International Institutions & Organisations
The Financial Market Authority is not only part of the European supervisory architecture, but is also an active member of International Institutions and Organisations
Below you can find information about the most significant international institutions and organisations:
- BCBS (Basel Committee of Banking Supervision)
- BSCEE-Group (Group of Banking Supervisors from Central and Eastern Europe)
- CESEE ISI (Central Eastern and South Eastern European Insurance Supervision Initiative)
- FATF (Financial Action Task Force on Money Laundering)
- FSB (Financial Stability Board)
- IAIS (International Association of Insurance Supervisors)
- IMF (International Monetary Fund)
- IAIS (International Association of Insurance Supervisors)
- IOSCO (International Organization of Securities Commissions)
- NGFS (Network for Greening the Financial System)
Basel Committee of Banking Supervision (BCBS)
The main task of the BCBS, which is based in Basel, is to develop international standards and principles for the supervision of credit institutions. Furthermore, it provides a form for cooperation within the supervisory sector with the aim of increasing global financial market stability. The FMA is represented in the Basel Conference, which is part of the BCBS.
Group of Banking Supervisors from Central & Eastern Europe
The Financial Market Authority has been a member of the “Group of Banking Supervisors from Central and Eastern Europe” (BSCEE) since 2008, which is an informal group of banking supervisors from Central and Eastern Europe. The BSCEE is based in Warsaw. The BSCEE group’s aim is to promote close cooperation and communications between banking supervisors in Central and Eastern Europe and to ensure improved supervision by offering training programmes as well as exchanging supervisory techniques, experience and know-how.
CESEE Insurance Supervision Initiative (CESEE-ISI)
The Initiative brings together the insurance supervisory authorities from Central Eastern and South Eastern Europe with the aim of strengthening cross-border cooperation in the region. In addition to the Financial Market Authority, the founder members are the authorities from Albania, Estonia, Hungary, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. In addition to establishing the new supervisory architecture in the European Union, the Initiative’s current focus is on the intensification of cross-border cooperation in the CESEE region. The CESEE Insurance Supervision Initiative meets on a regular basis in the form of conferences and workshops in order to advise about current insurance supervision issues.
Financial Action Task Force (FATF)
The FATF was established in 1989 as an intergovernmental institution, based in Paris. It has also made its job to develop international principles and standards. Initially its mandate only covered the development of measures for the combatting of money laundering. This mandate was expanded in 2001 to include measures for the combatting of terrorist financing and the associated risks for the financial markets. In February 2012, the FATF completed the comprehensive revision of its Standards and extended them, in order to also be able to consider new threats and risks for financial markets, including the financing of the proliferation of weapons of mass destruction (WMDs) accordingly. The current FATF standards, which since 2019 have been extended to also cover virtual currencies can be found on the FATF website.
Financial Stability Board (FSB)
The Financial Stability Board was established as the successor to the Financial Stability Forum in 2009, and is based in Basel. It exists to support intensive cooperation between the national authorities responsible for financial market stability and international organisations. Austria is represented by the Federal Ministry of Finance, the Oesterreichische Nationalbank and the Financial Market Authority in the regional conference for Europe.
International Association of Insurance Supervisors (IAIS)
The International Association of Insurance Supervisors, based in Basel, is the global umbrella organisation of the insurance supervision authorities. It was founded in 1994 and now has members from more than 140 countries. The IAIS’ main task is to develop international principles and standards for insurance supervision authorities, and to make global insurance supervision more effective and standardised. Furthermore, the IAIS fosters cooperation and the exchange of information between IAIS members. In addition, the IAIS intensively addresses issues relating to financial market stability, taking into account the specific parameters of the global insurance markets and takes part in the debate with other international organisations on this topic. The Financial Market Authority was a signatory to the IAIS Multilateral Memorandum of Understanding on improved cross-border cooperation in the insurance sector in 2010.
International Monetary Fund (IMF)
The IMF was founded in 1944 as a special organisation of the United Nations, based in Washington, D.C. and now has over 180 members. Its main tasks include the promotion of international cooperation in the financial sector, of exchange rate stability, and for members facing economic difficulties.
Article IV Consultation
According to the provisions set out in Article IV of the Agreement of the International Monetary Fund, the IMF normally conducts a consultation with each of its members on an annual basis. These consultations focus on the exchange rate as well as the member’s financial and monetary policy, its balance of payments and developments regarding its foreign debt, the influence that its pursued policies have on the balance of payments, as well as the international and regional effects on the aforementioned structures as well as the identification of potential weaknesses. The consultations are not restricted solely to macroeconomic measures, but address all aspects that can have a significant influence on the macroeconomic performance of a country, which may be factors like the employment market, the environment or the government depending on the situation that arises. As a result of the increasing global integration of the financial markets, the IMF explicitly includes issues relating to the country’s financial account as well as the financial and banking sector.
The findings of the 2015 consultation with Austria can be found in the following downloads:
Financial Sector Stability Assessment Program
The IMF’s Financial Sector Stability Assessment Program (FSAP) is a comprehensive analysis of the Austrian financial sector. It is conducted by the IMF for Austria every five years. In particular, three components are evaluated: firstly, the cause, probability and potential impact of the most important risks in relation to macrofinancial stability, secondly Austria’s financial stability policy framework and thirdly the capability of the authorities and institutions to overcome a potential financial crisis. The results of the FSAP are contained in the Financial System Stability Assessment (FSSA) and were incorporated into the Article IV Consultation.
The findings of the 2013 consultation with Austria can be found in the following downloads:
International Organisation of Pension Supervisors (IOPS)
IOPS is the international umbrella organisation of supervisory authorities of private pension and occupational retirement provision institutions – such as pension funds and Pensionskassen – and currently has over 60 members, with the Financial Market Authority being a founder member. Its headquarters are based in Paris. IOPS was founded in 2004 and brings together members as observers from countries with differing pensions systems, supervisory systems and levels of economic development.
IOPS is similar to the IAIS as an organisation, and has the aim of improving the quality and effectiveness of supervision of private pension systems worldwide by using international standards, thereby optimising their development and operational efficiency. At the same time a secure source should be guaranteed for pension income in as many countries as possible, while also fostering international cooperation and the exchange of information worldwide. IOPS cooperates closely with other international organisations like the OECD, the World Bank, the IAIS and the IMF.
International Organization of Securities Commissions (IOSCO)
IOSCO was founded in 1983, is based in Madrid, and has more than 180 members in over 100 countries. This global body acts as a forum for the global exchange of experience of supervisory authorities for securities supervision and strives to develop globally accepted standards for the organisation of the capital market, in order to strengthen investor protection and the functioning of the international financial system. To achieve this aim the supervisory framework is permanently adjusted to the changing conditions of the national and international securities and derivatives markets. The IOSCO Multilateral Memorandum of Understanding (MMoU) is an international yardstick for cross-border cooperation in the securities sector. The Financial Market Authority signed this MMoU in 2009.