2013年-IMF国际货币组织全球_IMF_Membership_in_the_Financial_Stability_Board_18页_470kb

Summary of IMF Membership in the Financial Stability Board (FSB) Association

I. Introduction

This document outlines the proposal for the International Monetary Fund (IMF) to formally join the Financial Stability Board (FSB) as a member of the new association established under Swiss law. The FSB was created in 2009 in response to the financial crisis to enhance international cooperation in financial regulation. The IMF's Executive Board approved its membership in 2010, and in 2013, the FSB was restructured as a formal association. This document provides the legal, operational, and financial implications of the IMF's membership in the FSB Association.

II. Background of the Financial Stability Board

A. The Fund's Participation in the FSB

• The FSB was established in April 2009 to coordinate national financial authorities and international standard-setting bodies to promote financial stability.
• Its functions include assessing vulnerabilities in the global financial system, promoting coordination and information exchange, advising on best practices, and collaborating with the IMF on the Early Warning Exercise.
• The FSB Secretariat is located in Basel, Switzerland, and its members include national authorities, international financial institutions, and standard-setting bodies.
• The FSB initially operated on an informal basis without a separate legal personality, and the IMF participated in its activities in accordance with its own legal and policy framework.
• The IMF has been an active participant in the FSB, contributing to policy discussions, peer reviews, and data initiatives.

B. Institutional Reform in the FSB

• In 2011, the G-20 agreed to strengthen the FSB's institutional framework, including legal personality and greater financial autonomy.
• A high-level working group recommended the formal establishment of the FSB as an association under Swiss law, which was adopted by the FSB Plenary in May 2012 and endorsed by G-20 Leaders in June 2012.
• The FSB was officially established as an association under Swiss law on January 28, 2013, with the Secretariat continuing to be based in the Bank for International Settlements (BIS) headquarters.
• The FSB's new Articles of Association (Appendix II) define its governance structure, membership criteria, and the purpose of promoting international financial stability.
• The FSB operates under the BIS Headquarters Agreement, which provides it with legal privileges and immunities.

III. IMF Membership in the Association

A. Legal Basis for Fund Membership

• The FSB invited all its members to join the new association, and as of February 2013, most had accepted.
• The IMF has the legal capacity to become a member of a domestically-incorporated association, as it possesses full juridical personality under its Articles.
• The IMF's participation in the FSB is consistent with its purposes and supports its functions, including surveillance and technical assistance.

B. Legal Implications

• The IMF will retain its own privileges and immunities in Switzerland and elsewhere, and membership in the FSB Association will not affect this.
• The FSB Articles limit the liability of the association to its own assets, and members (including the IMF) are not personally liable for the association's actions.
• The FSB's decisions are not legally binding on members, and the IMF may choose not to participate in any activity or decision that conflicts with its legal or policy framework.
• The IMF can publicly object to any FSB decision that is inconsistent with its own policies.

C. Operational Implications

• The FSB's new legal framework does not significantly alter its work processes or interactions with members.
• The IMF's internal procedures for FSB-related work will remain largely unchanged.
• The Fund's participation in the FSB is managed by its staff, with the Financial Counsellor briefing the Executive Board periodically.
• The IMF is expected to continue its full involvement in the FSB's governance and activities.

D. Financial Implications

• The IMF will not be required to make any financial contributions to the FSB Association.
• The FSB relies on the BIS for its funding and support services, and the IMF will continue to benefit from this arrangement.
• A multi-year service agreement between the FSB and the BIS is being developed to ensure continuity and planning certainty.

IV. Proposed Decision

• The document proposes that the IMF's Executive Board approve its membership in the FSB Association.
• This decision is necessary to formalize the IMF's participation in the FSB under the new institutional framework.
• The proposed membership is expected to maintain the existing complementary relationship between the IMF and the FSB, ensuring continued cooperation on financial stability issues.

Key Points

• The FSB is now a formal association under Swiss law, established in 2013.
• The IMF has been a member since 2010 and has actively contributed to the FSB's work.
• Membership in the FSB Association does not affect the IMF's legal independence or privileges.
• The FSB's decisions are not binding on members, and the IMF retains the right to object or decline participation.
• The FSB will continue to operate under the BIS Headquarters Agreement for funding and support.
• The IMF's participation in the FSB will remain under the control of its management, with staff handling day-to-day engagement.