Report for the Birmingham Summit
The Joint Forum on Financial Conglomerates (the Joint Forum), under the aegis of the Basle Committee on Banking Supervision (the Basle Committee), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), has pursued its examination of supervisory issues relating to the operations of financial conglomerates. The Joint Forum is comprised of an equal number of senior bank, insurance and securities supervisors representing each supervisory constituency. Thirteen countries are represented in the Joint Forum: Australia, Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, United Kingdom and United States. The EU Commission attends in an observer capacity. In November 1997, Mr. Alan Cameron A.M., Chairman of the Australian Securities Commission, succeeded Mr. Tom de Swam as Chairman of the Joint Forum.
In accordance with its mandate, which is attached in annex, the Joint Forum has in the past year: (a) pursued practical means at domestjic and international levels to facilitate the exchange of information between supervisors; (by investigated legal and other barriers which could impede the exchange of information between supervisors; (c) examined ways to enhance supervisory coordination, including the benefits and drawbacks to establishing criteria to identify and define the responsibilities of a coordinator or coordinators where appropriate; and (d) developed principles toward the more effective supervision of regulated firms within financial conglomerates.
The following paragraphs provide a synopsis of the various papers completed and of the consultative process underway, and a description of additional work done in identifying impediments to information sharing amongst supervisors and of the ongoing and future work of the Joint Forum.
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