Established in 2008, the Emerging Markets Advisory Council (EMAC) serves as a forum for enhancing the voice of emerging markets institutions, through the IIF, on the reform agenda for the global financial system. The Council comprises Chief Executive Officers/Chairmen of major financial institutions headquartered in emerging markets countries. The Council initiated the Emerging Markets Bank Lending Conditions Survey, now a proprietary product of the IIF, and examines key issues with implications to emerging markets, including the post- crisis regulatory framework and the development of local currency debt markets.

Regular meetings of EMAC with other IIF groups, including the Council for Asset and Investment Management and regional CEO gatherings, allow for a productive exchange of ideas. The current Co-Chairs of the Council are Mr. Roberto Setubal, President & CEO, Itaú Unibanco and Vice Chairman of the Board, Itaú Unibanco Holding S/A, Mr. Hisham Ezz Al-Arab, Chariman & Managing Director, Commercial International Bank, Mr. Cezary Stypulkowski, Chief Executive Officer, mBank S.A., and Mr. Piyush Gupta, Chief Executive Officer, DBS Group Holdings & DBS Bank Ltd.