The Basel Committee
Formerly, the Basel Committee consisted of representatives from central banks and regulatory authorities of the Group of Ten countries plus Luxembourg and Spain. Since 2009, all of the other G-20 major economies are represented, as well as some other major banking locales such as Hong Kong and Singapore. (See the Committee article for a full list of members.)
The committee does not have the authority to enforce recommendations, although most member countries as well as some other countries tend to implement the Committee's policies. This means that recommendations are enforced through national (or EU-wide) laws and regulations, rather than as a result of the committee's recommendations - thus some time may pass between recommendations and implementation as law at the national level.
Read more about this topic: Basel Accords
Famous quotes containing the word committee:
“It is easy to carp at colleges, and the college, if he will wait for it, will have its own turn. Genius exists there also, but will not answer a call of a committee of the House of Commons. It is rare, precious, eccentric, and darkling.”
—Ralph Waldo Emerson (1803–1882)