Short answers, pulled from the story.
The Basel Committee on Banking Supervision is an international forum of banking regulatory authorities established in 1974 by the central bank governors of the Group of Ten countries. It develops non-binding standards for bank capital, liquidity, and funding, and encourages member countries to implement those standards through their own domestic regulation.
The Basel Committee on Banking Supervision's secretariat is located at the Bank for International Settlements in Basel, Switzerland. The BIS hosts and supports the committee, but the two institutions remain distinct entities with separate governance arrangements.
As of 2019, the Basel Committee on Banking Supervision has 45 members from 28 jurisdictions, consisting of central banks and authorities responsible for banking regulation. Membership was expanded in 2009 and again in 2014 to include countries beyond the original group of developed nations.
Basel Committee standards are non-binding high-level principles. Members are expected but not obliged to implement them through domestic regulation. The committee has no founding treaty and does not issue binding regulation; it functions as an informal forum for developing policy standards.
Erik Thedeen of Sweden has chaired the Basel Committee on Banking Supervision since May 2024. He succeeded Pablo Hernandez de Cos of Spain, who held the position from 2019 to 2024.
The Basel Committee on Banking Supervision was established in 1974 by the central bank governors of the Group of Ten countries. It was created because globalization in banking and financial markets had not been accompanied by global regulation, leaving national regulators facing both a capacity problem and an information problem in overseeing cross-border banking activity.