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International Financial Architecture

International Financial Architecture. John C. Sloan Special Adviser International Strategy and Policy Coordination Financial Services Authority. Global Committee Structure (a Regulator’s View). G-7 (Gov’ts). G-20 (Fin. Mins.). Direct Relationship. ----. Indirect Relationship. OECD

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International Financial Architecture

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  1. International Financial Architecture John C. Sloan Special Adviser International Strategy and Policy Coordination Financial Services Authority

  2. Global Committee Structure (a Regulator’s View) G-7 (Gov’ts) G-20 (Fin. Mins.) Direct Relationship ---- Indirect Relationship OECD (Gov’ts) WTO IMF/WB (Gov’ts) IASB Financial Stability Forum FATF (Money laundering) Other accounting bodies (IFAC. PIOB, etc.) Bank for Int’l Settlements (Central Banks) BCBS (Banking) G-10 (Central Banks) IOSCO (Securities) IAIS (Insurance) CGFS CPSS JointForum

  3. Joint Forum • 1993 – 1995 Tripartite Group • workable definition of a conglomerate • 1995 – to date Joint Forum • established by Basel, IOSCO & IAIS • regulators from banking, securities & insurance • 13 countries • Chair rotates between Basel, IOSCO & IAIS

  4. Joint Forum • Original mandate focussed specifically on financial conglomerates • Mandate later broadened to look at issues of common interest across all three sectors • Undertakes work at request of 3 sectoral committees and, more recently, FSF

  5. Joint Forum Work Streams (I) • Capital Adequacy of Conglomerates • Supervisory Gaps and Overlaps of Conglomerates • Intra-group Transactions & Exposures • Risk Concentrations • Risk Management and Capital Regulation • Comparison of Core Principles

  6. Joint Forum Work Streams (II) • Risk Integration and Aggregation • Operational Risk Transfer • Enhanced Disclosure • Credit Risk Transfer • Outsourcing Principles • Mapping Regulatory Differences • Liquidity Management • High-level Business Continuity Principles

  7. Question 1 • Given recent consolidation in the global financial system, how do we ensure regulatory consistency across all three sectors?

  8. Question 2 • How do we recognise and eliminate inconsistencies to contribute to a more efficient global financial system and avoid unnecessary regulatory arbitrage?

  9. Question 3 • How regulators and the standard setters take best advantage of the accumulated wisdom being collected as a spin-off from the IMF/WB FSAP and ROSC assessments?

  10. Question 4 • How do we ensure that the process of drafting, approving and implementing codes and standards for the global financial sector contributes most effectively to financial stability and sustainable economic growth?

  11. Question 5 • As regulators, can we afford not to think as conglomerates?

  12. International Financial Architecture John C. Sloan Special Adviser International Strategy and Policy Coordination Financial Services Authority

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