As part of a major effort to level the regulatory playing field among internationally active banks, the Basel Committee on Banking Supervision established the Regulatory Consistency Assessment Programme (RCAP) in 2012 to evaluate the consistency and completeness of Basel standards. The enlargement of international financial standard-setting affiliation opened the doors to the increasing participation of emerging markets in the financial regulation reform agenda. In spite of this, important challenges remain in terms of legitimacy, transparency and accountability for principal international standard setters as well as concerning the effective contribution of emerging economies. Recent Brazilian experience with RCAP points to some of the gaps that must be filled in order to serve the interests of a broader range of actors in the international regulatory landscape.
