What’s the joint forum?

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The Joint Forum is an international advisory group that provides recommendations for the insurance, securities and banking industries around the world. The group began meeting in 1996 on the recommendation of the Basel Committee on Banking Supervision (BCBS) and usually meets three times a year. Its membership includes representatives from all three industries from 13 nations, including the United Kingdom, Switzerland, Australia, the United States and Japan. It issues regular notices, along with research papers on the subject of financial regulation.

Each member nation sends a representative from each industry to the Joint Forum. In nations where banking, insurance and securities have separate regulations, three representatives attend the forum. Other nations with combined regulatory agencies may have one or two representatives to represent their interests and views. In addition, the European Commission participates in meetings as an observer, and representatives of the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors (IAIS) are also present.

Members of the Joint Forum have three subcommittees to discuss specific issues. One, conglomerate supervision, represents the original reason for the organization’s founding: growing concern about conglomerate companies offering securities, banking and insurance services under one umbrella. The group also has a consumer suitability committee and a capital and risk assessment committee. Each of these groups can request research to further their goals, as well as develop proposals for discussion with the broader committee.

At Joint Forum meetings, members discuss topics of interest and concern, including economic trends, proposed deals in the financial industry, and regulatory changes. The organization does not have the power to pass regulations, but it can make strong recommendations, and these are often adopted by member countries, as well as other countries interested in following the latest standards in the financial industry. The broad spectrum of member experiences and concerns creates an opportunity to discuss a variety of topics.

People can follow the procedures of the Joint Forum if they have an interest in the subject of financial regulation. After meetings, the organization typically publishes press releases and publications, and individuals can also keep track of activities within various member bodies, such as IOSCO. Recommendations for regulatory changes often include references to research, allowing people to search the data to learn more about the thinking behind the recommendations. Members of the public may also have the opportunity to comment on specific topics, allowing financial industry representatives to weigh in on the issues being discussed at the Joint Forum.

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