The Governor of “SAMA” is the Chairman of the Standing Committee for Standards Implementation on the Financial Stability Board

The Financial Stability Board announced, in the virtual meeting of the general session on October 18, 2021, its decision to appoint two chairmen for two of its standing committees and a chairman for the Steering Group for Addressing Financial Institutions, after the deadline for the appointment of the previous presidents.

According to a statement from Saudi Central Bank “Sama”, the decision included; The appointment of the governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al Mubarak, as chairman of the standing committee for the implementation of standard starting October 19, 2021 AD, which conducts peer reviews for members of the Financial Stability Board, encourages global adherence to standard financial statements and report on progress made by members in implementing these and others standard the agreed commitments of the Group of Twenty and the Financial Stability Board.

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 starting from 19 October 2021 AD, which has the task of addressing the main risks to financial stability related to the development of supervisory and regulatory policies and works to coordinate the issues that arise between supervisory and regulatory authorities to ensure an effective consideration of the effects that include various sectors.

In addition to the appointment of FDIC President Yelena MacWilliams as President of the Financial Institutions Remedial Steering Group starting November 1, 2021, who is responsible for guiding the Financial Stability Board’s work on Troubled Institutions Remedial Systems, repair planning and repair assessments . for all sectors.

Read More About: Business News

Leave a Reply