In most countries, non-bank financial  16  For instance, the pre-crisis attempt by U.S. supervisors to use stress testing for setting risk-based capital charges for Government Sponsored Organisations – Fanny Mae and Freddy Mac – turned out in retrospect to be a gross failure. 8  intermediaries are under the purview of securities and market regulators.
This Committee consists of the presidents of the respective central banks and is charged with preparing legislation in line with international best practices, the timely implementation of rules and regulations, and monitoring compliance. Such a structure while regional, guarantees compliance with international supervisory standards. In addition, it creates a level playing field with uniform rules within the Kingdom and promotes credibility and transparency.