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Committee on Financial Markets
Chair:   
Mr. Aerdt Houben   
(Netherlands)
Vice-Chair:   
Ms. Gillian Dorner   
(United Kingdom)
Bureau Members:   
Mr. Mücahit DUMAN   
(Turkey)
Mr. Giuseppe Grande   
(Italy)
Mr. Daniel Greenland   
(United States)
Mr. Guy LALANNE   
(France)
Mr. Akira OOTANI   
(Japan)
Members:   
Open to all Member countries 
Participants:   
Costa Rica   
Hong Kong, China   
Invitees:   
Colombia   
People’s Republic of China   
Brazil   
South Africa   
India   
Bulgaria   
Indonesia   
Romania   
Date of creation:
17th November 1969
Duration:
31st July 2020
Observers (International Organisations):   
Bank for International Settlements (BIS)   
European Investment Bank (EIB)   
International Monetary Fund (IMF)   
World Bank   

Mandate :   -   Resolution concerning the mandate of the Committee on Financial Markets adopted by the Council at its 1320th session of 8 July 2015 [C(2015)89, Annex and C/M(2015)17]

 

 

Resolution of the Council [C(2015)89, Annex and C/M(2015)17]

DRAFT RESOLUTION OF THE COUNCIL REVISING THE MANDATE FOR THE COMMITTEE ON FINANCIAL MARKETS

THE COUNCIL,

   Having regard to the Convention on the Organisation for Economic Co-operation and Development of 14 December 1960;

   Having regard to the Rules of the Procedure of the Organisation;

   Having regard to the Resolution of the Council on Partnerships in OECD Bodies [C(2012)100/FINAL];

   Having regard to the Resolution of the Council concerning the Establishment and Terms of Reference of a Group of Governmental Experts on Financial Markets [C(69)131(Final)], renamed the Committee on Financial Markets on 16 March 1971 [C(71)28(Final)], whose mandate was last revised in 2008 [C(2008)25] and renewed in 2014 [C(2014)147];

   Having regard to the Decision of the Council concerning the future of the Exchange Guarantee Agreement Between Certain Central Banks and of the Committee for Monetary and Foreign Exchange Matters [C(75)134(Final), Item IV];

   Having regard to the results of the second In-Depth Evaluation of the Committee on Financial Markets [C(2014)111 & C/M(2014)12];

   Having regard to the proposed revision of the mandate of the Committee on Financial Markets [C(2015)89];

DECIDES

A.   The mandate of the Committee on Financial Markets (hereafter “the Committee”) is renewed with the following revised mandate:

I.   Objectives

1.   The overarching objective of the Committee is to promote efficient, open, stable and sound financial systems, based on high levels of transparency, confidence, and integrity, so as to contribute to sustainable and inclusive growth.

2.   The mid-level objectives of the Committee are the following:

a)   enhance the long-term efficiency, resilience, and transparency of financial systems, including through the promotion and collection of internationally comparable financial statistics;

b)   promote the contribution of financial institutions, including institutional investors, and capital markets to savings and investment, to the financing of business and individuals and to growth;

c)   contribute to the enhancement of policy approaches in the financial sector;

d)   promote efficient and transparent public debt markets;

e)   promote effective financial education and consumer protection and the ability of individuals and businesses to access and use financial services and address risks.

II. Methods

3.   In order to achieve these objectives, the Committee shall:

a)   develop in-depth and proactive surveillance of financial developments and analysis of their impact on economic growth and stability;

b)   deliver outputs of high quality and with high policy impacts;

c)   regularly assess whether these objectives are being met;

d)   strive to achieve these objectives through policy dialogue, the collection of information and statistics, evidence-based policy analysis, and the development and sharing of good practices and guidelines, including mechanisms to facilitate their proper implementation;

e)   monitor and co-ordinate the work undertaken by the Organisation in the financial field;

f)   submit, as appropriate, recommendations to the Council.

III. Co-operation Arrangements

4.   The Committee shall:

a)   co-operate with relevant OECD bodies.

b)   keep itself informed of the activities carried out in other international entities and fora in respect of financial issues, including in particular the Financial Stability Board (FSB), G20, and Asia-Pacific Economic Cooperation (APEC). It will coordinate work and avoid duplication, with OECD contributions provided as relevant and appropriate;

c)   consider the views and input of major stakeholders in the financial field;

d)   promote policy dialogue and co-operation activities of mutual benefit with non-Members, encourage and provide assistance for the implementation of best principles and practices to interested non-Members.

B.   The mandate of the Committee shall remain in force until 31 July 2020.

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