Basel Committee on Banking Supervision Definition
Basel Committee on Banking Supervision is an institution created by the central bank Governors of the Group of Ten nations (see G-10). It was created in 1974 and meets regularly four times a year.
The Basel Committee formulates broad supervisory standards and guidelines and recommends statements of best practice in banking supervision (see bank regulation) in the expectation that member authorities will take steps to implement them through their own national systems, whether in statutory form or otherwise.
The purpose of the committee is to encourage convergence toward common approaches and standards.