Basel Concordat

Basel Concordat

A 1983 agreement by the Basel Committee stating banks opening subsidiaries in foreign countries must submit those subsidiaries to the full regulatory authority of the relevant countries. It also requires the parent banks to allow their own regulators to review the foreign subsidiaries. It accomplishes both of these by encouraging the regulatory authorities to share information with each other.
References in periodicals archive ?
What I am describing would entail some recasting of the key pillars of international supervisory co-operation: the Basel Concordat, Core Principles of Supervision, and Capital Accord," he added.
Basel II requires continuation of existing cross-border responsibilities of supervisors, as set out in the Basel Concordat and Minimum Standards documents.
The Basel concordat and the consolidation of banking supervision