In a speech at the Eurofi Financial Forum 2023 earlier this month, Neil Esho, Secretary General of the Basel Committee on Banking Supervision, discussed the proposed revisions to the Core principles for effective banking supervision, also called the "Basel Core Principles," in light of recent banking crises.
In July, the Basel Committee issued a consultative document proposing revisions to the Basel Core Principles, which were first published in 1997 and were most recently updated in 2012. These principles serve as essential minimum standards for the prudent regulation and supervision of banks and banking systems worldwide. To ensure that the revised standard reflects the global experience of banking supervision, the Basel Committee established a task force comprising member and non-member jurisdictions, as well as the International Monetary Fund and the World Bank, to carry out the review.
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