At its 10-11 March meeting, the Basel Committee on Banking Supervision decided to expand its membership and invite representatives from the following countries to join the Committee: Australia, Brazil, China, India, Korea, Mexico and Russia.
Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank, stated that "this expansion in membership will enhance the Committee's ability to carry out its core mission, which is to strengthen regulatory practices and standards worldwide." He added that this step carries forward the call from G20 leaders for major standard-setting bodies to review their membership. The Basel Committee's governance body will also be enlarged to include the Central Bank Governors and Heads of Supervision from these new member organisations.
The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. It seeks to promote and strengthen supervisory and risk management practices globally. With its expanded membership, the Committee is comprised of representatives from Australia, Belgium, Brazil, Canada, China, France, Germany, India, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Spain, Sweden, Switzerland, the United Kingdom and the United States. The Committee's Secretariat is based at the Bank for International Settlements in Basel, Switzerland.