The Basel Committee on Banking Supervision has been instrumental in producing a number of important international standards on the supervision of banks, including the Capital Accord and minimum standards governing the supervision of banks’ cross-border establishments. Similarly, other supervisors such as IOSCO and the International Association of Insurance Supervisors have pursued co-operation in their areas of responsibility.
And in the early 1990s, in recognition of the emergence and growth of financial conglomerates, banking, securities and insurance supervisors from G10 countries began to work together to identify the problems that conglomerates can cause, and to consider ways to overcome them.