SAMA Governor Elected Chairman of FSB Standing Committee

Governor of the Saudi Central Bank (SAMA) Dr. Fahd bin Abdullah Al Mubarak, was elected as Chairman of the Standing Committee for the Implementation of Standards, as of October 19, 2021, responsible for conducting peer reviews.

Financial Stability Board (FSB) announced appointment of two chairmen for two of its permanent committees, and the head of the Steering Group for Addressing Institutions, after the expiry of the terms of appointment of the previous presidents.

FSB members encourage global adherence to international financial standards, and reports on progress made by members in implementing these standards and other agreed commitments to the G20 and FSB.

The decision also included the appointment of the Governor of the Bank of England Andrew Bailey, as Chairman of the Standing Committee on Supervisory and Regulatory Cooperation as of October 19, 2021.

It shall responsible for addressing the main financial stability risks related to the development of supervisory and regulatory policies, and works to coordinate issues that arise between supervisory and regulatory authorities; to ensure the effective consideration of cross-sector impacts.

President of the Federal Deposit Insurance Corporation Jelena McWilliams was elected as chair of the Steering Group for the Treatment of Financial Institutions, effective November 1, 2021, concerned with leading the work of the FSB related to the systems for the treatment of troubled institutions, and planning for this treatment, and assessments of remedial potential for all sectors.