The Financial Stability Board (FSB) is calling for stakeholders in the cross-border payments market to join its Taskforce on Legal, Regulatory and Supervisory (LRS) matters. This taskforce has previously provided input on key policy issues, such as data frameworks and supervision of both banks and non-banks in cross-border payments. It has also helped identify areas relevant to the FSB's 2025 work program.
With much of the policy development phase now complete, the focus will shift to implementing these recommendations and addressing any legal, regulatory, or supervisory obstacles that hinder the goals outlined in the G20 Roadmap. The FSB is renewing its LRS Taskforce membership to support this next phase.
The renewed taskforce will consist of 30-40 members, with about two-thirds from the private sector and one-third from the public sector. The FSB aims for broad representation across jurisdictions, regions, private-sector institutional types and business models, public-sector authorities, and international organizations. Meetings will occur approximately four times a year, primarily virtually but with at least one in-person meeting annually.
Private-sector nominees should be senior managers with significant experience in cross-border payments related to compliance, legal matters, operations, or risk management. They must be able to dedicate time and resources until at least the end of 2026.
The Taskforce on Cross-border Payments Interoperability and Extension (PIE Taskforce) under the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) complements the LRS Taskforce. Institutions involved in PIE may also be considered for LRS membership.
Nominations require a nominee’s name, brief CV, and a short description of their firm or organization. The new membership will take effect in March 2025.