FSB全球金融稳定委员会-FSB-Financial-Statements_-2019_2020_24页_1mb

FSB Financial Statements Summary (1 April 2019 – 31 March 2020)

Core Content

The Financial Stability Board (FSB) is an international organization established in April 2009 as the successor to the Financial Stability Forum (FSF). It is tasked with coordinating the work of national financial authorities and international standard-setting bodies to develop and promote effective regulatory, supervisory, and financial sector policies. The FSB operates under the guidance of the G20 and is governed by its Charter, which outlines its objectives, mandate, and structure.

The FSB's financial statements for the year ended 31 March 2020 were approved on 19 August 2020 by the Plenary and are prepared in accordance with International Financial Reporting Standards (IFRS). These financial statements include a statement of activities, but do not include a statement of financial position, cash flows, or changes in net assets, as the FSB does not have assets, liabilities, or generate revenue.

The FSB is funded primarily by the Bank for International Settlements (BIS), with contributions from other members such as the International Monetary Fund (IMF) and one FSB member authority. The BIS provides staff compensation, travel, and other directly attributable expenses, while also offering administrative support free of charge. The financial statements reflect contributions from the BIS and other members, along with operating expenses.

Main Points

• Mandate:
  The FSB aims to develop and promote the implementation of effective financial sector policies to ensure global financial stability. It collaborates with international financial institutions to address vulnerabilities in financial systems.

• Governance Structure:

  • The Plenary is the sole decision-making body and operates by consensus.
  • The Secretariat, based in Basel, supports the FSB's operations and is headed by the Secretary General.
  • The FSB has four Standing Committees:
    • Standing Committee on Assessment of Vulnerabilities (SCAV)
    • Standing Committee on Supervisory and Regulatory Cooperation (SRC)
    • Standing Committee on Standards Implementation (SCSI)
    • Standing Committee on Budget and Resources (SCBR)

• Regional Consultative Groups (RCGs):
  The FSB has six RCGs that engage non-member jurisdictions in its work, enhancing transparency and accountability. These groups facilitate discussions on regional vulnerabilities and reforms.
  During the reporting period, the RCGs held nine meetings, and the FSB implemented actions to improve input from non-member authorities and strengthen RCG effectiveness.

• Chair and Secretariat:

  • The current Chair is Randal K. Quarles (Vice Chairman, US Federal Reserve), appointed on 26 November 2018 for a three-year term.
  • Klaas Knot (Vice Chair) will take over as Chair in December 2021.
  • The Secretary General is Dietrich Domanski, who leads the Secretariat.

• Funding and Contributions:

  • The BIS is the primary contributor, providing CHF 12,939,000 in 2020 (compared to CHF 12,817,000 in 2019).
  • Other members contributed CHF 358,000 in 2020 (compared to CHF 146,000 in 2019).
  • The total contributions were CHF 13,297,000 in 2020 and CHF 12,963,000 in 2019.
  • The average headcount for the Secretariat was 32.3 in 2020 (up from 30.8 in 2019), with a total of 33 staff at year-end.

• Accounting Policies:

  • The FSB uses a historical-cost basis for accounting.
  • It does not have assets, liabilities, or revenue, so financial statements do not include a balance sheet, cash flow statement, or statement of changes in net assets.
  • Foreign currency transactions are translated to the functional currency (Swiss Francs) at the effective exchange rates on the transaction dates.
  • The FSB is not subject to any material contingent liabilities as of 31 March 2020.

• Transparency and Accountability:

  • The FSB maintains transparency through stakeholder engagement, consultation, and communication.
  • It provides an annual report to G20 Leaders on the implementation and effects of post-crisis financial regulatory reforms.
  • The FSB is committed to openness and public consultation, with three public consultations conducted during 2019/20.

Key Information

• The FSB has 68 member institutions from 25 jurisdictions, including 10 emerging market and developing economies, 10 international organizations, and 48 national authorities.
• The FSB is hosted at the BIS premises in Basel and benefits from administrative, accounting, and IT support.
• The FSB's governance and transparency mechanisms are outlined in the report, with the Plenary responsible for major decisions.
• The FSB's financial statements are audited by PricewaterhouseCoopers AG, with no material misstatements identified.
• The FSB is considered an association under Swiss law, and the GLEIF is recognized as a related party due to its historical relationship with the FSB.

Summary of Financial Highlights

Conclusion

The FSB operates as a non-profit organization, with no direct revenue generation and relying on contributions from members and the BIS for its functioning. It maintains a transparent and accountable governance framework, with the Plenary as the sole decision-making body. The FSB's financial statements are prepared in accordance with IFRS and Swiss law, and the organization is committed to promoting global financial stability through coordinated efforts and policy implementation.