January 21, 2013
Who Participates In Basel Committee Rulemakings?
Posted by David Zaring

The Basel Committee just put out some core principles with the un-earth-shaking but nonetheless important goal "to strengthen banks' risk data aggregation capabilities and internal risk reporting practices."  Who helped them come up with the principles?  You might begin to answer that question by looking at the comment process.  Who wrote in once the committee completed a draft of the principles and sent it around?  It turns out that Basel kept a list:

British Bankers Association   39kb  
Canadian Bankers Association   368kb  
French Banking Federation   204kb  
Independent Data Professionals Group   788kb  
International Banking Federation   250kb  
Jacques Préfontaine 21kb  
Japanese Bankers Association   74kb  
JWG 257kb  
Polish Financial Sepervision Authority   443kb  

Prefontaine is a Canadian professor, and JWG a beltway bandit/think tank.  So, in other words, other than the Poles, this is a comment process dominated by banking industry groups.  Basel has not in the past radically changed its rules during the comment process (though it changes them some), and I'm glad the committee is no longer operating entirely in secret.  But it does show that the new openness in international financial regulation isn't being exploited by everyone.

Administrative Law, Finance, Financial Crisis, Financial Institutions | Bookmark

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