Mr. Cameron appointed Chairman of the Joint Forum

The Basle Committee on Banking Supervision (Basle Committee), the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) are pleased to announce the appointment, effective today, of Mr. Alan Cameron, A.M., as Chairman of the Joint Forum on financial conglomerates (the Joint Forum). Mr. Cameron is Chairman of the Australian Securities Commission and former Chairman of the Executive Committee of IOSCO. Mr. Cameron replaces Mr. Tom de Swaan, currently Chairman of the Basle Committee, who has chaired the Joint Forum since its inception at the beginning of 1996.

The Joint Forum was established in early 1996 by the Basle Committee, IOSCO and the IAIS to take forward the work of the Tripartite Group, a predecessor group which examined supervisory issues relating to 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.

In accordance with its mandate, the Joint Forum has been (a) pursuing practical means at domestic and international levels to facilitate the exchange of information between supervisors within their own sectors and between supervisors in different sectors, (b) investigating legal or other barriers which could impede the exchange of information between supervisors within their own sectors and between supervisors in different sectors, (c) examining ways to enhance supervisory coordination, including the benefits and drawbacks to establishing criteria to identify and define the responsibilities of a coordinator, and (d) working on developing principles toward the more effective supervision of regulated firms within financial conglomerates.

The Joint Forum will continue its efforts, under the Chairmanship of Mr. Cameron, to address the supervisory issues posed by increasingly complex financial conglomerates.