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The differences in financial regulation in the international banking, insurance, and securities sectors.

The differences in financial regulation in the international banking, insurance, and securities sectors.

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Published by George Lekatis
The differences in financial regulation in the international banking, insurance, and securities sectors.

Basel iii Compliance Professionals Association (BiiiCPA)
http://www.basel-iii-association.com

The Basel iii Compliance Professionals Association (BiiiCPA) is the largest association of Basel iii Professionals in the world. It is a business unit of the Basel ii Compliance Professionals Association (BCPA), which is also the largest association of Basel ii Professionals in the world.

Receive (at no cost) the New Member Orientation newsletters:
http://www.basel-iii-association.com/New_Member_Orientation_Newsletters.html

Subscribe to Receive (at no cost) Basel II / Basel III Related News, Alerts, Opportunities, Updates, our Monthly Newsletter and Limited Time Offers for our Basel II / Basel III Training and Certification Programs:
http://forms.aweber.com/form/42/1586130642.htm
The differences in financial regulation in the international banking, insurance, and securities sectors.

Basel iii Compliance Professionals Association (BiiiCPA)
http://www.basel-iii-association.com

The Basel iii Compliance Professionals Association (BiiiCPA) is the largest association of Basel iii Professionals in the world. It is a business unit of the Basel ii Compliance Professionals Association (BCPA), which is also the largest association of Basel ii Professionals in the world.

Receive (at no cost) the New Member Orientation newsletters:
http://www.basel-iii-association.com/New_Member_Orientation_Newsletters.html

Subscribe to Receive (at no cost) Basel II / Basel III Related News, Alerts, Opportunities, Updates, our Monthly Newsletter and Limited Time Offers for our Basel II / Basel III Training and Certification Programs:
http://forms.aweber.com/form/42/1586130642.htm

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Categories:Types, Research
Published by: George Lekatis on Mar 31, 2011
Copyright:Attribution Non-commercial

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06/14/2013

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Basel iii Compliance Professionals Association (BiiiCPA)www.basel-iii-association.com
1
Basel iii Compliance Professionals Association (BiiiCPA)
1200 G Street NW Suite 800 Washington, DC 20005-6705 USA Tel: 202-449-9750 Web: www.basel-iii-association.com
- The
 
differences in financial regulation in the internationalbanking, insurance, and securities sectors.
Important Sections from the paper:Review of the Differentiated Nature and Scope of Financial RegulationKey Issues and Recommendations - The Joint Forum, January 2010Executive SummaryThe Joint Forum prepared this report at the request of the G-20 to helpidentify potential areas wheresystemic risks may not be fully capturedinthe current regulatory framework and to make recommendations onneeded improvements to strengthen regulation of the financial system.The Joint Forum presents its findings infive key issue areas: 
• Key regulatory differences across the banking, insurance, and securities
sectors;
• Supervision and regulation of financial groups
;
• Mortgage origination;
 
• Hedge funds;
 
• Credit risk transfer products (focusing on credit default swaps and
financial guarantee insurance).
 
 
Basel iii Compliance Professionals Association (BiiiCPA)www.basel-iii-association.com
2
The Joint Forum focused on these areas because they help shed light onsome of the major sources of systemic risk that emerged from the currentfinancial crisis.Unless action is taken, these issues may continue to pose systemic risk tothe financial system and the global economy.The Joint Forum analysed problems that sometimes extend beyond or cutacross the scope of existing regulation of the banking, insurance, andsecurities sectors.
The Joint Forum’s goal was to analyse the key issue areas, identify gaps,
and produce recommendations to address these gaps and bolsterregulatory frameworks over the long term.The recommendations are supplemented with policy options whenconsensus could not be reached.This report is part of a global effort to reform and strengthen financialregulation by the G-20 Leaders and co-ordinated by the FinancialStability Board (FSB).
The Joint Forum’s parent committees
- the Basel Committee on BankingSupervision (BCBS), the International Organization of SecuritiesCommissions (IOSCO), and the International Association of Insurance Supervisors (IAIS) - have initiated and conducted several otherprojects aimed at strengthening financial regulation and notably atredefining its scope.
Given the Joint Forum’s cross
-sectoral perspective, this report has takeninto account all of the analyses and recommendations from theseinitiatives, as well as other authoritative research.
 
 
Basel iii Compliance Professionals Association (BiiiCPA)www.basel-iii-association.com
3
Additionally, the Joint Forum notes that global policy initiatives aimed atreducing the impact of future crises are resulting in increased prudentialrequirements on regulated entities.Paradoxically, these concerted efforts could result in an undesired effect,that is, providing incentives to operate outside the traditional boundariesof supervision and regulation for the three sectors.MandateAt their 15 November 2008 meeting,the G-20 Leaders called for a review of the differentiated nature and scope of regulation in the banking,securities, and insurance sectors.This report responds to the following declaration:
“The appropriate bodies should review the differentiated nature of 
regulation in the banking, securities, and insurance sectors and provide areport outlining the issue and making recommendations on neededimprovements.A review of the scope of financial regulation, with a special emphasis oninstitutions, instruments, and markets that are currently unregulated,along with ensuring that all systemically-importantinstitutions are appropri
ately regulated, should also be undertaken.”
 In its 25 March 2009 report on Enhancing Sound Regulation andStrengthening Transparency, the G-20 stated the following:
“The Joint Forum, a Working Group of the BCBS, IOSCO and the IAIS,
is undertaking a project that addresses the differentiated nature andscope of financial regulation.The main objective of this project is to identify areas where systemic risksmay not be fully captured in the current regulatory framework.

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