In terms of mandate, alongside the FSF old remit – which was to assess vulnerabilities affecting the financial system, identify and oversee action needed to address these vulnerabilities, and promote coordination and information exchange among authorities responsible for financial stability – the FSB will now also: •  monitor and advise on market developments and their implications for regulatory policy, and on best practice in meeting regulatory standards;  •  we will set guidelines for and support the establishment of supervisory colleges and manage contingency planning for cross-border crisis management, particularly with respect to systemically important firms;  •  the FSB will strengthen its collaboration with the International Monetary Fund (IMF), including by conducting Early Warning Exercises;  •  and importantly, we will undertake joint strategic reviews of the policy development work of the international standard setting bodies to ensure their work is timely, coordinated, focused on priorities and addressing gaps.
Here there is a strong consensus that the independence of standard setting is essential and must be preserved. Indeed, the value of international standard setting is indispensably linked with their independence. At the same, independent standard setting needs to be complemented with processes for coordination, accountability and governance for  BIS Review 72/2009  1  standard setters, including regular consultations with stakeholders.