Basel Committee on Banking Supervision (BCBS)
The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks. The mandate of the BCBS is to strengthen the regulation, supervision, and practices of banks/financial institutions worldwide with the purpose of enhancing financial stability. The BCBS does not possess any formal supranational authority. There is no legal force within its decisions, and it relies on its members’ commitments. Originally formed in 1974 from 10 countries (G-10), it has been continually expanded. Today, its 45 members are comprised of central banks and bank supervisors from 28 jurisdictions. Additional details can be found within the BCBS’ Charter.