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 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 markets. Because ...

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 hedge ...

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 The International Organization of Securities Commissions (IOSCO) is an association of organizations that regulate the world's securities and futures markets. Members are typically primary securities and/or futures regulators in a national jurisdic ...

(IOSCO) and the

International Association of Insurance Supervisors The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors from over 190 jurisdictions, constituting 97% of the world's insurance premiums. It is the international standards-sett ...

(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 form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled ...

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 Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

Denmark ) , song = ( en, "King Christian stood by the lofty mast") , song_type = National and royal anthem , image_map = EU-Denmark.svg , map_caption = , subdivision_type = Sovereign state , subdivision_name = Danish Realm, Kingdom of Denmark ...

France France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of Overseas France, overseas regions and territories in the Americas and the Atlantic Ocean, Atlantic, Pacific Ocean, Pac ...

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

Japan Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...

Switzerland ). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel ...

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

and

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. 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), Germany (2012–present) * Therese M. Vaughan, National Association of Insurance Commissioners, United States (January–November 2012) * Tony D'Aloisio, 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 John C. Dugan (born June 3, 1955) is an American attorney who served as the 29th Comptroller of the Currency, comptroller of the currency from August 2005 to August 14, 2010. He has since worked as the chairman of Citigroup. Early life and educa ...

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 charter, bank regulation in the United States ...

(October 2007–December 2009) *,

de Nederlandsche Bank De Nederlandsche Bank NV (DNB) is the central bank of the Netherlands. Founded by King William I in 1814, it is part of the European System of Central Banks (ESCB). De Nederlandsche Bank is a public limited company (Dutch: '' naamloze vennoots ...

(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 market ...

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

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

(2004-June 2005) *José María Roldán,

Bank of Spain The Bank of Spain ( es, link=no, Banco de España) is the central bank of Spain. Established in Madrid in 1782 by Charles III of Spain, Charles III, today the bank is a member of the European System of Central Banks and is also Spain's national ...

(2002–2003) *Jarl Symreng, Finansinspektionen - Sweden (2000–2001) *Alan Cameron,

(1998–1999) *,

(1996–1997)

References

{{reflist
"Joint Forum"
Bank for International Settlements.

External links

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

History

Structure and Membership

Chairs

See also

References

External links