Mandate of the Joint Forum
The Joint Forum is a group of senior financial sector supervisors working under the auspices of its parent committees: the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors ('the Parent Committees').
The objective of the Joint Forum is to support banking, insurance and securities supervisors in meeting their regulatory and supervisory objectives and, more broadly, to contribute to the international regulatory agenda in particular where risks exist across or in gaps between the three supervised sectors.
In order to achieve this objective, the Joint Forum
- addresses and promotes understanding of issues common to the banking, securities and insurance sectors, including the supervision of financial conglomerates;
- analyses cross-sectoral market and regulatory developments;
- examines cross-sectoral gaps and conflicts in regulation and supervision;
- develops guidance and principles and/or identifies best practices on cross-sectoral technical, regulatory and/or policy issues to encourage cross-sectoral consistency and alignment where appropriate, and reduce opportunities for regulatory arbitrage; and
- facilitates cooperation, coordination and information sharing among banking, insurance and securities supervisors (or representatives of the Parent Committees) and further supports the Parent Committees by identifying synergies or duplication in their work efforts.
The Joint Forum undertakes a work plan and mandates, endorsed by the Parent Committees, which are consistent with and reflect Parent Committee priorities. In doing so, the Joint Forum engages with other international bodies, industry and the broader supervisory community.