The Brazilian Comissão de Valores Mobiliários (CVM) and Korean Financial Services Commission (KSC) are to become permanent members of the IFRS Monitoring Board once they become signatories of the "Charter of the IFRSF monitoring Board".
The Monitoring Board’s main responsibility is to ensure that the Trustees continue to discharge their duties as defined by the IFRS Foundation Constitution, as well as approving the appointment of Trustees.
In February 2012, it announced it would be expanding its membership to include an additional four members, primarily from major emerging markets, and two rotating members. There was a subsequent call for nominations for the permanent seats ending June 2013.
The Monitoring Board said that it was still analyzing other applications for the two remaining permanent seats.