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Carney to Continue as Chair of Financial Stability Board

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Mark Carney will continue his role as chair of the Financial Stability Board (FSB) when he steps down as governor of the Bank of Canada on June 1, 2013, and fills the same role at the Bank of England just a month later following the retirement of governor Mervyn King.

Carney was appointed as chair of the FSB in a personal capacity last year and will complete a three-year term in November 2014. He is also a member of the board of directors of the Bank for International Settlements.

As governor of the Bank of England, Carney takes on a job that will include additional regulatory influence as responsibility for some Financial Services Authority (FSA) regulation transfers to the bank as the FSA is wound down.

As chair of the FSB, Carney is leading a number of regulatory initiatives and reforms, including the implementation of Basle III, that are designed to avoid the fallout of another financial crisis. He also has oversight of the global legal entity identifier (LEI) system that the FSB is coordinating and plans to have in place by March 2013.

Carney reiterated the FSB’s support for the LEI system and noted its progress, including a draft charter for the LEI Regulatory Oversight Committee that went on to be endorsed by G20 finance ministers, at an October meeting of the International Monetary and Financial Committee in Tokyo. This week, FSB executives are back in Tokyo to consider further development of the system.

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