Mandate : Resolution concerning the mandate of the Committee on Financial Markets adopted by the Council at its 1170th session of 28 March 2008 [C(2008)25 and C/M(2008)6, item 77]
Resolution of the Council [C(2008)25 and C/M(2008)6, item 77]
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 concerning the Establishment and Terms of Reference of a Group of Governmental Experts on Financial Markets [C(69)131(Final)];
Having regard to the Resolution of the Council amending the Resolution of the Council concerning the Establishment and Terms of Reference of a Group of Governmental Experts on Financial Markets [C(71)28(Final)];
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 Decision of the Council regarding a Sunset Clause for all Committee [C/M(2004)5, Item 75] which entered into force on 22 April 2004 [C/M(2004)10, Item 143, IV, c];
Having regard to the results of the In-depth Evaluation of the Committee on Financial Markets [C(2007)82 and C(2007)82/CORR1];
Having regard to the recommendations approved by Council on the In-Depth Evaluation of the Committee on Financial Markets [C/M(2007)12, Item 158];
1. The mandate of the Committee on Financial Markets is as follows:
a) The overarching objective of the Committee on Financial Markets is to promote efficient, open, stable and sound market-oriented financial systems, based on high levels of transparency, confidence and integrity. To achieve this objective, the Committee shall improve awareness and understanding of major financial policy issues and shall assist policymakers in designing, adopting and implementing relevant policies.
b) The main objectives of the Committee include:
• improving efficiency and effectiveness of the regulatory approach in the financial sector;
• improving the capacity of financial markets and individuals to respond to financial challenges, in particular those associated with an ageing population and a riskier environment;
• improving financial education and awareness;
• promoting the contribution of financial markets and institutions to savings and investment, to the financing of business and individuals and to growth;
• promoting the liberalisation of international trade and market access in the financial services sector.
c) Additional objectives to be addressed by the Working Parties of the Committee are:
• improving public debt management;
• improving financial statistics.
d) With regard to non-Members, the Committee shall promote policy dialogue and cooperation, encourage the implementation of best principles and practices, and provide related assistance.
a) In order to achieve these objectives, the Committee shall:
• develop in-depth and proactive surveillance of financial developments and of their impact on economic growth and stability;
• focus its work on delivering outputs of high quality and with high policy impacts and shall regularly assess whether these objectives are being met; it shall strive to achieve these objectives through policy dialogue, the collection of information and statistics, policy analysis, and the establishment of good practices and guidelines for adequate policies and regulations, and for mechanisms to facilitate their proper implementation;
• monitor and co-ordinate the work undertaken by the Organisation in the financial fields and, as appropriate, submit opinions, recommendations and proposals to the Council or to other Committees.
b) The Committee shall consider revisions to its mandate whenever appropriate, for instance following major policy developments in financial markets.
a) The Committee shall co-operate with relevant OECD bodies, particularly the Insurance and Private Pensions Committee;
b) The Committee shall keep itself informed of the activities carried out in other international bodies in respect of financial issues, coordinate work and avoid duplication with these bodies, and shall provide a forum for consultations among Member countries to enable them to exchange views on issues raised in these bodies;
c) The Committee shall consider the views and input of major stakeholders in the financial field.
2. The mandate of the Committee on Financial Markets shall remain in force until 31 December 2013 unless the Council decides otherwise.”