Editing Basel Accords (section)

==The Basel Committee on Banking Supervision==
{{main|Basel Committee on Banking Supervision}}
Formerly, the Basel Committee consisted of representatives from central banks and regulatory authorities of the [[Group of Ten (economic)|Group of Ten]] countries plus [[Luxembourg]] and [[Spain]]. Since 2009, all of the other [[G-20 major economies]] are represented, as well as some other major banking locales such as [[Hong Kong]] and [[Singapore]].{{efn|See the [[Basel Committee on Banking Supervision|Committee]] article for a full list of members.}}

The Committee does not have the authority to enforce recommendations, although most member countries as well as some other countries tend to implement the Committee's policies. This means that recommendations are enforced through national (or [[European Union|EU]]-wide) laws and regulations, rather than as a result of the committee's recommendations - thus some time may pass and, potentially, some unilateral changes may be made, between the international recommendations for minimum standards being agreed and implementation as law at the national level.

The regulatory standards published by the committee are commonly known as ''Basel Accords.''They are called the Basel Accords as the BCBS maintains its [[wikt:secretariat|secretariat]] at the [[Bank for International Settlements]] in [[Basel]], [[Switzerland]] and the committee normally meets there. The Basel Accords is a set of recommendations for regulations in the [[Bank|banking industry]].