For immediate release

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 (http://www.bis.org). 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.

1998 Banking and consumer regulatory policy