The Financial Supervisory Service is hosting a regular meeting for the Supervision and Implementation Group, a subcommittee of the Basel Committee on Banking Supervision.

The two-day SIG meeting kicked off Tuesday at Westin Chosun Seoul, FSS officials said.

The list of participants includes financial supervisory officials from key BCBS member states including the U.S., the U.K., Germany and Japan, as well as senior banking officials from the International Monetary Fund.

The core task is to review the progress of the Regulatory Consistency Assessment Program, which has been in effect since 2012 to check whether the Basel standards have been properly abided by.

“We will expand the range of activities in international financial organizations, including the BCBS, so as to match our growing position in global society,” said an official of the financial watchdog.

“In addition to holding related meetings here, we will also lead key agendas such as the establishment or revision of international financial regulations.”

The BCBS, made up of representatives of financial watchdogs and central banks from 27 countries, provides a forum for regular cooperation in banking issues and establishes global business guidelines for banks worldwide.

By Bae Hyun-jung (tellme@heraldcorp.com)