New Chairman of the Joint Forum

The Joint Forum's parent organisations, the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), have announced the appointment of Mr John C Dugan as Chairman of the Joint Forum. This appointment is effective immediately and will run until December 2009.

His position as the Comptroller of the Currency in the United States, as a member of the Basel Committee and his extensive experience in financial services places him in an excellent position to chair the Joint Forum.

Mr Dugan succeeds Mr Dirk Witteveen, Executive Director of the Netherlands Bank, who passed away on 13 September 2007. Mr Witteveen was an active member and an enthusiastic supporter of the Joint Forum for several years, leading up to his appointment as Chairman in January 2006.

The Joint Forum was established in 1996 under the aegis of the BCBS, IOSCO and the IAIS to deal with issues common to the banking, securities and insurance sectors, including the supervision of financial conglomerates.