Financial markets are globally interconnected and regulatory issues are becoming increasingly complex. Consequently, international cooperation is of crucial importance for financial market stability. The Financial Stability Board (FSB), which is hosted by the Bank for International Settlements (BIS) in Basel, plays a key role in this regard.
The FSB's primary task is to coordinate the work of its member states and of international bodies in the area of financial market regulation and supervision. Frequently based on a G20 mandate, the FSB drives international financial market reforms in areas such as systemically important financial institutions, derivatives markets, financial market infrastructures, digitalisation and technological development in the financial sector or financial intermediation in the non-banking sector. Moreover, the FSB monitors and evaluates its member states' implementation of international regulatory standards and sets its own standards in individual fields.
As a member, Switzerland has two seats in the FSB, which are occupied by the FDF and the SNB. Within the FDF, SIF coordinates Switzerland's position in the FSB together with the SNB and FINMA, and participates in plenary meetings and various bodies and working groups of the FSB. Safeguarding Switzerland's interests includes both active involvement in international regulatory work and the early identification of relevant developments in the area of financial stability and regulation.
International regulatory standards are generally developed in the relevant standard-setting bodies, such as the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS) and the International Organization of Securities Commissions (IOSCO). Swiss authorities are also involved in this work.