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Basle Committee on Banking Supervision
March 16, 1998
|Circular No. 11034|
Joint Forum on Financial Conglomerates
Comments Invited by July 31
To All State Member Banks, Bank Holding Companies, and Branches and Agencies of Foreign Banks, in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Basle Committee on Banking Supervision has issued for public comment documents on the supervision of financial conglomerates that have been prepared by the Joint Forum on Financial Conglomerates.
Comment is requested by July 31, 1998, and should be directed to the Basle Committee at FAX: 011-41-61-280-9100.
The Joint Forum documents were prepared along with the International Association of Securities Commissions and the International Association of Insurance Advisors, and are accessible on the Internet at the Bank for International Settlements website.
The emergence of financial conglomerates and blurring of distinctions among the activities of firms in the banking, securities and insurance sectors has raised important supervisory issues that are addressed in these documents.
The documents include discussion of such topics as capital adequacy and sound, prudential management principles, and describe possible frameworks for facilitating the exchange of information and enhancing cooperation between supervisors.
The documents, which are in the form of working papers, are being distributed to supervisory agencies and industry representatives in each sector worldwide.
Input from industry and supervisory sources will play an important role in the ongoing work of the Joint Forum as it addresses supervisory issues related to financial conglomerates.
Comments may be sent directly to the Basle Committee, as indicated in the above statement, by July 31, 1998.
If you have any questions, you may direct them, at this Bank, to Christine M. Cumming, Senior Vice President.
William J. McDonough