The Financial Stability Forum has been re-branded as the Financial Stability Board, with an expanded membership and a broader mandate, the FSB said Thursday.

The new FSB is to include the current FSF jurisdictions plus the rest of the G20, Spain and the European Commission. To belong to the group members commit to pursuing the maintenance of financial stability, maintaining the openness and transparency of the financial sector, and implementing international financial standards.

The FSB will monitor and advise on market developments and their implications for regulatory policy, and best practice in meeting regulatory standards.

It will also undertake joint strategic reviews of policy development work, set guidelines for and support the establishment of supervisory colleges, and manage contingency planning for cross-border crisis management, particularly with respect to systemically important firms.

FSB will also collaborate with the International Monetary Fund to conduct Early Warning Exercises.

Over time, the FSB plans to promote and help coordinate the alignment of international standard setting activities to address any overlaps or gaps in light of changes in national regulatory structures relating to prudential and systemic risk, market integrity and consumer protection, infrastructure, and accounting and auditing.

IE