A description of the key standards and the monitoring of their observance is available on the publication of Financial Stability Forum (April 2001) http://www.fsforum.org entitled "International Standards and Codes to Strengthen Financial Systems" and so I will not spend time giving a descriptive account of them.
Standards and codes: current international context The development of international standards and codes in the current context has five important features, viz., it is part of the reform of the international financial architecture; it represents a consolidated view of several interrelated standards and codes; it is a collaborative effort involving different groups of countries, markets and international financial institutions and standard setting agencies and bodies; it has elements of both external and internal assessments of degree of compliance; and, finally there is an assumption of linkage between the implementation of standards and codes and financial stability.