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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.
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Modified: 14 February 2012
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Modified: 13 July 2011
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Modified: 13 July 2011
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Modified: 21 October 2010
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File size: 465 kB
Modified: 21 October 2010
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Modified: 8 January 2010
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Modified: 8 January 2010
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Modified: 14 October 2009
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Modified: 15 June 2009
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Modified: 31 July 2008
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Modified: 31 July 2008
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Modified: 2 May 2008
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Cross-sectoral review of group-wide identification and management of risk concentrations, April 2008
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Modified: 25 April 2008
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Modified: 25 April 2008
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Modified: 1 April 2008
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Modified: 1 April 2008
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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File size: 308 kB
Modified: 8 March 2007
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Modified: 8 March 2007
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File size: 145 kB
Modified: 8 March 2007
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File size: 101 kB
Modified: 8 March 2007
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Modified: 8 March 2007
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File size: 107 kB
Modified: 8 March 2007
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File size: 287 kB
Modified: 8 March 2007
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File size: 290 kB
Modified: 8 March 2007
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Modified: 8 March 2007
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Modified: 8 March 2007
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File size: 321 kB
Modified: 8 March 2007
Description: The report Risk Management Practices and Regulatory Capital responds to the parent committees' request to compare these approaches to gain a better understanding of current industry practices in all three sectors. It was developed by a Joint Forum working group made up of supervisors from all three sectors. In preparing this report, the working group has drawn on interviews with market participants, rating agencies and analysts, as well as on its own experience.
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File size: 88 kB
Modified: 8 March 2007
Description: In March 2000, the Joint Forum set up a working group to compare the core principles issued by the Basel Committee, the IAIS and IOSCO by identifying common principles and understanding differences where they arise. This report is based on the findings of the Group.
The Joint Forum hopes that this analysis will help those assessing jurisdictions against the core principles gain a familiarity with, and understanding of, the core principles of all sectors and thus become more effective in their work. While each sector worked independently in drafting its core principles, there was a great deal of similarity in the approaches taken: in all cases, the process involved extensive and broad consultations within the sector.
In both structure and content, the core principles reflect characteristics of the respective sector and the nature of the supervised financial institutions, intermediaries and markets. The Joint Forum has sought to be comprehensive and balanced, drawing on intrinsic characteristics where necessary to explain differences. It has emphatically avoided making any judgments as to whether the core principles are right or wrong, recognising that each is designed to meet sector-specific needs.
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File size: 287 kB
Modified: 8 March 2007
Description: This document is a compilation of papers that have been prepared by the Joint Forum since its inception in January 1996, and issued jointly by the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors.
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| Intra-group Transactions and Exposures (ITE) and Risk Concentrations (RC) principles | ||
| The Joint Forum, as part of its initial mandate to work towards the development of principles for the future supervision of financial conglomerates, drafted principles to address supervisory approaches to intra-group transactions and exposures (ITE)and risk concentrations (RC). These principles, have been adopted by the Joint Forum's parent organisations after consultation with industry and supervisors, and complement the Joint Forum's already published documents on supervision of financial conglomerates, issued in February 1999. Since financial conglomerates manage RCs and ITEs as part of the overall risk management process, the Joint Forum has sought to develop principles that reflect the rapid pace of evolution in risk management practices by identifying and drawing on progressive risk management practices. While the proposed principles can be applied by supervisors in the near term, as a practical matter, many financial conglomerates are still developing group-wide risk management approaches that would meet the expectations set out in these documents. The papers also set out the findings of a study carried out by the Joint Forum of the supervisory practices in the countries represented on the Forum and the practices of 10 major international financial conglomerates in relation to ITEs and RCs. | ||
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File size: 13 kB
Modified: 8 March 2007
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File size: 37 kB
Modified: 8 March 2007
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File size: 41 kB
Modified: 8 March 2007
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| February 1999 papers | ||
| The papers below have arisen from intensive study of 14 major international conglomerates and from extensive consultation with industry and the wider supervisory community. The international supervisory community is moving steadfastly to meet the challenges posed by the emergence of financial conglomerates. Basel Committee, the IAIS and IOSCO have urged their members to implement the principles set out in the papers. | ||
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File size: 21 kB
Modified: 8 March 2007
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File size: 434 kB
Modified: 8 March 2007
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| Capital Adequacy Principles | ||
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File size: 92 kB
Modified: 8 March 2007
Description: This paper outlines measurement techniques and principles to facilitate the assessment of capital adequacy on a group-wide basis for financial conglomerates. The measurement techniques are based on a combination of existing approaches used by various supervisors and yield broadly equivalent results. The paper does not promote a single technique for universal application but rather builds on the existing sectoral approaches. The guiding principles address particular issues that should be identified in assessing the capital adequacy of financial conglomerates on a group-wide basis and are intended to assist supervisors in the exercise of discretion so that the result will be within a range of acceptable outcomes.
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| Supplement to the Capital Adequacy Principles | ||
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File size: 38 kB
Modified: 8 March 2007
Description: Consists of theoretical examples constructed to illustrate and describe complex situations that can arise in practical applications of the measurement techniques.
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| Fit and Proper Principles | ||
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File size: 19 kB
Modified: 8 March 2007
Description: Recognising that the probity and competence of the top management of banks, securities firms and insurance enterprises are critical to the objectives of supervision, this paper provides guidance intended to ensure that supervisors of entities within a financial conglomerate are able to assess whether those entities are soundly and prudently managed. Further, the paper promotes arrangements to facilitate consultation and information exchange between supervisors, with respect to individuals and regulated entities.
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| Framework for Supervisory Information Sharing | ||
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File size: 55 kB
Modified: 8 March 2007
Description: Outlines a general framework for facilitating information sharing between supervisors of regulated entities within international financial conglomerates. The framework is based on the mapping exercises carried out by the Task Force created by the Joint Forum to analyse the structures and operations of several financial conglomerates and focuses on two dimensions which have particular implications for the supervision of regulated entities within financial conglomerates.
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File size: 55 kB
Modified: 8 March 2007
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File size: 48 kB
Modified: 8 March 2007
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File size: 27 kB
Modified: 8 March 2007
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| Principles for Supervisory Information Sharing | ||
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File size: 17 kB
Modified: 8 March 2007
Description: Sets out guiding principles to assist supervisors in enhancing information sharing arrangements between supervisors that will contribute to a more effective supervisory framework for financial conglomerates. The guidance recognises that the informational needs of supervisors vary considerably depending on many factors, including the objectives and approaches of supervisors themselves and the organisation and structures of individual financial conglomerates. Annexed to the paper are the 10 Key Principles issued by the G7 finance ministers.
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| Coordinator paper | ||
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File size: 30 kB
Modified: 8 March 2007
Description: Provides supervisors with guidance on the possible identification of a coordinator/coordinators and a catalogue of coordination elements from which supervisors can select the role and responsibilities of a coordinator/coordinators in emergency and non-emergency situations.
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| Supervisory questionnaire | ||
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File size: 16 kB
Modified: 8 March 2007
Description: Developed and used by the Task Force to assist supervisors in gaining a better understanding of each others' objectives and practices. The continuing work of the Joint Forum and experience gained in using the Questionnaire may result in changes to enhance its coverage, to improve its understanding of supervisors' objectives and practices and to facilitate the exchange of information on financial conglomerates.
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| Background | ||
| Established in early 1996 to forward the work of the Tripartite Group under the aegis of the Basel Committee, the IAIS and IOSCO, the Joint Forum has issued papers which are a significant step forward in addressing some of the most important supervisory issues that arise from the continuing emergence of financial conglomerates and the blurring of distinctions between the banking, securities and insurance sectors. The Joint Forum comprises an equal number of senior insurance, bank and securities supervisors representing each supervisory constituency. Thirteen countries are represented in the Joint Forum: Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. The EU Commission attends in an observer capacity. The Chairmanship rotates between the three parent organisations and is named for a two-year term. | ||