Memorandums of understanding between regulators in developed countries and those in the developing world must be worked out and an informal relationship between the international home regulator and host regulator in developing countries will be important. BIS Review 74/2006  3  In the Caribbean, the larger institutions which already have ratings have used the well-known rating agencies.
Tonight I will discuss some ways in which the Federal Reserve, since the crisis, has reoriented itself from being (in its financial regulatory capacity) primarily a supervisor of a specific set of financial institutions toward being an agency with a broader focus on systemic stability as well.