Azerbaijan’s FIMSA joins Basel Consultative Group

By Trend

Azerbaijan's Financial Market Supervisory Authority (FIMSA) has been elected a member of the Basel Consultative Group, Trend reports referring to FIMSA.

The report said that FIMSA was elected a member of the Basel Consultative Group under the Basel Committee on Banking Supervision (BCBS) on August 2.

"This will allow the supervisory authority to make use of the experience of leading countries in the field of banking regulation and supervision, harmonize the legislation in force in the country with Basel standards, as well as submit proposals to the Basel Committee," the statement reads.

The BCBS is an organization operating under the Bank for International Settlements (BIS), developing common standards and methods for regulating banking activities adopted in various countries.

It was founded in Basel, Switzerland in 1974 by the presidents of the central banks of the Group of Ten (G10) countries. The committee includes representatives of the central banks of leading countries, and representatives of major international financial organizations work as observers in the committee.