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In a recent report, the International Monetary Fund ("IMF") encouraged the development of colleges of supervisors regulating internationally active banks and suggested that these colleges be more inclusive to avoid protectionist tendencies. Int'l Monetary Fund, Strategy, Policy & Review Dep't, Initial Lessons of the Crisis for the Global Architecture and the IMF 10

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This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007-2009: (1) the improved capital requirements intended to reduce the risk of bank failure ("Basel III"), (2) the improved recovery and resolution regimes for global banks, and (3) the development of supervisory colleges of cross-border financial institutions to improve supervisory cooperation and convergence. The paper also addresses the implications of these regulatory reforms for Asian emerging markets.