The Joint Forum (previously known as The Joint Forum on Financial Conglomerates) is an international group bringing together financial regulatory representatives from

banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

and

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. It works under the international bodies for these sectors, the

Basel Committee on Banking Supervision The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 a ...

(BCBS), the

International Organization of Securities Commissions International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

(IOSCO) and the

International Association of Insurance Supervisors The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors from more than 200 jurisdictions, constituting 97% of the world's insurance premiums. It is the international Standards o ...

(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 is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest consi ...

of conglomerates.

History

The Joint Forum was established in 1996, from a suggestion of the

(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, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...

Belgium Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

Denmark Denmark is a Nordic countries, Nordic country in Northern Europe. It is the metropole and most populous constituent of the Kingdom of Denmark,, . also known as the Danish Realm, a constitutionally unitary state that includes the Autonomous a ...

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

and

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. 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.

Chairs

* Thomas Schmitz-Lippert, Bundesanstalt für Finanzdienstleistungsaufsicht (

BaFin The Federal Financial Supervisory Authority (), better known by its abbreviation BaFin, is Germany's integrated financial regulatory authority. Since 2014, it has been Germany's national competent authority within European Banking Supervision. It ...

), Germany (2012–present) * Therese M. Vaughan,

National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. terri ...

, United States (January–November 2012) *

Tony D'Aloisio Anthony Michael "Tony" D'Aloisio AM (born 1949 in Italy) was Chairman of the Australian Securities and Investments Commission (ASIC). He held the position from 13 May 2007 to 2011, having previously served as an ASIC commissioner. Early life an ...

, Chief Executive,

Australian Securities and Investments Commission The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to pro ...

(January 2010) * John C. Dugan,

Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to corporate charter, charter, bank regulation ...

(October 2007–December 2009) * Dirk Witteveen,

de Nederlandsche Bank De Nederlandsche Bank (, , abbr. DNB) is the national central bank for the Netherlands within the Eurosystem. It was the Dutch central bank from 1814 to 1998, issuing the guilder. Since 2014, it has also been the country's national competent au ...

(2006-September 2007) * Ian Johnston,

Hong Kong Securities and Futures Commission The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. The SFC is responsible for fostering an orderly securities and futures markets ...

(June-December 2005) * Gay Huey Evans, UK

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

(2004-June 2005) * José María Roldán,

Bank of Spain The Bank of Spain (, ) is the national central bank for Spain within the Eurosystem. It was the Spanish central bank from 1874 to 1998, issuing the peseta. Since 2014, it has also been Spain's national competent authority within European Banki ...

(2002–2003) * Jarl Symreng,

Finansinspektionen Financial Supervisory Authority (, FI) is the Swedish government agency responsible for financial regulation in Sweden. It is responsible for the oversight, regulation and authorisation of financial markets and their participants. The agency f ...

- Sweden (2000–2001) * Alan Cameron,

(1998–1999) * Tom de Swaan,

(1996–1997)

References

{{reflist

External links

Joint Forum page at BISJoint Forum page at IAISJoint Forum page at IOSCO
Financial regulation International economic organizations Organizations established in 1996 1996 in economic history

History

Structure and Membership

Chairs

See also

References

External links