The FSB was re-established in April 2009 as the successor to the Financial Stability Forum.
It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
Lord Turner says: “The global nature of the financial crisis and the fact that so many banking groups operate across national borders make international co-operation a vital part of reforming regulation.
“We will work hard on this committee to define the regulations and supervisory approaches needed to address these global risks and identify priorities for regulatory policy needed to tackle them.”
The standing committee will address coordination issues that arise among supervisors and regulators.
It will also help with contingency planning for cross-border crisis management at major financial institutions and advise on crisis management issues more broadly.