Current Affairs · International Financial Institutions

The Bank for International Settlements (BIS) hosts several international committees that set global financial standards. Consider the following statements regarding the key committees hosted by the BIS and their respective mandates: 1. The Basel Committee on Banking Supervision (BCBS) develops global standards for bank regulation, including the requirements for capital adequacy (Basel III), but its mandate does not cover the regulatory oversight of the Shadow Banking System (non-bank financial intermediation), which is explicitly the sole focus of the Financial Stability Board (FSB). 2. The Committee on Payments and Market Infrastructures (CPMI), formerly the CPSS, is the global standard-setter for payment, clearing, and settlement systems and is responsible for promoting the safety and efficiency of these infrastructures, including the oversight of Financial Market Infrastructures (FMIs) and the use of Central Bank Digital Currencies (CBDCs). 3. The Committee on the Global Financial System (CGFS) is a central bank forum for monitoring and assessing potential sources of stress in the global financial system, and it provides guidance and policy recommendations to central bank governors primarily regarding the management of cross-border capital flows and the stability of the forex market. Which of the above statements are correct?