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Principles for the Supervision of Financial Conglomerates-BCBS

No: 331000025009 Date(g): 30/9/2012 | Date(h): 15/11/1433
The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, the International Organization of Securities Commission (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to banking, securities and insurance sectors. In 2009, Joint Forum recommended that the 1999 Principles should be updated and expanded. In this regard, the Joint Forum has now issued its finalized paper on Supervision of Financial Conglomerates which is relevant to banks in Saudi Arabia. 
 
We require all banks to access the above document from the Bank for International Settlement website: (www.bis.org). Banks are expected to study and review the relevant component of this document with the objective to further strengthening their internal governance, risk management and control systems.