In particular, the Group of Governors and Heads of Supervision agreed in September 2010 that SIFIs should comply with additional capital requirements over and above the Basel III minimum requirements. Extensive work is currently being carried out under the aegis of the Financial Stability Board to develop a framework for the identification of the SIFIs and the calculation of the additional capital requirements.
Group supervision is a major task and requires high quality dedicated supervisors who understand the business models of the firms they supervise, are able to periodically test governance and control frameworks, have a good understanding of complex intercompany transactions, can oversee the assessment of group solvency requirements, closely monitor the performance of internal models and ensure effective coordination and information flow between all relevant supervisors with an interest in the group.