On November 26, 2018, the Financial Stability Board announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the U.S. Federal Reserve System) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as its Vice Chair for a three-year term starting on December 2, 2018. Klass Knot will succeed Randal K. Quarles as Chair on December 2, 2021 for the next three-year term.

The current FSB Chair, Mark Carney, will step down on December 1, 2018 after seven years of leadership.

The press release is available at: http://www.fsb.org/2018/11/appointment-of-new-fsb-chair-and-vice-chair/.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.