Mandate:      Resolution of the Council [C(2024)169

 

 

RESOLUTION OF THE COUNCIL RNEWING AND 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/REV2/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 2015 [C(2015)89] and extended in 2022 [C(2022)90];

HAVING REGARD to paragraph 20 of the Report of the Preparatory Committee on the creation of an Insurance Committee, the Resolution of the Council on the Terms of reference of the Insurance Committee [C(85)98(Final)], renamed Insurance and Private Pension Committee in 2005 [C(2005)27/REV1], whose mandate was last revised in 2019 [C(2019)127] and whose work was integrated into the Committee on Financial Markets’ mandate in 2024 [C(2024)169];

HAVING REGARD to the results of the third In-Depth Evaluation of the Committee on Financial Markets [C(2022)61];

RECOGNISING the importance of well-functioning financial markets to economic growth and resilience, and the OECD’s unique position as an international standard-setter, knowledge institution and intergovernmental forum for co-operation on core elements of these markets;

HAVING REGARD to the proposed revision of the mandate of the Committee on Financial Markets [C(2024)169];

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 efficiency, resilience, and transparency of financial systems, and key components including public and corporate debt, equity and risk capital, pension and insurance markets, and other major elements of market-based finance;

b)    promote the contribution of financial institutions, including banks, pension funds, insurance companies and other institutional investors as well as capital markets, to savings and investment, to the financing of the real economy, to supporting long-term growth, and to responding to sustainability and climate transition challenges;

c)    contribute to the enhancement of policy approaches in the financial sector, taking into account the role and impact of digitalisation and technological innovation;

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

II. Working Methods

3. To achieve its objectives, the Committee shall:

a)    serve as a forum for policy dialogue, the collection of information and data, evidence-based policy analysis and sharing of good practices;

b) develop in-depth and proactive surveillance of financial developments and analysis of their impact on sustainable economic growth, productivity, resilience, inclusion and wider global policy priorities;

c)    support the development, implementation and dissemination of OECD standards in the areas of financial markets.

III. Co-ordination Arrangements

4. To achieve its objectives, the Committee shall:

a)    maintain close working relationships with other OECD bodies, in particular the Investment Committee and its Advisory Task Force on the Codes of Liberalisation on issues relating to the trade in financial services, the Committee on Statistics and Statistical Policy through its Working Party on Financial Statistics, and the Corporate Governance Committee;

b) co-operate with other international organisations and fora with respect to financial market issues, with a view to coordinate work, avoid duplication, and contribute to their work as relevant, in particular the G7, the G20, the Financial Stability Board and Asia-Pacific Economic Cooperation;

c)    consider the views and input of major stakeholders in the financial markets field, including, as relevant, industry and consumers.

 

B. The mandate of the Committee shall remain in force until 31 December 2029.