FSB全球金融稳定委员会-FSB-Financial-Statements_-2018_2019_25页_693kb

FSB Financial Statements Summary (1 April 2018 – 31 March 2019)

Core Content Overview

The Financial Stability Board (FSB) is an international organization established in April 2009 to coordinate the work of national financial authorities and international standard-setting bodies in promoting effective regulatory, supervisory, and financial sector policies. It operates under the FSB Charter and Swiss law, with its headquarters in Basel, Switzerland.

The FSB does not generate revenue or have assets or liabilities of its own. It is funded through contributions from the Bank for International Settlements (BIS) and certain members, with the majority of its funding coming from the BIS. The financial statements for the year ended 31 March 2019 were approved on 16 August 2019 by the FSB Plenary.

Main Points

1. Membership and Structure

• The FSB has 68 member institutions from 25 jurisdictions, including 10 emerging market and developing economies, 10 international organizations, and 6 Regional Consultative Groups (RCGs).
• The Plenary is the sole decision-making body, operating by consensus without voting.
• The Secretariat is based in Basel and is led by Dietrich Domanski, the Secretary General.
• The Chair is appointed by the Plenary and is Randal K. Quarles (US Federal Reserve Governor and Vice Chairman for Supervision) for a three-year term starting on 2 December 2018.

2. Funding and Support

• The FSB receives the majority of its funding and services support from the BIS under a five-year agreement signed on 28 January 2013 and extended to 2023.
• The BIS provides premises, administrative support, and other services free of charge.
• The FSB also receives contributions from the IMF and other members, totaling CHF 12,963,000 in 2019, down from CHF 12,638,000 in 2018.
• Headcount for the FSB Secretariat was 31 in 2019, compared to 33 in 2018.

3. Financial Statements

• The financial statements are prepared in accordance with IFRS and Swiss law.
• The FSB has no assets or liabilities, and no revenue.
• The financial statements include a Statement of Activities but do not include a Statement of Financial Position, Statement of Cash Flows, or Statement of Changes in Net Assets.
• The FSB uses historical cost accounting and recognizes directly attributable expenses such as staff salaries, health insurance, and travel.

4. Governance and Committees

• The FSB has four Standing Committees:
  • Standing Committee on Assessment of Vulnerabilities (SCAV): Monitors and assesses global financial vulnerabilities.
  • Standing Committee on Supervisory and Regulatory Cooperation (SRC): Coordinates supervisory and regulatory policy issues.
  • Standing Committee on Standards Implementation (SCSI): Reviews member compliance with international standards.
  • Standing Committee on Budget and Resources (SCBR): Reviews the FSB's budget and resource needs.
• The RCGs bring together 70 non-member jurisdictions to promote financial stability and share views on vulnerabilities and initiatives.

5. Related Parties and Contingent Liabilities

• The FSB considers related parties as:
  • Members of the Plenary.
  • The FSB Chair and close family members.
  • The Global Legal Entity Identifier Foundation (GLEIF), due to its close ties with the FSB.
• The GLEIF is a Swiss-based not-for-profit foundation, and the FSB had the right to appoint its Board and Chair.
• The FSB has no contingent liabilities as of 31 March 2019, and no legal claims are expected due to the nature of its operations and the BIS agreement.

6. Auditor's Report

• The financial statements were audited by Ernst & Young Ltd, and the auditor's opinion was that the financial statements give a true and fair view in accordance with IFRS and Swiss law.
• The audit was conducted in accordance with International Standards on Auditing (ISAs).
• The auditor's responsibilities include assessing the financial statements for material misstatement, evaluating internal controls, and ensuring fair presentation.

Key Information

• The FSB is a not-for-profit association under Swiss law, with no direct employment of its Secretariat staff.
• The FSB Charter outlines its mandate and objectives, including promoting financial stability, addressing vulnerabilities, and coordinating international regulatory efforts.
• The BIS provides administrative and operational support without charge.
• The FSB does not pay the Chair or any related parties for their services.
• The FSB Secretariat is responsible for preparing the financial statements and ensuring their fair presentation.
• The FSB is involved in peer reviews, standard implementation, and contingency planning for cross-border crises.
• The RCGs held 11 meetings during the reporting period and six new jurisdictions were added in 2018.