The Basel Committee on Banking Supervision is a standing committee established in 1974 by the central bank governors of the G-10. Its purpose is to formulate broad supervisory guidelines and standards for the banking sector under the expectation that authorities in member nations and other countries will take reasonable steps to implement them. Although the committee does not have any legal jurisdiction over the national governments and central banks to which it makes recommendations, its standards are well regarded and widely followed in the international banking and finance community. The committee meets four times a year and is best known for its Basel II Capital Framework, Core Principles for Effective Banking Supervision and Basel Concordat on Cross-Border Banking Supervision.
The committee's work is carried out in 4 main sub-committees.
The committee has 27 member nations. They are: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States