The challenge of achieving coordinated international supervision of such conglomerates is addressed in the consultative documents, “Supervision of Financial Conglomerates,” developed by the Joint Forum on Financial Conglomerates. These working papers were announced on February 16th by the Basle Committee on Banking Supervision, the BIS Review 24/1998  -6-  International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).
The Joint Forum, which was formed to help coordinate the international and inter-industry supervision of financial conglomerates, requested comment by July on these papers. The documents make concrete recommendations for steps that supervisors in each of the securities, insurance, and banking sectors can take to enhance supervision of the group-wide risk exposures of these global and inter-industry conglomerates.