Broader implementation of global financial standards is important for supporting the ongoing process of global financial and economic integration. 6  These standard-setting bodies include the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the International Organization of Securities Commissions (IOSCO), the Committee on Payment and Settlement Systems (CPSS), and the International Accounting Standards Board (IASB).
2  BIS central bankers’ speeches  •  Because the FSB is a creation of the G-20 Leaders, it has the weight of the G-20 behind it. The G-20 provides direction and receives regular progress updates from the FSB on the financial reform agenda. This close working relationship gives the FSB the political leverage it needs to be effective.