Joint Forum
Encyclopedia
the Joint Forum is an international group bringing together financial regulatory representatives from banking, insurance
and securities. It works under the international bodies for these sectors, the Basel Committee on Banking Supervision
(BCBS), the International Organization of Securities Commissions
(IOSCO) and the International Association of Insurance Supervisors
(IAIS). The group develops guidance, principles and identifies best practices that are of common interest to all three sectors.
It was initially set up in response to an increasing number of large financial organisations providing services in all three sectors across multiple countries. Today the Forum deals with issues that are common to all three sectors, including financial regulation
of conglomerate
s.
(Basel Committee) to take forward the work of the Tripartite Group whose report was released in July 1995. The Joint Forum can trace its origins from the Tripartite Group which was formed in early 1993 to address a range of issues relating to the supervision of financial conglomerates. The Tripartite group was composed of bank, securities and insurance supervisors and looked at issues related to the supervision of large financial conglomerates.
Thirteen countries are represented in the Joint Forum: Australia
, Belgium
, Canada
, Denmark
, France
, Germany
, Italy
, Japan
, Netherlands
, Spain
, Switzerland
, United Kingdom
and United States
. The EU Commission attends in an observer capacity. The Chairmanship of the Joint Forum rotates between the three sector committees and is named for a two-year term.
A number of countries have integrated financial regulatory authorities where one organisation covers all financial regulation, including banking, insurance and securities. In these cases this national agency is typically a member of all three international organisations and a combined Joint Forum is a natural fit with the way they operate at a national level.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and securities. It works under the international bodies for these sectors, the Basel Committee on Banking Supervision
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1975. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance...
(BCBS), the International Organization of Securities Commissions
International Organization of Securities Commissions
The International Organization of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets....
(IOSCO) and the International Association of Insurance Supervisors
International Association of Insurance Supervisors
The International Association of Insurance Supervisors is an international organisation that brings together the world's insurance supervisors and regulators.-History:The IAIS was created in 1994...
(IAIS). The group develops guidance, principles and identifies best practices that are of common interest to all three sectors.
It was initially set up in response to an increasing number of large financial organisations providing services in all three sectors across multiple countries. Today the Forum deals with issues that are common to all three sectors, including financial regulation
Financial regulation
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
of conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
s.
History
The Joint Forum was established in 1996, from a suggestion of the Basel Committee on Banking SupervisionBasel Committee on Banking Supervision
The Basel Committee on Banking Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1975. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance...
(Basel Committee) to take forward the work of the Tripartite Group whose report was released in July 1995. The Joint Forum can trace its origins from the Tripartite Group which was formed in early 1993 to address a range of issues relating to the supervision of financial conglomerates. The Tripartite group was composed of bank, securities and insurance supervisors and looked at issues related to the supervision of large financial conglomerates.
Structure and Membership
The Joint Forum is a group of technical experts and is composed of an equal number of senior bank, insurance and securities supervisors.Thirteen countries are represented in the Joint Forum: Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Denmark
Denmark
Denmark is a Scandinavian country in Northern Europe. The countries of Denmark and Greenland, as well as the Faroe Islands, constitute the Kingdom of Denmark . It is the southernmost of the Nordic countries, southwest of Sweden and south of Norway, and bordered to the south by Germany. Denmark...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The EU Commission attends in an observer capacity. The Chairmanship of the Joint Forum rotates between the three sector committees and is named for a two-year term.
A number of countries have integrated financial regulatory authorities where one organisation covers all financial regulation, including banking, insurance and securities. In these cases this national agency is typically a member of all three international organisations and a combined Joint Forum is a natural fit with the way they operate at a national level.
Chairman
- Tony D'Aloisio, Chief Executive, Australian Securities and Investments CommissionAustralian Securities and Investments CommissionThe Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
(January 2010 – Present) - John C. DuganJohn C. DuganJohn C. Dugan was the 29th Comptroller of the Currency for the United States Department of the Treasury, sworn in August 2005. He completed his term on August 14, 2010....
, Comptroller of the Currency, United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
(October 2007 – December 2009) - Dirk Witteveen, de Nederlandsche BankDe Nederlandsche BankDe Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:...
(2006-September 2007) - Ian Johnston, Hong Kong Securities and Futures Commission (June-December 2005)
- Gay Huey Evans, UK Financial Services AuthorityFinancial Services AuthorityThe Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
(2004-June 2005) - José María Roldán, Bank of Spain (2002–2003)
- Jarl Symreng, FinansinspektionenFinansinspektionenFinansinspektionen is the Swedish government agency responsible for financial regulation in Sweden. It is responsible for the oversight, regulation and authorisation of financial markets and its participants...
- Sweden (2000–2001) - Alan Cameron, Australian Securities and Investments CommissionAustralian Securities and Investments CommissionThe Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
(1998–1999) - Tom de Swaan, de Nederlandsche BankDe Nederlandsche BankDe Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:...
(1996–1997)
See also
- Bank regulationBank regulationBank regulations are a form of government regulation which subject banks to certain requirements, restrictions and guidelines. This regulatory structure creates transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things...
- Financial regulationFinancial regulationFinancial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system...
- List of financial regulatory authorities by country
- Securities CommissionSecurities CommissionSecurities Commission a statutory body entrusted with the responsibility of regulating and systematically developing the capital markets in Malaysia.-History:...