIAL ACTION TASK FORCE

OECD GLOBAL FORUM on Transparency and Exchange of Information for Tax Purposes

JOINT FORUM BASEL PROCESS

INTERNATIONAL ACCOUNTING

STANDARDS BOARD

BANK FOR INTERNATIONAL SETTLEMENTS

THE GROUP OF 20 AUSTRALIA 2014 (G20)

FINANCIAL STABILITY BOARD

WORLD BANK INTERNATIONAL

MONETARY FUND

HIGH LEVEL ASSESMENT: INTERNATIONAL AGREEMENT

INTERNATIONAL STANDARDS: SUPERVISORY PRINCIPLES

EUROPEAN AND NATIONAL REGULATION & LEGISLATION

INTERNATIONAL ORGANIZATION OF SECURITIES

COMMISSIONS

INTERNATIONAL ASSOCIATION

OF INSURANCE SUPERVISORS

COMMITTEE ON THE GLOBAL FINANCIAL

SYSTEM

BASEL COMMITTEE ON BANKING

SUPERVISION

COMMITTEE ON PAYMENTS AND MARKET

INFRASTRUCTURES


GLOBAL OVERVIEW EUROPEAN UNION OVERVIEW START OVER

THE GROUP OF 20 (G20)HEAD: Annually rotating presidency among members

ESTABLISHED: 1999

LOCATION: 2014: Brisbane, Australia

STAFF: Temporary secretariat set up during chairmanship by country holding presidency

MEMBERS: Finance ministers and central bank governors from 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America plus the European Union (represented by the President of the European Council and the Head of the European Central Bank). Spain is a permanent guest. Countries that are not permanent members are extended invitations to participate in the summits.

FUNCTIONS: Enhancing financial stability, funding development and combating terrorism• Global agenda setting for economic stability and sustainable growth• Issuance of guidelines preventing from economic crises and financial risk• Strengthening global financial architecture

SWISS REPRESENTATION: Switzerland is not represented by membership in the G20 but took part to the G20 meetings for the first time in 2013 under Russian Presidency.

NEXT SUMMIT: 15 and 16 November in Brisbane, Queensland. 2015: Turkey

WORKING GROUPS: • G20 Task Force on Employment (ETF)• Energy Sustainability Working Group (ESWG) • Clean Energy and Energy Efficiency working group's activities and Global Marine Environment

Protection (GMEP) initiative• G20 Development Working Group (DWG)• G20 Anti-Corruption Working Group (ACWG)

ORGANIZATION: Finance ministers and central bank governors hold annual meetings since the first meeting in Berlin on 1999.

The first meeting of the G20 head of states took place in Washington on 14 and 15 November in 2008. The leaders of the G-20 countries met two times a year between 2008 and 2011 and every year since the November 2011 Cannes summit. Russia hosted the eighth G-20 summit in September 2013.

The so-called Troika gathers past, present and future chairs. Besides the Leaders’ Summit which peaks the presidency, the on-going work is separated into two paths during the year: the Sherpas’ Track and the Finance Track.

The Group of Twenty (G20) is the first forum for global cooperation on key issues of the global economic and financial agenda. The G20 works in close cooperation with other international bodies, such as the IMF, the World Bank, the FSB, the OECD, the World Trade Organization, the United Nations and International Labor Organization which regularly take part in G20 meetings.

Other international organizations are also regularly called to participate in the G20 initiatives. These administrations draft reports, position papers and proposals on the issues that appears on the G20 agenda.

MORE INFORMATION: www.g20.org

A G20 Agenda for Growth and resilience in 2014

Employement

Development

Anti-corruption

Energy

Boosting growth throughthe private sector

Building globaleconomic resilience

Investment and infrastructure

Fiscal andmonetary policy

Reforming global institutions

Tax

FinancialRegulation

Trade

Strong, Sustainable and Balanced growth

MAIN THEMES OF THE AUSTRALIAN PRESIDENCY

ORGANIZATIONAL STRUCTURE



BANK FOR INTERNATIONAL SETTLEMENT (BIS)HEAD: Christian Noyer, Chairman of the Board (re-elected for a second three-year term as Chairman of the BIS Board on 7 March 2013)

ESTABLISHED: 17 May 1930. It is the world’s oldest international financial organisation

LOCATION: Basel, Switzerland

MEMBERS: 60 central banks and monetary authorities

STAFF: 647 staff from 54 countries

BUDGET: The Bank’s capital is held by central banks only.

ORGANIZATIONAL STRUCTURE FUNCTIONS: Central bank of central banks• Place for discussion and collaboration among central banks• Support dialogue between authorities responsible for promoting financial stability• Research on policy issues for central banks and financial supervisory authorities• Counterparty for central banks’ financial transactions• Agent or trustee for international financial operations

SWISS REPRESENTATION: Switzerland is represented to the BIS by Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank

ORGANIZATION: The General Meeting of member central banks, the Board of Directors and the Management of the Bank are the three most important decision-making bodies. Voting power is granted according to the number of BIS shares issued in the country of each member represented at the meeting. The Annual General Meeting (AGM) is held no later than four months after the end of the BIS financial year on 31 March. At the AGM, BIS member central banks approve the annual financial statements and decide on other related business issues.

The Board of Directors elects a Chairman from among its members for a three-year term and may elect a Vice-Chairman.

The meetings of Governors and senior officials of member central banks take place every two months in Basel. BIS financial services rely on two linked trading rooms: one at its Basel head office and one at its office in Hong Kong SAR.

KEY PEOPLE:

CHAIRMAN OF THE BOARD: Christian NoyerChristian Noyer is current Governor of the Bank of France since 2003. He is a former vice-president of the Executive Board of the European Central Bank (1998–2002).

GENERAL MANAGER: Jaime CaruanaJaime Caruana is the Bank’s chief executive officer since 1 April 2009. He is responsible to the Board for the management of the Bank.

The BIS secretariats prepare the meetings of the committees, draw up background papers and reports and publish the work of the groups they serve: Basel Committee on Banking Supervision; Committee on the Global Financial System; Committee on Payments and Market Infrastructures; Markets Committee; Central Bank Governance Forum; and the Irving Fisher Committee .

In addition, several independent organizations involved in international cooperation in the area of financial stability have their secretariats at the BIS: Financial Stability Board; International Association of Insurance Supervisors; and International Association of Deposit Insurers.

MORE INFORMATION: www.bis.org

Board of DirectorsChairman of the Board

Christopher Noyer(Governor of the Bank of France)

General ManagerJaime Caruana

Deputy General ManagerHervé Hannoun

Board Secretariat

Hermann GreveInternal AuditThomas Winsnes

Risk Control1Jens Ulrich

Finance7David Williams

Compliance & Operational Risk2

François-Marie Bruère

Banking DepartmentPeter Zöllner

Jean-Françoise Rigaudy8

TreasuryJean-Françoise Rigaudy8

Asset ManagementJacob Bjorheim

Banking Operational ServicesJeremy Barson

Financial AnalysisJean-Pierre Matt

Building, Security & LogisticsYogesh Anand

CommunicationsLisa Weekes

Human ResourcesJoseph Van’t dack

Information Management Services

Christian Rime

Meeting ServicesRory Macfie

Policy, Coordination & Administration

Philip TurnerDietrich Domanski

Research & StatisticsClaudio BorioBruno Tissot

Representative O�ice for the Americas

José Luis Escrivá

General SecretariatPeter Dittus

Jim Etherington

Monetary & Economic Department

Stephen G CecchettiClaudio BorioPhilip Turner

Administrative O�ice for Asia & the Pacific

Eli Remolona

Financial Stability InstituteJoseph Tošovský

Markets Committee5Morten Bech

Basel Committee on Banking Supervision4

Wayne Byres

Committee on the Global Financial System5

Ingo Fender

International Association of Deposit Insurers6

Carlos Isoard

International Association of Insurance Supervisors6

Yoshihiro Kawai

Committee on Payment & Settlement Systems5

Klaus Loeber

Central Bank Governance Group

David Archer

Irving Fisher CommitteePaul van den Bergh

Financial Stability Board SecretariatSvein Andresen

Legal ServiceWilliam Flynn

Administrative Committee

Nomination Committee

Audit Committee

Banking & Risk Management

Committee

1 Reports to Deputy General Manager2 Reports to Deputy General Manager and has a right of direct access to the Audit Committee on compliance matters3 Reports to the Secretary General on administrative and personnel matters4 Reports to the Joint Meeting of Governors and Heads of Supervision5 Secretariats of Committees reporting to the Global Economy Meeting of Governors6 Secretariats hosted by the BIS7 Reports to the Deputy General Manager on matters related to financia reporting and statements of the Bank8 Head of Trasury and Acting Deputy Head of Banking Depoartment9 Acting Head



HEAD: Mark Carney, Chairman (re-appointed on 7 November 2014 for a second three-year term)

ESTABLISHED: Established in 2009 as the successor to the Financial Stability Forum (FSF)

LOCATION: Basel, Switzerland, and hosted by the Bank for International Settlements

MEMBERS: G-20 major economies, former FSF members, Spain, and the European Commission

STAFF: 20

BUDGET: N.A.

FINANCIAL STABILITY BOARD (FSB)

FSB member jurisdictions have committed to: • Implement international financial standards• Undertake an assessment under the IMF-World Bank Financial Sector Assessment Program

(FSAP) every five years• Reveal their degree of adherence to international standards, publishing the detailed

assessments prepared by the IMF and World Bank as a basis for the Reports on the Observance of Standards and Codes (ROSCs)

• Go through periodic peer reviews using reports prepared as part of the FSAP

MORE INFORMATION: www.financialstabilityboard.org

FUNCTIONS: Monitoring and recommendations on the global financial system• Coordinate the work of national financial authorities and international standard setting bodies• Implementation of regulatory, supervisory and financial sector policies

SWISS REPRESENTATION: Switzerland has been a member of the FSB since 2007. The Swiss National Bank (SNB) and the State Secretariat for International Financial Matters (SIF) provide representation on the FSB's main committees.

ORGANIZATION: The FSB consists of a Plenary, a Steering Committee and other ad-hoc committees and sub-groups . Its secretariat is based in Basel, Switzerland.

The Plenary is the decision-making organ of the FSB. FSB’s members are the heads of members’ treasuries, central banks, and supervisory agencies, chairs of the main standard-setting bodies and central bank committees. In addition, senior representatives of international financial institutions — BIS, ECB, European Commission, IMF, OECD, and the World Bank — also take part in the FSB.

A Steering Committee delivers operational guidance in the interim period between plenary meetings to carry forward the guidelines of the FSB The composition of the Steering Committee is decided by the Plenary under propositions of the Chair. The Plenary may establish Standing Committees and working groups as necessary. The FSB plenary meets two times per year.

KEY PEOPLE:

CHAIRMAN: Mark CarneyMark Joseph Carney is the current Governor of the Bank of England. He was previously the eighth Governor of the Bank of Canada. Mark Carney worked at Goldman Sachs, the Canadian Department of Finance, and at the Bank of Canada as Deputy Governor. On 4 November 2011, Mark Carney was named chairman of the FSB and reconfirmed for another three-year mandate on 7 November 2014. He was also chairman of the Bank for International Settlements’ Committee on the Global Financial System from July 2010 until January 2012.

FSB MEMBERSHIP

MEMBER JURISDICTIONSArgentina (Central Bank of Argentina); Australia (Department of the Treasury and Reserve Bank of Australia); Brazil (Ministry of Finance, Central Bank of Brazil and Securities and Exchange Commission of Brazil); Canada (Department of Finance, Bank of Canada and Office of the Superintendent of Financial Institutions); China (Ministry of Finance, People’s Bank of China and China Banking Regulatory Commission); France (Ministry of Economy, Industry and Employment, Bank of France and Autorité des Marchés Financiers); Germany (Ministry of Finance, Deutsche Bundesbank, Bundesanstalt fur Finanzdienstleistungsaufsicht); Hong Kong Special Administrative Region of China (Hong Kong Monetary Authority); India (Ministry of Finance, Reserve Bank of India and Securities and Exchange Board of India); Indonesia (Bank of Indonesia); Italy (Ministry of the Economy and Finance, Bank of Italy and Commissione Nazionale per le Società e la Borsa); Japan (Ministry of Finance, Bank of Japan and Financial Services Agency); Korea (Bank of Korea and Financial Services Commission); Mexico (Ministry of Finance and Public Credit and Bank of Mexico); the Netherlands (Ministry of Finance and Netherlands bank); Russia (Ministry of Finance, Central Bank of the Russian Federation and Federal Financial Markets Service); Saudi Arabia (Saudi Arabian Monetary Agency); Singapore (Monetary Authority of Singapore); South Africa (Ministry of Finance); Spain (Ministry of Economy and Finance and Bank of Spain); Switzerland (Swiss Federal Department of Finance and Swiss National Bank); Turkey (Central Bank of the Republic of Turkey); the United Kingdom (HM Treasury, Bank of England and Financial Services Authority); the United States (Department of the Treasury, Board of Governors of the Federal Reserve System and Securities and Exchange Commission); the European Central Bank; and the European Commission.

INTERNATIONAL FINANCIAL INSTITUTIONSBank for International Settlements. International Monetary Fund, Organization for Economic Cooperation and Development, and World Bank.

INTERNATIONAL STANDARD-SETTING, REGULATORY, SUPERVISORY AND CENTRAL BANK BODIESBasel Committee on Banking Supervision, Committee on Payment and Settlement Systems, Committee on the Global Financial System, International Accounting Standards Board, International Association of Insurance Supervisors, and International Organization of Securities Commissions.




ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)HEAD: Angel Gurría, Secretary General (On 30 September 2010 they reappointed Angel Gurría to a second five-year mandate)

ESTABLISHED: 1961

LOCATION: Paris, France

MEMBERS: 34 countries

STAFF: 2.500

BUDGET: €354 million

FUNCTIONS: Tax standards, exchange of information, corporate governance, market access• Measure productivity and global flows of trade and investment• Analyse data to predict future trends• Set international standards on several sectors

SWISS REPRESENTATION: Switzerland has been a OECD member since 28 September 1961. The Ambassador Stefan Flückiger is Swiss Permanent Representative to the OECD

ORGANIZATION: The OECD Council has decision-making power. It is composed of one representative coming from each member country, plus a representative of the European Commission. Permanent representatives to the OECD meet regularly and decisions are taken by consensus. The meetings are headed by the OECD Secretary-General. Once a year, the Council meets at ministerial level to discuss key issues and define priorities for OECD work. The OECD Secretariat carries out the work mandated by the Council. Several committees gather representatives of the 34 OECD member countries. The OECD has about 250 committees, working groups and expert groups. Theses committees are attended by 40.000 officials from members administrations each year. The head of the OECD Secretariat is assisted by one or more Deputy Secretaries-General.

OECD Secretariat in Paris is composed of a 2.500 staff that support the committees’ activities and carry out the work according to the priorities decided by the OECD Council.

KEY PEOPLE:

SECRETARY-GENERAL: Angel GurríaAngel Gurría was Mexico’s Minister of Foreign Affairs from December 1994 to January 1998. He was Mexico’s Minister of Finance and Public Credit from January 1998 to December 2000 and is OECD Secretary-General, since June 2006. Angel Gurría was appointed as Secretary-General of the Organisation from 1 June 2006 to 1 June 2011. On 30 September 2010 he has been reappointed to a second five-year mandate by OECD member countries.

OECD has official relations with the IMF, the World Bank, and other international organizations.

The annual OECD Forum, jointly taking place with the annual ministerial meeting, is a key place for leaders from business, labour and non-governmental organisations. During the Forum, these representatives have the opportunity to discuss key issues on the ministerial agenda with government ministers and senior officials of international organisations.

MORE INFORMATION: www.oecd.org

General Secretariat

SECRETARY-GENERALAngel Guria

DEPUTY SECRETARIES-GENERAL

Office of the Secretary-General

Advisory Unit on Multidisciplinary Issue

Centre for Co-operation with Non-Members

Council and Executive Committee Secretariat

Directorate for Legal Affairs

Office of the Auditor-General

Directorates

Special Bodies

DevelopmentCo-operation

Directorate

EconomicsDepartment

Directorate forEducation

Directorate forEmployement, Labour

and Social Affairs

Centre forentrepreneurship, SMEs and

Local Development

EnvironmentDirectorate

ExecutiveDirectorate

Directorate forFinancial and Entreprise Affairs

Public Affairsand Comunications Directorate

Public Governance and Territorial Development

Directorate

Directorate for Science Technology and Industry

Centre for Tax Policy and Administration

Directorate for Tradeand Agriculture

Africa PartnershipForum

DevelopmentCentre

InternationalEnergy Agency

Financial ActionTask Force

HeiligendammDialogue Process

Support Unit

Nuclear Energy Agency

Partnership forDemocratic Govrnance

Advisory Unit

Sahel andWest Africa Club

InternationalTransport Forum

StatisticsDirectorate




INTERNATIONAL MONETARY FUND (IMF)HEAD: Christine Lagarde, Managing Director (Executive Board: 24 Directors representing countries) for a five-year mandate

ESTABLISHED: Bretton Woods UN conference, New Hampshire, United States, July 1944

LOCATION: Washington, D.C., U.S.


STAFF: Approximately 2,670 from 154 countries

BUDGET: US$360 billion (as of 9/6/13). The IMF’s resources are provided by its member countries, through payment of quotas reflecting each country’s economic size.

FUNCTIONS: Financial assistance and stability, transparency and development• Promote global economic cooperation• Facilitate balanced international trade• Promote stability of exchange• Contribute in the establishing of a multilateral payment-system• Assist members with difficulties on balance of payments

SWISS REPRESENTATION: Switzerland joined the IMF in 1992. It is represented by Thomas Jordan (SNB) as Governor and Eveline Widmer-Schlumpf (CH) as Delegate.

ORGANIZATION: The relative size of each countries in the global economy is the criteria used to represent member states trough a quota system. The Board of Governors — one Governor and one Alternate Governor from each country — heads the organizational structure. The Board of Governors meets every year at the joint IMF-World Bank Annual Meetings.

The twenty-four Governors are gathered in the International Monetary and Financial Committee (IMFC) and have meetings two times a year.

The daily work of the IMF is managed by an Executive Board — composed of 24 members — lead by the IMFC and supported by the IMF teams. The Managing Director heads the IMF staff. He is also Chairman of the Executive Board. He is supported by four Deputy Managing Directors.

KEY PEOPLE:

MANAGING DIRECTOR: Christine LagardeChristine Lagarde joined the IMF as Managing Director in July 2011. She will serve for a five-year term. Before coming to the IMF, she was France’s Minister for Economy, Finance and Industry. She was Chairman of the G-20 during the French presidency in 2011. On this occasion she set up an agenda of the next reforms to launch in order to rebuild the international monetary system.

The IMF works closely with the World Bank, several regional development banks, the World Trade Organization, UN agencies, and other international institutions; each having its own unique part of responsibility. The IMF also collaborates with the G-20, various think tanks, and representatives from the civil society, among several other stakeholders.

MORE INFORMATION: www.imf.org

International Monetary and Financial

CommitteeBoard of Governors

Executive Board

Functional and Special Services Departments Information & Liaison Support ServicesArea Departments

AfricanDepartment

FinanceDepartment

LegalDepartment

Secretary’sDepartment

ResearchDepartment

StatisticsDepartment

Fiscal AffairsDepartment

EuropeanDepartment

Asia and Pacific Department

Institute for Capacity Department

Monetary andCapital Markets Department

Strategy, Policyand ReviewDepartment

Communications Department

Fund OfficeUnited Nations2

Investment Office-Staff Retirement

Plan

Office of Internal Audit and Inspection

Office of Budget & Planning

Human Resources Department

Technology and General Services Department

Middle East and Central Asia Department

Western Hemisphere Department

Regional Office for Asia and the Pacific

Joint ViennaInstitute

Singapore Training Institute

Middle East Center for Economics and Finance

(in Kuwait)

Offices in Europe

Bank Development Committee1

Independent Evaluation Office

Managing Director

Deputy Managing Directors

INTERNATIONAL MONETARY FUND ORGANIZATION CHART

Last updated: August 5, 2013




INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE (IMFC)

FUNCTIONS: Member of the IMF Executive Board• Act as a council to the IMF Board of Governors • Track changes in global liquidity and funding to emerging countries• Review proposals from the Executive Board to modify the Articles of Agreement• Assess events threatening the international monetary and financial structure

SWISS REPRESENTATION: Eveline Widmer-Schlumpf, Head, Federal Department of Finance, Switzerland

ORGANIZATION: The IMFC holds meetings two times a year, in September or October and in March or April. These meetings are known as the Bank-Fund Annual Meeting and the Spring Meeting. The Committee debates on issues that may disturb or threaten the global economy. It also provides advise and guidelines to the IMF management. The Committee concludes each meetings with the publication of a communiqué that summarizes its opinions.

These communiqués are used as general guidance for the IMF’s work program, for the interim period of six months before the next Spring or Annual Meetings. The IMFC operates by consensus without formal voting.

The IMFC is composed according to the IMF’s Executive Board: a member is appointed to the IMFC for each member that appoints an Executive Director to the IMF’s Executive Board.

KEY PEOPLE:

CHAIRMAN: Tharman ShanmugaratnamTharman Shanmugaratnam was selected as Chairman of the IMFC on March 2011 by the members of the IMFC. His mandate has been extended for another year and will end on March 2015. Tharman Shanmugaratnam has been Singapore’s Minister for Finance since December 2007. He was previously Singapore’s Minister for Education. He is a participant of the Group of Thirty. Before working as a politician, he was Managing Director of the Monetary Authority of Singapore, Singapore’s central bank and financial regulator.

A number of international institutions, including the World Bank, participate as observers in the IMFC’s meetings.

MORE INFORMATION: www.imf.org/external/np/exr/facts/groups.htm

HEAD: Tharman Shanmugaratnam, Chairman (his mandate will end on March 2015)

ESTABLISHED: Bretton Woods UN conference, New Hampshire, United States, July 1944


MEMBERS: 25

STAFF: N.A.

BUDGET: N.A.

International Monetary and Financial

CommitteeBoard of Governors

Executive Board

Functional and Special Services Departments Information & Liaison Support ServicesArea Departments

AfricanDepartment

FinanceDepartment

LegalDepartment

Secretary’sDepartment

ResearchDepartment

StatisticsDepartment

Fiscal AffairsDepartment

EuropeanDepartment

Asia and Pacific Department

Institute for Capacity Department

Monetary andCapital Markets Department

Strategy, Policyand ReviewDepartment

Communications Department

Fund OfficeUnited Nations2

Investment Office-Staff Retirement

Plan

Office of Internal Audit and Inspection

Office of Budget & Planning

Human Resources Department

Technology and General Services Department

Middle East and Central Asia Department

Western Hemisphere Department

Regional Office for Asia and the Pacific

Joint ViennaInstitute

Singapore Training Institute

Middle East Center for Economics and Finance

(in Kuwait)

Offices in Europe

Bank Development Committee1

Independent Evaluation Office

Managing Director

Deputy Managing Directors

INTERNATIONAL MONETARY FUND ORGANIZATION CHART

Last updated: August 5, 2013




WORLD TRADE ORGANIZATION (WTO)

FUNCTIONS: Market access for financial services• Administrate WTO trade agreements• Forum for trade negotiations• Manage trade disputes• Follow national trade policies• Provide technical assistance for developing countries

SWISS REPRESENTATION: Switzerland has been a WTO member since 1 July 1995. The Ambassador Remigi Winzap is Swiss Permanent Representative to the WTO.

ORGANIZATION: The Ministerial Conference is WTO’s top level decision-making body. It meets once every two years. Below is the General Council composed of the ambassadors and heads of delegation in Geneva. It also sometimes welcomes officials sent from members’ capitals. It meets several times a year in the Geneva headquarters. The General Council also meets in the form of the Trade Policy Review Body and the Dispute Settlement Body. At the next level, the Goods Council, the Services Council and the Intellectual Property (TRIPS) Council all report to the General Council.

Several specialized committees, working groups and working parties manage individual agreements and areas such as the environment, development, membership applications and regional trade agreements. Major decisions are made by the entire membership, either by ministers — meeting once every two years — or by ambassadors or delegates who meet in Geneva.

KEY PEOPLE:

DIRECTOR GENERAL: Roberto Azevêdo Roberto Azevêdo is the sixth Director-General of the WTO. His appointment took effect on 1 September 2013 for a four-year term. From 2006 to 2008 he was Vice-Minister for Economic and Technical Affairs at the Foreign Ministry in Brasilia. He was Brazil’s chief trade negotiator for the Doha Round and represented Brazil in MERCOSUR negotiations. In 2008 he was appointed Brazil’s Ambassador in Geneva to the United Nations’ international organizations and Permanent Representative to the WTO.

The WTO collaborates with 140 international bodies that have observer status in WTO committees. The WTO takes part in the work of several international organizations as observer. The WTO Secretariat works closely with 200 international organizations in areas going from statistics, research, standard-setting, to technical assistance and training.

MORE INFORMATION: www.wto.org

HEAD: Roberto Azevêdo, Director-General (appointed on September 2013 for a four-year mandate)

ESTABLISHED: 1 January 1995

LOCATION: Geneva, Switzerland

MEMBERS: 159 countries on 2 March 2013

STAFF: 640

BUDGET: CHF196 million for 2011

Ministerial Conference

General Council meeting as Dispute Settlement Body

Council forTrade in Goods

Council for Trade-Related Aspects

of Intellectual Property Rights

Council forTrade in Services

General Council General Council meeting asTrade Policy Review Board

Committees onTrade in Financial Services Specific Commitments

Working Parties onDomestic Regulation GATS Rules

Committees onMarket AccessAgricultureSanitary and Phytosanitary MeasuresTechnical Barriers to TradeSubsidies & Counterveiling MeasuresAnti-Dumping PracticesCustoms ValidationRules of OriginImport LicensingTrade-Related Investment MeasuresSafeguards

Working onState-Trading Enterprises

Committees onTrade & EnvironmentTrade & Development Subcomittee on Least-Developed CountriesRegional Trade AgreementsBalance of Payments RestrictionsBudget, Finance & Administration

Working parties onAccession

Working groups onTrade, debt & financeTrade & technology transferInactive:

Relationship between Trade & InvestmentInteraction between Trade & Competition PolicyTransparency in Government Procurement

PlurilateralsTrade in Civil Aircra� Committee Government Procurement Committee

Doha Development Agenda: TNC& its bodiesTrade Negotiations CommitteeSpecial Sessions of: Services Council / TRIPS Council / Dispute Settlement Body / Agriculture Committee & Cotton Sub-Committee / Trade & Devleopment Committee / Trade & Environment CommitteeNegotiating groups on: Market Access / Rules / Trade Facilitation

PlurilateralsTrade in Civil Aircra� Committee Government Procurement Committee

KeyReporting to General Council (or a subsidiary)

Reporting to Dispute Settlement Body

Plurilateral committees inform the General Council of their activities, although these agreements are not signed by all WTO members

Trade negotiations Committee reports to General Council

The General Council also meets as the Trade Policy Review Body and Dispute Settlement Body




WORLD BANK

FUNCTIONS: Financial assistance and stability, transparency and development• Financial and technical assistance to developing countries• Provision of low-interest loans, interest-free credits, and grants to developing countries

SWISS REPRESENTATION: Switzerland joined the International Bank for Reconstruction and Development (IBRD) in May 1992. Switzerland is also a member of the International Development Association (which it joined in 1992), the International Finance Corporation (1992), the Multilateral Investment Guarantee Agency (1988), and the International Centre for Settlement of Investment Disputes (1968). Governor: H.E. Johann N. Schneider-Ammann, Federal Councillor and Minister of Economic Affairs. Alternate Governor: H.E. Didier Burkhalter, Federal Councillor and Minister of Foreign Affairs.

ORGANIZATION: The Board of Governors is comprised of member countries and shareholders. The Board of Governors is the ultimate policymakers at the World Bank. The governors are generally member countries’ ministers of finance or ministers for development. Meeting take place once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the IMF. The governors delegate specific tasks to 25 Executive Directors, who work on-site at the World Bank. The five largest shareholders name an Executive Director. Other member countries are represented by elected executive directors. The Executive Directors make up the Boards of Directors of the World Bank. Meetings normally take place at least twice a week to oversee the Bank’s business. On this occasion, Executive Directors approve loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financial decisions.

KEY PEOPLE:

PRESIDENT: Dr. Jim Yong KimJim Yong Kim, became the 12th President of the World Bank Group on July 1, 2012. Jim Yong Kim chairs meetings of the Boards of Directors and is responsible for overall management of the Bank. He was selected by the Board of Executive Directors for a five-year, renewable term. Dr. Kim is a co-founder of Partners In Health (PIH) and a former director of the HIV/AIDS Department at the World Health Organization (WHO).

The World Bank Group is made up of five organizations: The International Bank for Reconstruction and Development (IBRD); The International Development Association (IDA); The International Finance Corporation (IFC); and The Multilateral Investment Guarantee Agency (MIGA).

The Financial Sector Assessment Program (FSAP) is a joint program of IMF and the World Bank. The FSAP provides a comprehensive framework to identify vulnerabilities in the financial system and develop appropriate policy responses.

MORE INFORMATION: www.worldbank.org

HEAD: Dr. Jim Yong Kim, President (appointed in July 2012 for a five-year term)

ESTABLISHED: 1944


MEMBERS: 188

STAFF: 10,000 employees in +120 offices worldwide

BUDGET: $5 billion

Board of Governors

Executive Directors Elmi WatanabiChairperson

Inspection Panel

Claire Brady Vice President & Auditor General

Internal Audit

Caroline Heider Director-General

Independent Evaluation

Leonard McCarthy Vice President

Institutional Integrity

Cyril MullerVice President

WBG External & Corporate Relations

WBG Integrated Services

Kyle PowersVice President

Operations Policy & Country Services

Sean McGrath*Vice President

WBG Human Resources

Stephanie von Friedeburg

Vice President WBG Chief Information

O icerWBG Information &

Technology Solutions

Sanjay PradhamVice President

World Bank Institute

Makhtar DiopVice President

Africa

Laura TuckActing Vice PresidentEurope & Central Asia

Hasan TuluyVice President

Latin America & Caribbean

Inger AndersenVice President

Middle East & N. Africa

Phillipe Le HouerouVice President

South Asia

Janamitra Devan***Vice President & Network

HeadFinancial & Private Sector

Development

Keith HansenActing Vice President &

Network HeadHuman Development

Rachel KyeVice President & Network Head

Sustainable Development

Jaime Saavedra Chanduvi

Acting Vice President & Network Head

Poverty Reduction & Economic Management

Axel von TrotsenburgVice President

East Asia & Pacific

Joachim von AmsbergVice President

Concessional Finance & Global Partnerships

Van PulleyVice President

Corporate Finance & Risk Management

Madelyn AntoncicVice President &

Treasurer

Charles McDonoughVice President &

Controller

Bertrand Badre****Acting Vice President & WBG Chief Risk O icer

T.V. SomanathanDirector

General Services

Jim Yong KimPresident

Mahmoud Mohleidin Special Envoy

Caroline Ansey Managing Director

Anne-Marie Leroy

Sr. Vice President & WBG General Counsel

Jorge Familiar Calderon

Vice President & Corporate Secretary

Sri Mulyani Indrawati

Managing Director

Kaushik BasuSr. Vice President &

Chief Economist

Xian Zhu Vice President & WBG

Chief Ethics O icer

Bertrand BadreManaging Director & WBG Chief Financial

O icer

Pamela Cox Sr. Vice President

Change Management

* Dotted line to IFC Executive Vice President** Dotted line to Sr. Vice President & Chief Economist*** Reports to IFC Executive Vice President on IFC Business**** Dotted line to the President




FINANCIAL SECTOR ASSESSMENT PROGRAMME (FSAP)HEAD: N.A.

ESTABLISHED: 1999

LOCATION: Joint-Initiative IMF/World Bank

MEMBERS: Most systemically important countries have taken part in the program.

STAFF: Staff undertaking the assessments are drawn from the World Bank and International Monetary Fund, as well as more than 50 official institutions, central banks and supervisory agencies, from around the world.

FUNCTIONS: Enhancing financial sector’s stability • To evaluate the solidity of the financial sector, FSAP staff study the soundness of the banking

and financial sectors. It launches stress tests and evaluates the quality of bank, insurance, and financial market supervision in comparison to international standards in the matter. It tests supervisors, policymakers, and financial safety nets’ ability to answer efficiently in the event of systemic situations. FSAPs do not rates individual financial institutions and is not in charge of preventing financial crises. However it points the main vulnerabilities that could create systemic risk.

• To review the development aspects of the financial sector, FSAPs asses legal frameworks and finance infrastructures such as payments and settlements systems. It detects barriers to the competitiveness and efficiency of the industry. Il also reviews the contribution of the financial sector to the economic growth and development. As for low-income countries, it follows particularly issues regarding access to banking services and development of domestic capital markets.

SWISS REPRESENTATION: Switzerland FSAP took place in May – September 2014.

ORGANIZATION: FSAP assessments’ responsibility in developing and emerging market countries is shared between the IMF and World Bank. The IMF is responsible alone in advanced economies. Assessments include two main parts: a financial stability assessment, managed by the IMF and a financial development assessment, managed by the World Bank, in developing and emerging market countries. The assessments on financial stability under the FSAP is taking place every five years. Participation in the program is done on a voluntary basis for all other jurisdictions.

International standards are used by the IMF and the World Bank to perform the assessment programmes highlighting potential supervisory and infrastructural weaknesses.

The program is also provided with a peer review process for which the IMF and the World Bank teams work hand in hand with experts from central banks and supervisory bodies around the world.

The FSAP approach is composed of three steps in order to asses the financial sector: • The solidity of a financial system compared to its weaknesses that may foster the possibility of a

financial crisis.• The need of the country regarding the development of infrastructure, institutions and markets• The extent to which a country respect several standard and codes of the financial sector.

MORE INFORMATION: www.imf.org/external/NP/fsap/fsap.aspx

PROCESS AND TIMELINE

4-6 months

3-4 months

1-2 months

Mission

1 month

2-3 months

3-4 months

Mission dates set; official mission counterpart determined Discussions on precise scope of mission

Scope set; questionnaire sent to authorities; stress testing approaches discussed and work shared with central bank

Scope set; questionnaire sent to authorities; stress testing approaches discussed and work shared with central bank

5-12 Fund (and Bank) staff and consultants for =2weeks; ROSCs may be done on seprate mission; Aide-Mémoire/DARs

Authorititessend comments to Aide-Mémoire/DARsTechnical Notes/background notes sent to authorities

Aide-Mémoire, DARs, Technical Notes reviewed at headquarters and finalized

Board documents (FSSA, ROSCs) prepared




HEAD: Thomas Schmitz-Lippert, Chair (appointed for a second two-year term with effect from January 2014)

ESTABLISHED: 1996

LOCATION: Committee’s Secretariat is located at the Bank for International Settlements in Basel


STAFF: N.A.

BUDGET: N.A.

JOINT FORUM

Performing its work, the Joint Forum engages with other international bodies, industry and the broader supervisory community. The Joint Forum’s mandate includes in particular issues linked to the supervision of conglomerates and other issues of common interest to technical experts in all three sectors.

Alongside the priorities of the three parent committees, requests from other organisations such as the Financial Stability Board (FSB) are regularly taken into account when the Joint Forum selects topics for study.

MORE INFORMATION: www.bis.org/bcbs/jointforum.htm

FUNCTIONS: Enhance cross-sector cooperation • Harmonize supervisory rules among banking, securities trading and insurance’s global

supervisory bodies: IOSCO, IAIS, BCBS

SWISS REPRESENTATION: FINMA represents Switzerland to the Joint Forum

ORGANIZATION: The Global Forum has been established under the auspices of the OECD and G20. It is a multilateral framework carried out by both OECD and non-OECD economies since 2000. The Joint Forum usually meets three times a year. The Forum is comprised of the same number of senior bank, insurance and securities supervisors, representing each supervisory constituency.

The Chairmanship of the Joint Forum rotates for a two-year term between the three sector committees. The Joint Forum is working under it so-called “Parent Committees” : the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors. The Joint Forum agrees on a work plan and mandates which are endorsed by the Parent Committees.

KEY PEOPLE:

CHAIRMAN: Thomas Schmitz-LippertSince November 2005, Thomas Schmitz-Lippert is Executive Director for International Policy responsible for BaFin’s international strategy across the sectors of banking, insurance and market supervision. Thomas Schmitz-Lippert represents BaFin as a member or alternate in the global standard-setting committees of BCBS, IAIS, IOSCO and the Joint Forum. He is alternate in the FSB Plenary and in the FSB Standing Committee on Supervisory & Regulatory Cooperation. He took over as Joint Forum Chair for a two-year term in November 2012. Thomas Schmitz-Lippert was endorsed for a second term with effect from January 2014.

Joint Forum

BCBS

IOSCO

IAIS




INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO)

FUNCTIONS: Global standard setter for the securities sector• Develop, implement and promote adherence to international standards for securities• Information exchange to enhance investor protection and promote investor confidence• Promote cooperation in supervision of markets and market intermediaries• Assist in the implementation of appropriate regulation

SWISS REPRESENTATION: Switzerland is represented to the IOSCO by FINMA

ORGANIZATION: The Presidents Committee meets once a year during an Annual Conference. It is composed of all the Presidents of ordinary and associate members. The IOSCO Board is the governing and standard-setting body of IOSCO. The IOSCO Board is composed of 32 securities regulators. The Presidents’ Committee is the executive body of the IOSCO Board. It oversees the working groups Committees, and special task forces. Four Regional Committees are in charge of regional issues.

The Self-Regulatory Organizations Consultative Committee (SRO-CC) maintains an on-going dialogue with professionals of the securities markets. It is mainly composed of representatives from stock exchanges.

The IOSCO is composed of other task forces such as the OTC Derivatives Task Force, the Task Force on Unregulated Markets and Products (TFUMP), the Task Force on Unregulated Entities (TFUE).

KEY PEOPLE:

SECRETARY GENERAL: David WrightDavid Wright has been a senior advisor to the European Commission during the financial crisis. He was previously member of the Commission’s Task Force on Greece which defined and deployed the technical assistance programme for Greece. He has spent more than 34 years working for the European Commission. He has also represented the European Commission in international institutions such as the FSB and G20. David Wright started its three-year mandate as Secretary General of IOSCO in March 2012.

The IOSCO Objectives and Principles of Securities Regulation have been endorsed by both the G20 and the FSB as the relevant standards in securities regulation. These standards are used to support IOSCO’s development and implementation of globally recognized standards for regulation, oversight and enforcement. They are also used for the evaluation of the securities sector in the framework of the Financial Sector Assessment Programs (FSAPs) performed by the IMF and the World Bank.

IOSCO is a member of the Financial Stability Board . ISCO is also a founder of the Joint Forum with the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors.

MORE INFORMATION: www.iosco.org

HEAD: Mr. David Wright, Secretary General (started his three-year mandate in March 2012)

ESTABLISHED: 1983

LOCATION: Madrid

MEMBERS: 203

STAFF: N.A.

BUDGET: N.A.

David WrightSecretary General

IOSCO General Secretariat

Tajinder SinghDeputy Secretary General

Shane WornerRohini Tendulkar

Isabel PastorMohamed Ben Salem

Tim PinkowskiAlp ErogluZhong Li

Yukako FujiokaJonathan Bravo

Raluca Tircoci

Raluca TircociSungwoo ChoInma Castro

Alp Eroglu

Cecile de Wit Robert Tyndall Corina MartinezNatalia JimenezRamona Barbus

Ana GoytiaSilvia Moroni

Vanesa Krakovsky

Research Policy & Implementation EMC, MMoU & TA Education & Training Communications Finance &

Administration

Werner Bijkerk Tajinder Singh Gary Tidwell Carla Vitzthum Jonathan BravoIsabel Pastor




INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS (IAIS)HEAD: Yoshihiro Kawai, Secretary General

ESTABLISHED: 1994

LOCATION: Basel, Switzerland, and hosted by the Bank for International Settlements

MEMBERS: Insurance supervisors & regulators from 200 jurisdictions in 140 countries

STAFF: 27

BUDGET: N.A.

FUNCTIONS: Standard setting & Implementation• International standard setting body for the insurance sector• Advocate for global supervision of the insurance industry

SWISS REPRESENTATION: FINMA represents Switzerland to the IAIS. Swiss observers to the IAIS include: Geneva Association, PartnerRe Limited, Schweizerischer, Versicherungsverband, Swiss Re, Towers Watson, and Zurich Financial Services.

ORGANIZATION: The IAIS performs its work through committees and under the direction of its Members. An Executive Committee leads the IAIS Committee system. The executive Committee is composed of international members. It is supported by five Committees established by the By-Laws — the Audit, Budget, Financial Stability, Implementation, and Technical Committees — as well as by a Supervisory Forum. Committees can establish subcommittees or working parties if needed. The IAIS holds Committee meetings four times a year, and Working Party meetings as needed, all around the world.

IAIS hosts a Global Seminar at its June meetings. On this occasion, insurance supervisors and industry representatives discuss issues impacting the insurance sector. The IAIS also jointly holds an Annual Conference and an Annual General Meeting of Members where it conducts official business.

KEY PEOPLE:

SECRETARY GENERAL: Yoshihiro KawaiYoshihiro Kawai has been the Secretary General of the International Association of Insurance Supervisors since 2003. He joined the IAIS in 1998 as Deputy Secretary General. He began his professional career with Tokyo Marine and Fire Insurance Co and the Ministry of Labour in Tokyo. He previously served on the Secretariat for the OECD Insurance Committee and as Advisor to the Minister of Finance and the President of the Insurance Supervisory Authority in Warsaw.

The IAIS works jointly with other international financial institutions and associations of supervisors or regulators. The IAIS is a member of the FSB, the BCBS, the IOSCO, and the IASB.

The IAIS is also taking part as an observer or partner in several other organizations, including the European Insurance and Occupational Pensions Authority (EIOPA), the FATF, IMF, the OECD, Insurance and Private Pensions Committee (IPPC), and the World Bank.

MORE INFORMATION: www.iaisweb.org

General Meeting

Governing Body &External Interaction

Executive Committee Audit Committee

Budget Committee

Supervisory Forum

Technical Committee Implementation Committee

Overall ManagementExternal Interaction

Subcommittee

Committee

Function

Financial Stability Committee

Standard Setting Standard ImplementationFinancial Stability

Macroprudential Policy & Surveillance Subcommittee

Financial Stability Policy Specialists Subcommittee

Financial Stability Data Analysis Subcommittee

Education Subcommittee

Standards Observance Subcommittee

Supervisory Cooperation Subcommittee

Financial Inclusion Subcommittee

Secretary GeneralYoshihiro Karai

Financial Stability

Head of Financial StabilityJohn Maroney

Standard Setting

Deputy Secretary GeneralCatherine Lezon

Standard Implementation

Internal Management

Deputy Secretary GeneralGeorge Brady

Accounting & Auditing Issues Subcommittee

Governance & Compliance Subcommittee

Insurance Groups & Cross-sectoral Issues Subcommittee

Market Conduct Subcommittee

Pension Coordination Group

Reinsurance & Other Forms of Risk Transfer Subcommittee

Solvency & Actuarial Issues Subcommittee




HEAD: Stefan Ingves, Chairman (appointed on 25 June 2011 for a five-year term)

ESTABLISHED: 1974



STAFF: Professional supervisors on temporary secondment from member institutions

BUDGET: N.A.

BASEL COMMITTEE ON BANKING SUPERVISION (BCBS)

FUNCTIONS: International standard-setting for the prudential regulation of banks • Enhance understanding of key supervisory issues• Improve banking supervision worldwide

SWISS REPRESENTATION: Swiss is represented to the BCBS by the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA

ORGANIZATION:The Committee reports to the Group of Governors and Heads of Supervision (GHOS). The GHOS acts as the oversight body of the BCBS. The Committee requires the approval of the GHOS for its major decisions and its work programme. The Committee’s Secretariat undertakes the secretarial work of the Committee and its many expert sub-committees. It can also give advice to supervisory authorities in every countries. The BCBS has not been granted with formal supranational authority. As a consequence its decisions do not have legal force. The Committee generally meets four times a year. However, the Chairman can decide to hold additional meetings if necessary.

The Committee’s work is organised under four main sub-committees: • The Supervision and Implementation Group• The Policy Development Group• The Macro prudential Supervision Group• The Accounting Task Force• The Basel Consultative Group

KEY PEOPLE:

CHAIRMAN: Stefan IngvesStefan Nils Magnus Ingves is a Swedish banker, economist and civil servant. He currently serves as the Governor of Sveriges Riksbank, the central bank of Sweden. He became Chairman of the BCBS in 2011.

SECRETARY GENERAL: Wayne ByresWayne Byres was previously Executive General Manager at the Australian Prudential Regulation Authority that he joined in 1998. Wayne Byres also served at the Reserve Bank of Australia.

BCBS works in close collaboration with non G10 countries. It published a set of core principles for effective banking supervision in 1997, which was revised in 2006, and in 2012 due to the financial crisis.

The IMF and the World Bank apply this set of core principles in the framework of the Financial Sector Assessment Program (FSAP). The BCBS is a member of the FSB and participates in the FSB’s work to develop, coordinate and promote the implementation of regulatory, supervisory and other financial sector policies.

MORE INFORMATION: www.bis.org/bcbs/index.htm

Group of Governors & Heads of SupervisionChair: Mario Draghi, President of the European Central Bank

Basel Committee on Banking SupervisionChair: Stephan Ingves, Governor of Sveriges Riksbank

SecretariatSecretary General: Wayne Byres

Accounting Experts Group

Supervision & Implementation

Group

Policy Development

Group

Macroprudential Supervision

Group

Basel Consultative

GroupJoint Forum

(BCBS,IOSCO,IAIS)




HEAD: William C Dudley, President (appointed on 9 January 2012 for a three-year term)

ESTABLISHED: 1971


MEMBERS: 22 countries’ central banks + European Central Bank

STAFF: 6

BUDGET: N.A.

COMMITTEE ON THE GLOBAL FINANCIAL SYSTEM (CGFS)

CGFS works with other Basel-based committees: the Basel Committee on Banking Supervision and the Committee on Payment and Settlement Systems.

The original mandate of the CGFS — formerly known as the Euro-currency Standing Committee, established in 1971 — was to monitor global banking markets. Its was initially focusing on the monetary policy implications of the rapid growth of off-shore deposit and lending markets. The G10 Governors decided on 8 February 1999 to rename the Committee and shift its mandate to financial stability questions and structural change in the financial infrastructure.

MORE INFORMATION: www.bis.org/cgfs/index.htm

FUNCTIONS: Assist central banks in monetary and financial stability• Identify and assess potential sources of stress in the global financial environment• Monitor developments in financial markets and systems• Evaluate macroeconomic developments• Close monitoring of financial markets’ evolution• Analyse financial markets implications for central bank operations and financial stability• Promote the development of stable financial markets and systems• Seek alternative policy responses and the elaboration of corresponding policy recommendations

SWISS REPRESENTATION: Swiss National Bank represents Switzerland to the CGFS.

ORGANIZATION: As of January 2010, the Chairman of the CGFS reports to the Global Economy Meeting, which comprises a group of 31 central bank Governors as members. The Global Economy Meeting validate CGFS’s monitoring discussions and other Committee’s initiatives.

The Committee fulfils its mandate by regular monitoring discussions among CGFS members, including working groups involving central bank staff, and through publications of reports on various issues.

The CGFS is also in charge of overseeing the collection of the BIS international banking and financial statistics.

KEY PEOPLE:

CHAIRMAN: William C. DudleyWilliam C. Dudley was appointed chairman of the CGFS in 2012. He previously served as chairman of the Committee on Payment and Settlement Systems of the BIS from 2009 to 2012.

HEAD OF SECRETARIAT: Ingo FenderIngo Fender first joined the BIS in 2000. Prior to joining the BIS, he was a Research Associate within the Center for European Integration Studies (ZEI) in Bonn.

Basel Process

CGFS

BCBS

CPMI




HEAD: Benoît Cœuré, Chairman (appointed on 9 September 2013 for a three-year term)

ESTABLISHED: 1980


MEMBERS: 25 central banks

STAFF: 9

BUDGET: N.A.

COMMITTEE ON PAYMENTS AND MARKET INFRASTRUCTURES (CPMI)

The Committee published the CPSS/IOSCO Principles for financial market infrastructures with the aim of strengthening the financial architecture worldwide. These principles replaced the three previous sets of international standards set out in the Core principles for systemically important payment systems (CPSS, 2001); the Recommendations for securities settlement systems (CPSS-IOSCO, 2001); and the Recommendations for central counterparties (CPSS-IOSCO, 2004).

The Committee also published a ‘Red Book’ on payment, clearing and settlement systems. The Red Book provides extensive information on the most important systems in the CPSS countries and is periodically revised.

MORE INFORMATION: www.bis.org/cpss/index.htm

FUNCTIONS: Standard setting body for payment, clearing and securities settlement systems • Forum for central banks to monitor and analyse developments in domestic payment, clearing

and settlement systems as well as in cross-border and multicurrency settlement schemes • Carry out specific studies in the field of payment and settlement systems at its own discretion or

at the request of the Governors of the Global Economy Meeting

SWISS REPRESENTATION: Swiss National Bank represents Switzerland to the CPMI.

ORGANIZATION: The CPMI focuses on the efficiency and stability of payment, clearing, settlement and related systems. The Committee pays special attention to the relations between these systems and the major financial markets relevant for the development of monetary policy. It manages studies at the request of the Governors of the Global Economy Meeting or at its own discretion. It can set up working groups if needed.

The CPMI works in cooperation with other groups, including IOSCO, BCBS and the FSB, on issues of common interest. Members of the Committee are senior officials responsible for payment and settlement systems in central banks. The Committee usually meets three times during the year. The Committee used to be called Committee on Payment and Settlement Systems (CPSS) up until 1 September 2014.

KEY PEOPLE:

CHAIRMAN: Benoît CœuréBenoît Cœuré is a French economist who was appointed to the Executive Board of the European Central Bank in 2011.

HEAD OF SECRETARIAT: Klaus M. LöberSince 1999, Klaus Löber is Head of Oversight Division at the European Central Bank. He was previously advisor to the European Central Bank.

Basel Process

CGFS

BCBS

CPMI




OECD GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES HEAD: Kosie Louw, Chair, François D’aubert, Chair Of The Peer Review Group, Monica Bhatia, Head Of The Global Forum Secretariat

ESTABLISHED: 2002

LOCATION: Based at OECD, Paris

MEMBERS: 123 (Nov. 2014)

STAFF: 30 (Peer Review Group)

BUDGET: €3.9 million

FUNCTIONS: Transparency and exchange of information for tax purpose• Address the risks posed by tax havens to tax compliance• Implement global standard for transparency and exchange of information for tax purposes

SWISS REPRESENTATION: Switzerland Phase 1 Peer Review was published in June 2011. Switzerland is member of the Steering Group.

ORGANIZATION: The Global Forum is supported by a Steering Group which prepares its future work. The Steering Group is composed of the Chair and Vice-Chairs of the Global Forum — South Africa (Chair) and China, Germany and Bermuda (Vice-Chairs) — along with the Chair and Vice-Chairs of the Peer Review Group, plus five other members. A Peer Review Group (PRG) is in charge of developing the methodology of the peer-review process. The PRG is chaired by France (M. Francois D’Aubert), assisted by four Vice-Chairs — India, Japan, Jersey and Singapore. Countries are evaluated according to the standard of information exchange on request included in Article 26 of the OECD and the UN model tax conventions and in the 2002 Model Agreement on Exchange of Information on Tax Matters. A peer review process asses countries’ compliance with standards.

The peer reviews happen in two phases: • Phase 1 is a review of each jurisdiction’s legal and regulatory framework for transparency and the

exchange of information for tax purposes• Phase 2 involves a survey of the practical implementation of the standards

KEY PEOPLE:

CHAIR: Kosie LouwKosie Louw is Chair of the global Forum since January 2013 for a two-year term. He was previously working at the South African Revenue Service that he joined win 1970.

HEAD OF THE SECRETARIAT: Monica BhatiaMonica Bhatia has over 20 years of experience in the Indian Ministry of Finance and was previously Director in the Department of Personnel and Training of the Government of India.

The Global Forum have developed globally recognized standards for transparency and exchange of information through the publication of the Model Agreement on Exchange of Information on Tax Purposes in 2002. It has also issued a paper setting out the standards for the maintenance of accounting records: Enabling Effective Exchange of Information: Availability Standard and Reliability Standard developed by the Joint Ad Hoc Group on Accounts in 2005.

The Global Forum has so far completed 113 peer reviews covering 98 jurisdictions. Phase 1 reviews have been completed for the vast majority of member jurisdictions and Phase 2 reviews have been completed for 41 Global Forum members.

MORE INFORMATION: www.oecd.org/tax/transparency

Global Forum Secretariat’s Organisational Structure

Media & Communications

Monica BHATIA, Head of the Global Forum Secretariat Donal GODFREY, Deputy Head of the Global Forum Secretariat

Michele KELLY, Programme Co-ordinator Audrey POUPON, Assistant Stephanie HAGEN, Assistant

Kanae HANA (part), Tax Policy AnalystFrancesco POSITANO (part), Tax Policy Analyst

Peer Review Unit Technical Assistant &Outreach Unit

John CARLSONHead of Unit

Rebecca LAVINSON

Siva PATTANAM (part)

Mélanie ROBERT

Mikkel THUNNISSEN

Andrew AUERBACHHead of Unit

Séverine BARANGER

Audrey CHUA

Kanae HANA (part)

Gwenaëlle LE COUSTUMER

Mary O’LEARY

Francesco POSITANO (part)

Renata TEIXEIRA

Boudewijn VAN LOOIJ

Dónal GODFREYHead of Unit

Ervice TCHOUATA

Radovan ZIDEK

Sébastien MICHON

Automatic Exchange of Information Unit

Wanda MONTERO CUELLO

Mélissa DEJONG

Renata FONTANA

Siva PATTANAM (part)

s

Kathryn DOVEY




FINANCIAL ACTION TASK FORCE (FATF-GAFI)HEAD: Roger Wilkins (the term of the President begins on 1 July and ends on 30 June of the following year)

ESTABLISHED: 1989

LOCATION: Based at OECD, Paris

MEMBERS: 34 member jurisdictions and 2 regional organisations

STAFF: 22

BUDGET: Funding for the FATF Secretariat is provided by the FATF annual budget to which members contribute.

FUNCTIONS: Fight against anti money laundering and terrorist financing• Publish codes and advocate for actions to fight against money laundering, terrorist financing and

various threats to the global financial system• Follow how its members implement measures against money laundering and terrorist financing• Monitor money laundering and terrorist financing mechanisms and tools• Advocate for global adoption of measures against money laundering and terrorist financing

SWISS REPRESENTATION: Switzerland is member of the FATF since 1990 and is represented by the Federal Department of Finance.

ORGANIZATION: The FATF Plenary is the FATF’s decision making body. It meets three times a year. The FATF President is a senior official appointed by the FATF Plenary and chose among its members. His presidential term is one year, from 1 July to 30 June of the following year. The President organizes and heads FATF Plenary and the Steering meetings. He/she supervises the FATF Secretariat which supports the Task Force and the President. The Secretariat service is provided by the OECD.

The FATF comprises the following: • A Plenary• A President, assisted by a Vice-President• A Steering Group• A Secretariat

KEY PEOPLE:

PRESIDENT: Roger Wilkins Roger Wilkins, from Australia assumed the position of President of FATF in July 2014. Mr. Wilkins is Secretary of the Attorney-General’s Department, a position he has held since September 2008. Prior to his appointment as Secretary of the department, he was Head of Government and Public Sector Group Australia and New Zealand with Citi and was Citi’s global public sector leader on climate change from 2006–2008.

The FATF has published a set of Recommendations that have become international standards to fight against money laundering, the financing of terrorism and proliferation of weapons of mass destruction. The FATF has a strong global network of Regional Bodies (FSRBs) to support him achieving international implementation of the FATF Recommendations. The eight FSRBs have a key role in advocating for the operative application of the FATF Recommendations by their membership. The eight FSRBs also provide expertise and input in FATF policy-making. Globally, more than 180 jurisdictions are following the FATF Recommendations through the global network of FSRBs or FATF memberships.

MORE INFORMATION: www.fatf-gafi.org

• FATF Plenary consists of Member jurisdictions and organisations. • The Plenary is the decision-making body of the FATF. Its decisions are taken by consensus. Its

tasks include:• Appoints the President, the Vice-President and the Steering Group;• Approves the work programme and budget for the FATF;• Adopts standards, guidance and reports developed by the FATF;• Decides on membership, FSRB status and observer status for the FATF.

• The President is assisted by a vice-president. • He is the principal spokesperson for the FATF and represents the FATF externally.

• The FATF Secretariat is composed of an Executive Secretary, who is appointed by the Plenary at the proposal of the President, and the Secretariat staff.

• The FATF Steering Group is an advisory body and is chaired by the President. The composition of the Steering Group is decided by the Plenary.

• The composition of the Group is by the Plenary reviewed on a annual basis. The Group monitors and guides the progress of the FATF’s ongoing work.

• Working Group on Evaluations and Implementation (WGEI)• Working Group on Money Laundering and Terrorist Financing (WGTM)• Working Group on Typologies (WGTYP)• International Co-operation Review Group (ICRG)

ThePresident

Secretariat

TheSteering Group

WorkingGroups

ThePlenary




INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)

FUNCTIONS: Accounting standard-setter• Develop a single set of global financial reporting standards• Advocate for the use and application of these standards

SWISS REPRESENTATION: The IASB has no Swiss member

ORGANIZATION: The IFRS Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as an IFRS Advisory Council and the IFRS Interpretations Committee (formerly the IFRIC). The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has responsibility for setting International Financial Reporting Standards (international accounting standards).

The IASB is the independent standard-setting body of the IFRS Foundation. The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests with its Trustees, who are also responsible for safeguarding the independence of the IASB and ensuring the financing of the organisation. The Trustees are publicly accountable to a Monitoring Board of public authorities.

IASB advisory bodies are the following: Capital Markets Advisory Committee (CMAC), Consultative groups, Emerging Economies Group [EEG], Financial Crisis Advisory Group, Global Preparers Forum [GPF], Regional and national standard-setting bodies, Accounting Standards Advisory Forum (ASAF).

KEY PEOPLE:

CHAIRMAN: Hans HoogervorstHans Hoogervorst is a former chairman of the executive board of the Netherlands Authority for the Financial Markets (AFM) and a former chairman of the IOSCO technical committee. Hans Hoogervorst was previously appointed as a co-chair of the Financial Crisis Advisory Group to advise the IASB and the FASB on their joint response to the financial crisis. He also served as Chairman of the Monitoring Board of the IFRS Foundation.

The IASB has a consultative role in engaging with regional and national standard-setting bodies. It also cooperates with a number of organisations on an ad hoc basis and can launch specific outreach activities or create temporary ad hoc expert advisory groups.

MORE INFORMATION: www.ifrs.org

HEAD: Hans Hoogervorst, Chairman (appointed in July 2011 for a five-year term)

ESTABLISHED: 2001

LOCATION: London

MEMBERS: 16

STAFF: 100

BUDGET: $40 million

IFRS Foundation Monitoring Board

IFRS Foundation Trustees

IFRS Foundation

3. Public accountability

2. Governance and oversight

1. Independent standard-settingand related activities

International Accounting Standards Board

IFRS Interpretations Committee

* Accounting Standards Advisory Forum (representative of international standard-setting community)

IFRS

Adv

isor

y Co

unci

lAS

AF*

* Accounting Standards Advisory Forum (representative of international standard-setting community)



EUROPEAN UNION: FINANCIAL OVERVIEW GLOBAL OVERVIEW EUROPEAN UNION OVERVIEW START OVER

LEVEL 1: EU FINANCIAL REGULATION

LEVEL 2: EU FINANCIAL SUPERVISION

MACRO-PRUDENTIAL SUPERVISION

MICRO-PRUDENTIAL SUPERVISION

JOINT COMMITTEE OF THE ESAS

EUROPEAN SYSTEMIC RISK BOARD

Early risk warning and recommendations

to superviors

Micro-prudential information

LEVEL3: NATIONAL FINANCIAL SUPERVISION

European Central Bank Council (ECB President and Vice-President and National Banks Governors)

Chair and the two Vice-Chairs of the ESRB Advisory Scientific Committee

Chair of the ERSB Advisory Technical Committee

Without voting rights:

One representative per member of national supervisory authorities

President of the EU Economic and Financial Committee

Chairpersons of EBA, EIOPA,

and ESMA

A member of the European Commission

European Banking Authority (EBA)

European Insurance and Occupational Pensions

Authority (EIOPA)

European Securities and Markets Authority

(ESMA)

National Banking Supervisors

National Insurance Supervisors

National Securities Supervisors

EUROPEAN PARLIAMENT

EUROPEAN COMMISSION

EUROPEAN COUNCIL

COUNCIL OF THE EUROPEAN UNION

ECONOMIC AND FINANCIAL AFFAIRS COUNCIL (ECOFIN)

Early risk warning and recommendations to governments



EUROPEAN COMMISSION

FUNCTIONS: Executive body of the European Union, proposing legislation• Drafts proposals for new European laws• Control the correct implementation of EU policies and the spending of EU funds

SWISS REPRESENTATION: Switzerland is represented by the Mission of Switzerland to the European Union. Roberto Balzaretti is Head of Mission as Swiss Ambassador to the European Union

ORGANIZATION: The Commission consists of 28 Commissioners from the 28 Members States, including the President and vice-presidents. Each Commissioner is appointed by a national government, one per state, but they represent, during their 5-year term, the interest of the whole European Union. Each Commissioner is assigned responsibility for specific policy areas by the President.

The Commission’s staff — administrators, lawyers, economists, translators, interpreters, secretarial staff, etc. organised in departments or Directorates-General (DGs) — handles the day-to-day running of the Commission. The Commission can propose new laws to protect the interests of the EU and its citizens. After the Commission’s departments produced a draft of the proposed new law the college of Commissioners (the 28 Commissioners) has to vote on the proposal. If at least 14 of the 28 Commissioners agree with it, the draft is then sent to the Council and Parliament. As ‘guardian of the Treaties’, the Commission checks that each Member State is correctly implementing EU law.

The new commission took office on 1 November 2014.

KEY PEOPLE:

PRESIDENT: Jean-Claude JunckerJean-Claude Juncker, born in 1954, served for almost twenty years as Prime Minister of Luxembourg (from 1995 until 2013). From 2005 until 2013, he was also President of the Eurogroup. He joined the Christian Social People’s Party in Luxembourg in 1974 and went on to study law at the University of Strasbourg. He was first appointed as Deputy Minister of Labour at the age of 28 in 1982.

JOBS, GROWTH, INVESTMENT AND COMPETITIVENESS: Jyrki Katainen (Finland), Vice-PresidentTHE EURO AND SOCIAL DIALOGUE: Valdis Dombrovskis (Latvia), Vice-PresidentFINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION: Jonathan Hill (UK), CommissionerECONOMIC AND FINANCIAL AFFAIRS, TAXATION AND CUSTOMS UNION: Pierre Moscovici (France) , CommissionerJUSTICE, CONSUMERS AND GENDER EQUALITY: Věra Jourová (Czech Republic), Commissioner in charge of remuneration policies.

The Commission speaks on behalf of all EU countries in international bodies like the World Trade Organisation. It also negotiates international agreements for the EU such as the Cotonou Agreement (on aid and trade between the EU and developing countries in Africa, the Caribbean and the Pacific). The Commission has offices (representations) in every EU country and delegations in capital cities around the world.

MORE INFORMATION: ec.europa.eu

HEAD: Jean-Claude Juncker (until 31 October 2019)

ESTABLISHED: 1958

LOCATION: Brussels, Belgium

MEMBERS: 28 Commissioners

STAFF: 38.000

BUDGET: N.A.

European Commission

Executive Boards

28 members

Proposed by governments of

member states and appointed for 5 years by mutual agreement

following approval from the EP

Proposals on the

development of Community policies

Monitoring that directives are

upheld and implemented

External representative role

in internal organisations

Executive Implementation of

Community policies


http://ec.europa.eu



EUROPEAN PARLIAMENT

FUNCTIONS: Directly elected parliamentary institution passing European laws• Co-legislating with the Council• Supervisory and control powers over other EU institutions• Working with the Council for the adoption of the EU’s budget

SWISS REPRESENTATION: Switzerland is represented by William Frei at the Mission of Switzerland to the European Union. Switzerland also has contacts with the EU Parliament through the EU delegation in charge of relations with Switzerland, Iceland, Norway and the European Economic Area. The Swiss Parliament also has a delegation that deals with relations with EFTA and the European Parliament. The Directorate of European Affairs (DEA) is the competence centre within the federal administration for dealing with issues concerning Switzerland’s policy on the EU.

ORGANIZATION: Directly elected by EU voters every 5 years, members of the European Parliament (MEPs) represent the people. Parliament is one of the EU’s main law-making institutions, along with the Council of the European Union (‘the Council’). MEPs are grouped by political affiliation, not by nationality. The Parliament is composed of twenty committees which debate in public twice a month in Brussels. The Committee on Economic and Monetary Affairs is responsible for the economic and monetary policies of the Union, the functioning of Economic and Monetary Union and the European monetary and financial system. It also deals with the free movement of capital and payments and with rules on competition and state aid.

The next European elections will take place on May 2019.

KEY PEOPLE:

PRESIDENT: Martin Schulz Martin Schulz was re-elected President of the European Parliament on 1 July 2014 for a mandate of two and half years with 409 votes. In 2004, he was elected group leader of the Progressive Alliance of Socialists and Democrats (S&D), which is currently the second largest group in the European Parliament. Martin Schulz campaigned for social justice, promoting jobs and growth, reforming financial markets, and creating a stronger and more democratic Europe. He is a Member of the European Parliament since 1994 and has served in a number of committees.

MORE INFORMATION: www.europarl.europa.eu

HEAD: Martin Schulz, Socialist & Democrat Party (until January 2017)

ESTABLISHED: Treaty of Paris, 18 April 1951

LOCATION: Brussels, Belgium; Strasbourg, France; Luxembourg

MEMBERS: 751 Members of the Parliament

STAFF: 6.000

BUDGET: €1,756 billion (2014)

European Parliament

Presidency PermanentCommittees

EU citizens

non-member-state-specific-

parties

Plenary 751 MEPs

Elected for 2.5 years

Elected for 5 years

EPP

S&D

ECR

ALDE

GUE-NGL

Greens-EFA

EFD

Non-Inscrits

Manfred Weber (Germany)

Gianni Pittella (Italy)

Syed Kamall (UK)

Guy Verhofsadt (Belgium)

Nigel Farage (UK) and David Borelli (Italy)

Philippe Lamberts (Belgium) and Rebecca Hams (Germany) were elected co-chairs

Gabriele Zimmer (Germany)

MEPs without group

221

191

70

67

52

50

48

52

Group Leader(s) MEPs




COUNCIL OF THE EUROPEAN UNION

FUNCTIONS: Adopts laws and coordinates policies• Co-legislates with the European Parliament• Signs international agreements for the EU• Negotiates with the European Parliament the EU budget• Develops the EU’s foreign and defence policies

SWISS REPRESENTATION: Switzerland is represented by the Mission of Switzerland to the European Union. Roberto Balzaretti is Head of Mission as Swiss Ambassador to the European Union.

ORGANIZATION: The Council and Parliament share the legislative power. The Council has the power to sign international agreements (negotiations are however carried on by the Commission) on behalf of the EU — on subjects as the environment, trade, development, textiles, fisheries, science, technology and transport. Decisions in the Council of the EU are taken by qualified majority as a general rule. In votes concerning sensitive topics — security, external affairs and taxation — decisions by the Council have to be reached by unanimity.

PRESIDENCY: Latvia Presidency of the EU Latvia will hold the Presidency of the European Union in the first half of 2015, before handing over reins to Luxembourg on 1 July 2014. Latvia priorities are:

1. EU competitiveness and growth,

2. Use of European digital potential in the EU development,

3. Strengthening the EU role as a global actor.

The order of presidencies for the next six years is as follows:

MORE INFORMATION: www.european-council.europa.eu, www.gr2014.eu

HEAD: Except the Foreign Affairs Council, the Council is chaired by the representative of the Member State that holds the Union’s presidency for six months.

ESTABLISHED: Treaty of Paris, 18 April 1951


MEMBERS: At each Council meeting, each country sends the minister for the policy field being discussed.

STAFF: N.A.

BUDGET: around €70 million for the Latvia Presidency for the first half of 2015

2015: Latvia and Luxembourg 2016: The Netherlands and Slovakia 2017: Malta and the U.K.

2018: Estonia and Bulgaria 2019: Austria and Romania2020 (first half): Finland

Central decision-making

body

Legislator

made up of ministers from member states in

alternating professional capacity

Committee of Permanent Repre-

sentatives (prepares the

Council’s work)

Secretary General (supports the work

of the Council)

Presidency of the Council

(changes every 6 months)

Decisions increasingly been made using quali�ed-majority

voting

Council of the European Union(Council of Ministers)




EUROPEAN COUNCILHEAD: Donald Tusk (until 31 May 2017)

ESTABLISHED: Treaty of Lisbon, 2009


MEMBERS: 30

STAFF: 3.500

BUDGET: N.A.

FUNCTIONS: Sets out the general political guidelines• Setting the EU’s general priorities and political direction• Steps in when an agreement cannot be found at a lower level

SWISS REPRESENTATION: Switzerland is represented by the Mission of Switzerland to the European Union. Roberto Balzaretti is Head of Mission as Swiss Ambassador to the European Union.

ORGANIZATION: The European Council brings together the Heads of State or Government of the Member States and the President of the Commission. The President of the European Parliament is usually invited to speak at the beginning of the meeting.

With the entry into force of the Treaty of Lisbon, the European Council meets at least twice per semester. The President has a mandate of thirty months, which is only renewable once.

The European Council usually aims at taking decisions unanimously. However, a number of important appointments are also made by qualified majority (for example, that of its own President, the choice of the candidate to be elected President of the European Commission and the appointment of the High Representative for Foreign and Security Policy and the President of the European Central Bank).

KEY PEOPLE:

PRESIDENT: Donald TuskDonald Tusk was elected President of the European Council in August 2014. He started his mandate on 1 December 2014, replacing Herman Van Rompuy. He was Prime Minister of Poland from 2007 to 2014 and he is also co-founder and former chairman of the Civic Platform (Platforma Obywatelska) party. With the exception of one four-year stretch, Tusk has served in the Third Republic parliament continuously since its first elections in 1991. He was Vice Marshal (deputy speaker) of the Senate from 1997 to 2001 and Vice Marshal of the Sejm (lower house of the Polish parliament) from 2001 to 2005.

The European Council has been obliged to meet more often during the economic crisis. In 2012, for instance, the European Council met four times. In addition, the following meetings took place in 2012: • one extraordinary European Council meeting• two informal meetings of members of the European Council• four meetings of the Heads of State or Government of the euro zone (also called euro area summits)

MORE INFORMATION: www.european-council.europa.eu

European Community

Heads of State and Government of the member states and the President of the Commission

Support from foreign ministers and one member of

the Commission

1st Pillar 2nd Pillar 3rd Pillar

Common Foreign and Security Policy

Cooperation in Justice and Home

A�airs

European Council

makes fundamental decisions and locks together

+




EUROPEAN CENTRAL BANK (ECB)HEAD: Mario Draghi, President (appointed on 1 November 2011 for an eight-year non-renewable term)


LOCATION: Frankfurt, Germany

MEMBERS: 17 European Union countries that have introduced the euro since 1999.

STAFF: 1638

BUDGET: €10.8 billion

FUNCTIONS: Central bank for Europe’s single currency, the euro

• Defines and implements the eurozone monetary policy• Conducts foreign exchange operations• Holds and manages the official foreign reserves of the euro area participating countries• Oversees banking supervision from a European perspective (as per SSM framework)

SWISS REPRESENTATION: No permanent representative of Switzerland to the ECB

ORGANIZATION: The Governing Council, which usually meets twice a month, is the main decision-making body of the ECB, consisting of six members of the Executive Board, plus the governors of the national central banks of the 18 euro area countries. It formulates the monetary policy for the euro area. The Executive Board is composed of the President, the Vice-President and four other members. It implements the monetary policy for the euro area and exercise certain powers delegated to it by the Governing Council.The General Council includes representatives of the 18 euro area countries and the 10 non-euro area countries. The General Council will be dissolved once all EU Member States have introduced the single currency.

The new Single Supervisory Mechanism (SSM), which entered into force on 5 May 2014, confers additional tasks to the ECB. The ECB, as of 4 November 2014, will oversee the 120 biggest banks representing 82% of the Eurozone’s total banking assets. The other banks will be supervised by national regulators, with the standards set by and monitored by the central bank.

While Member states of the European Union outside the eurozone can voluntarily participate, eurozone states are obliged to participate.

The president of the ECB has an eight-year non-renewable mandate.

KEY PEOPLE:

PRESIDENT: Mario DraghiMario Draghi started its eight-year mandate on 1 November 2011 as third president of the ECB. He was previously the Governor of the Bank of Italy, and served on the Governing Council of the ECB. From 2006 to 2011, Mario Draghi was Head of the Financial Stability Board. Prior to that, he was Vice chairman and managing director at Goldman Sachs International, London, from 2002 to 2005. He was Director General of the Italian Treasury from 1991 to 2001 and executive director at the World Bank from 1984 to 1990.

The European System of Central Banks (ESCB) comprises the ECB and the National Central Banks (NCBs) of all EU Member States regardless of whether they have adopted the euro or not.

The Eurosystem comprises the ECB and the NCBs of those countries that have adopted the euro. The Eurosystem and the ESCB will co-exist as long as there are EU Member States outside the euro area. The euro area consists of the EU countries that have adopted the euro.

MORE INFORMATION: www.ecb.europa.eu

Organizational Structure of the ECB

Executive BoardAdministration (Directorate General)

Banknotes (Directorate)

Communications and Language Services (Directorate General)

Counsel to the Executive Board

ECB Representation in Washington D.C.

Economics (Directorate General)

ESRB Secretariat

Financial Stability (Directorate General)

Human Resources, Budget and Organisation (Directorate General)

Information Systems (Directorate General)

Macro-Prudential Policy

Internal Audit (Directorate)

International & European Relations(Directorate General)

Legal Services (Directorate General)

Market Operations (Directorate General)

Market Infrastructure & Payments(Directorate General)

Research (Directorate General)

Risk Management (Directorate General)

Secretariat (Directorate General)

Statistics (Directorate General)

Financial Stability(Directorate General)

TARGET2-Securities Programme




EUROPEAN SYSTEMIC RISK BOARD (ESRB)

FUNCTIONS: Macro-prudential oversight of the financial system within the EU• Working to prevent or mitigate systemic risks to financial stability in the EU

SWISS REPRESENTATION: On March 2011, the Federal Council approved an “Options for Switzerland’s collaboration with the European Systemic Risk Board (ESRB)”.

ORGANIZATION: The European Systemic Risk Board (ESRB) is composed of: • A General Board• A Steering Committee• A Secretariat• An Advisory Scientific Committee• An Advisory Technical Committee

The Chair of the ESRB is the President of the European Central Bank. The General Board takes the necessary decisions to accomplish the European Systemic Risk Board (ESRB) goals. The General Board will meet at least four times a year. The Steering Committee supports the decision-making process of the ESRB by preparing the meetings of the ESRB General Board, reviewing documents and monitoring the progress of the ESRB’s ongoing work. The Secretariat is responsible for the day-to-day business of the European Systemic Risk Board (ESRB). The Advisory Scientific Committee (ASC) and Advisory Technical Committee (ATC) provide advice and assistance on issues relevant to the work of the European Systemic Risk Board (ESRB).

KEY PEOPLE:

PRESIDENT: Mario DraghiMario Draghi started its eight-year mandate on Nov. 1, 2011 as third president of the European Central Bank. He was previously head of Bank of Italy, and served on the Governing Council of the European Central Bank, which sets interest rates for the 17 countries that use the euro. From 2006 to 2011 Mario Draghi was Head of the Financial Stability Board. Prior to that, Mario Draghi served as Vice chairman and managing director at Goldman Sachs International, London, from 2002 to 2005. He was Director General of the Italian Treasury from 1991 to 2001. He was also executive director at the World Bank from 1984 to 1990.

The Chair of the ESRB is invited to an annual hearing in the European Parliament to present the ESRB’s annual report to the European Parliament and the Council. That hearing is separated to the monetary dialogue between the European Parliament and the President of the ECB.

The ESRB is also invited by the European Parliament, the Council or the Commission to examine specific issues. The Chair of the ESRB can also be requested by the European Parliament to attend a hearing of the competent Committees of the European Parliament.

MORE INFORMATION: www.esrb.europa.eu

HEAD: Mario Draghi, President

ESTABLISHED: 16 December 2010

LOCATION: The Secretariat is ensured by the ECB, Frankfurt

MEMBERS: General Board: 65; Steering Committee: 14

STAFF: 56, provided by the ECB; 22 provided by member states

BUDGET: €7.3 million

Macro-prudential supervision

European Systemic Risk Board

European Central Bank Council (ECB President and Vice-President and

National Banks Governors

Chairpersons of EBA, EIOPA, and

ESMA

A member of the European

Commission

Chair and the two Vice-Chairs of the ESRB Advisory Scienti�c Committee

Chair of the ERSB Advisory Technical Committee

One representative per member of national supervisory authorities

President of the EU Economic and Financial Committee

Without voting rights:

ECOFINEarly risk warning and

recommendations to governments




EUROPEAN BANKING AUTHORITY (EBA)

FUNCTIONS: Prudential regulation and supervision of the EU banking sector• Aims at maintaining financial stability, integrity and efficiency of the EU banking sector• Creation of the European Single Rulebook in the EU banking sector• Conduct stress tests on European banks to reduce weaknesses in banks’ capital structures

SWISS REPRESENTATION: Switzerland is not an observer to the EBA

ORGANIZATION: The EBA is represented externally by its Chairman who leads the discussions at the Board of Supervisors’ table. The Executive Director prepares the Management Board meetings and ensures the day-to-day operational work of the Authority.

EBA’s governing bodies are:• The Board of Supervisors is the main decision-making body of the Authority. The Board of

Supervisors takes all the policy decisions of the EBA e.g. adopting draft Technical Standards, Guidelines etc.

• The Management Board ensures the Authority carries out its mission and performs the tasks assigned to it. The Management Board has the power to propose, among other things, the annual work programme, the annual budget, the staff policy plan and the annual report.

KEY PEOPLE:

CHAIRPERSON: Andrea EnriaAndrea Enria started his 5-year mandate as Chairman on 1 March, 2011. He represents the EBA and is responsible for preparing the work of the Board of Supervisors and chairs its meetings.

EXECUTIVE DIRECTOR: Adam FarkasAdam Farkas was appointed Executive Director in March 2011 and will serve until March 2016. He is responsible of the management of the Authority and prepares the work of the Management Board.

Before the creation of the EBA, the Committee of European Banking Supervisors (CEBS) was responsible for EBA’s tasks and responsibilities.

The EBA cooperates with the other European Supervisory Authorities (ESAs) within the Joint Committee on issues of cross-sectoral relevance such as: supervision of financial conglomerates, micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability and measures combating money laundering.

MORE INFORMATION: www.eba.europa.eu

HEAD: Andrea Enria, Chairman (appointed on 1 March 2011 for a five-years term)


LOCATION: London, UK

MEMBERS: EU countries

STAFF: N.A.


ChairpersonAndrea Enria

Executive DirectorAdam Farkas

Legal UnitJoseph Mifsud

RegulationIsabelle Vaillant

OversightPiers Haben

Capital and Asset/Liability Management

Policy Analysis& Coordination

ImpactAssessment

PolicyCoordination

HumanResources

Communications

CorporateSupport

Credit, Market &Operational Risk

Risk Analysis

Home-Host Coordination

OperationsPeter Mihalik

InformationTechnology

ConsumerProtection &

Financial Innovation

Finance &Procurement

Registration, Recovery

& Resolution

Accounting OfficerYves Lecoanet




EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA)

FUNCTIONS: Securities supervision, draft technical standards• Ensure the integrity, transparency, efficiency and orderly functioning of securities markets• Enhance investor protection

SWISS REPRESENTATION: Switzerland is not an observer to the EIOPA

ORGANIZATION: The ESMA’s Board of Supervisors takes all the policy decisions and It consists of the heads of 27 national authorities. Observers from Iceland, Licthenstein and Norway, from the European Commission, a representative of European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) and one representative of the European Systemic Risk Board (ESRB) are part of the Board. The Standing Committee is responsible to develop the proposals for approval by the Board of Supervisors. The Standing Committee is chaired by senior national representatives, usually a Member of the Board of Supervisors. The Standing Committee is responsible of the day-to-day work in developing the proposals for approval by the Board of Supervisors. The Board of Supervisors votes on a simple majority basis (one vote per national member) for all matters except guidelines and technical standards when qualified majority is foreseen.

ESMA powers, include:• Ability to draft technical standards that are legally binding in EU member states• Ability to launch a fast track procedure to ensure consistent application of EU law• Powers in resolving disagreements between national authorities • Additional responsibilities for consumer protection • Emergency powers; participating in Colleges of Supervisors and on-site inspections• Monitoring systemic risk of cross border financial institutions • Supervisory role (in particular for credit rating agencies) • Ability to enter into administrative arrangements with supervisory authorities

KEY PEOPLE:

CHAIRPERSON: Steven MaijoorSteven Maijoor took up office on 1 April 2011, and is the first chair of the authority and has been appointed for a term of five years.

EXECUTIVE DIRECTOR: Verena RossVerena Ross is the Executive Director of ESMA. She was appointed to the role in March 2011 and joined ESMA on 1 June 2011.

HEAD: Steven Maijoor, Chairman (appointed on 1 April 2011 for a five-year term)


LOCATION: Paris, France

MEMBERS: 27 national authorities of the EU

STAFF: 121


ChairSteven Maijoor

Executive DirectorVerena Ross

Risk & Control

AccountingCommunications

Markets DivisionRodrigo

Buenaventura

Investments &Reporting DivisionLaurent Degabriel

Credit RatingAgencies Unit

Felix Flinterman

Economic Research& Financial Stability

UnitSte�en Kern

Legal CooperationConvergence Unit

Sophie Vuarlot-Dignac

Operations DivisionNicolas Vasse

Secondary Markets

Post-Trading

Market Integrity

Investment Management

Investor Protection/Financial

Innovation

Corporate Governance & Reporting

Supervision

Policy Development

Risk Analysis

Financial Markets Analysis

Financial Stability

Legal Analysis

Supervisory Convergence

Stakeholders

Human Resources

Information Technologies

Facility Management

Finance & Procurement

ESMA powers, include:• Draft technical standards that are legally binding in EU member states• Ability to launch a fast track procedure to ensure consistent application of EU law• Resolving disagreements between national competent authorities• Responsibilities for consumer protection• Emergency powers; participating in Colleges of Supervisors and on-site inspections• Monitoring systemic risk of cross border financial institutions• Supervisory role (in particular for credit rating agencies)

MORE INFORMATION: www.eba.europa.eu




EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS AUTHORITY (EIOPA)

FUNCTIONS: Insurance supervision• Ensuring a high level of regulation, supervision and consumer protection• Harmonisation of EU rules for financial institutions & markets• Strengthening oversight of cross-border groups

SWISS REPRESENTATION: Switzerland is not an observer to the EIOPA

ORGANIZATION: The European Insurance and Occupational Pensions Authority’s (EIOPA) main decision-making body is the Board of Supervisors, which ensures that EOPA reaches its objectives. EIOPA’s Review Panel monitors the implementation of supervisory provisions set out in Community Legislation and in EIOPA’s measures, as well as the convergence in supervisory practices. EIOPA has also established different Working Groups to carry out the work at technical level and to prepare its statements and documents.

The EIOPA’s Stakeholder Groups include representatives of the industry, consumers, beneficiaries and academics.

KEY PEOPLE:

CHAIRPERSON: Gabriel BernardinoGabriel Bernardino will serve a five years term (renewable once). He was elected by the Board of Supervisors of EIOPA on 10 January, 2011. His nomination followed a pre-selection of the European Commission and was confirmed by the European Parliament.

EXECUTIVE DIRECTOR: Carlos Montalvo Rebuelta Carlos Montalvo Rebuelta was elected by the Board of Supervisors of EIOPA on 25 February 2011 and is responsible of the day-to-day management of EIOPA.

EIOPA inherited its tasks and responsabilities from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).

EIOPA is part of the Joint Committee which has been created on 1st January 2011, with the goal of strengthening cooperation between the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (ESAs).

MORE INFORMATION: eiopa.europa.eu

HEAD: Gabriel Bernardino , Chairman (appointed on 10 January 2011 for a five-year term)


LOCATION: Frankfurt, Germany

MEMBERS: EU members

STAFF: 112


Gabriel BernardinoChair

Carlos MontalvoExecutive DirectorLegal

Counsellor to Senior

Management

Governance & Organisation

Katja WürtzConsumer Protection &

Financial Innovation Unitt

Justin WrayPolicy Unit

ConsumerProtectionInsurance

FinancialInnovationPensions

Impact Assessment

ExternalRelations

Andrew MawdsleyFinancial Stability &

Information Unit

Danny JanssenCorporate Support Unit

OversightUnit

Financial Stability& Crisis Prevention

Finance &Procurement

Colleges of Supervisors

Information Human Resources

Sectoral & Cross-Sectoral Training

& Committees/WGs

IT & CorporateServices

JointCommittee

CommunicationCentre of Expertise Internal Models

Manuela ZweimuellerRegulations

Patrick HoedjesOversight & Operations

Quality Control

Special Adviser


http://eiopa.europa.eu

Copyright © 2014 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

This document was prepared by Public Policy, Credit Suisse, solely for information purposes and for use by the recipient. The information contained herein is indicative and may be subject to change at any time. No guarantee is made regarding reliability or completeness of this document, nor shall any liability be accepted for any losses that arise from its use.

LAST UPDATED: DECEMBER 2014.

financial regulation and supervision - credit suisse · financial. regulation and supervision. ......

Documents