The Governor of “SAMA” is the Chairman of the Standing Committee for the Implementation of Standards in the Financial Stability Board

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The Financial Stability Board announced, in the virtual meeting of the general session held on October 18, 2021, its decision to appoint two chairmen for two of its permanent committees, and a chair for the Steering Group for Addressing Financial Institutions, following the expiration of the terms of appointment of the previous chairs.

According to a statement by the Saudi Central Bank “Sama”, the decision included; Set Governor Saudi Central Bank Dr. Fahd bin Abdullah Al Mubarak, Chairman of the Standing Committee for the Implementation of Standards as of October 19, 2021 AD, which conducts peer reviews of members of the Financial Stability Board, encourages global adherence to international financial standards, and reports on progress made by members in implementing these standards and other agreed commitments of the Group Twenty and the Financial Stability Board.

The decision also included the appointment of the Governor of the Bank of England, Andrew Bailey, as Chairman of the Standing Committee on Supervisory and Regulatory Cooperation as of October 19, 2021 AD, which is responsible for addressing the main financial stability risks related to the development of supervisory and regulatory policies, and works to coordinate issues that arise between supervisory and regulatory authorities to ensure effective consideration of the effects that include various sectors.

As well as the appointment of FDIC President Yelena MacWilliams as chair of the Financial Institutions Remedial Steering Group effective November 1, 2021, which is responsible for leading the work of the Financial Stability Board on Troubled Institutions Remedial Systems, planning for remediation, and remediation assessments for all sectors.





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