Integrated Financial Supervision: Experiences in Selected Countries
This paper represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the pol...
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| description | This paper represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis management.
The institutional aspects of financial regulation and supervision are receiving great attention around the world. This interest has increased as several developed and developing countries integrated their specialized regulatory structures during the last few years, sometimes introducing a single financial regulator. The recent literature on financial regulation and supervision reflects the debate on the advantages and disadvantages of integrating the supervision of banks, insurance, securities, and other financial sector activities. It also recognizes the importance of issues and risks associated with the processes of implementing supervisory integration. The experiences of those countries that have already integrated their financial supervisory structures provide insights that could be useful for other countries that are studying a move toward integration. This paper (a previous version of which was presented at the Latin American Regional Financial Forum in October 2002) represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis man |
| doi_str_mv | 10.18235/0008851 |
| format | Report |
| fullrecord | <record><control><sourceid>iadb_FFQFF</sourceid><recordid>TN_cdi_iadb_primary_1442076</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1442076</sourcerecordid><originalsourceid>FETCH-iadb_primary_14420763</originalsourceid><addsrcrecordid>eNpjYBAwNNAztDAyNtU3MDCwsDA15GRw9swrSU0vSixJTVFwy8xLzEvOTMxRCC4tSC0qyyzOzM-zUnCtAHIyU_OSU4sVMvMUglNzUpNByp3zS_NKgBLFPAysaYk5xam8UJqbQdrNNcTZQzczMSUpvqAoMzexqDLe0MTEyMDczBi_LAAnvzJ1</addsrcrecordid><sourcetype>Open Website</sourcetype><iscdi>true</iscdi><recordtype>report</recordtype></control><display><type>report</type><title>Integrated Financial Supervision: Experiences in Selected Countries</title><source>Inter-American Development Bank</source><creator>Demaestri, Edgardo C ; Sourrouille, Diego</creator><creatorcontrib>Demaestri, Edgardo C ; Sourrouille, Diego ; Sustainable Development Department</creatorcontrib><description>This paper represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis management.
The institutional aspects of financial regulation and supervision are receiving great attention around the world. This interest has increased as several developed and developing countries integrated their specialized regulatory structures during the last few years, sometimes introducing a single financial regulator. The recent literature on financial regulation and supervision reflects the debate on the advantages and disadvantages of integrating the supervision of banks, insurance, securities, and other financial sector activities. It also recognizes the importance of issues and risks associated with the processes of implementing supervisory integration. The experiences of those countries that have already integrated their financial supervisory structures provide insights that could be useful for other countries that are studying a move toward integration. This paper (a previous version of which was presented at the Latin American Regional Financial Forum in October 2002) represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis management. The paper reaches several conclusions, among them: the countries that have been able to integrate their regulatory structures are quite diverse; the scope of the financial activities and services covered is broad; the integrated agencies are not homogeneous regarding their assumed regulatory powers; most of the supervisors operate with a good degree of independence from government, although they are accountable to government; and the organizational structure of the agencies reflects aspects of institutional and functional organizational models. The paper also concludes that the effective implementation of integrated supervision is not an easy task. It takes time and effort to harmonize procedures across different activities and maximize the benefits of integration. This study confirms the advantages of integration, but it finds that there is no one way of integrating financial supervision. Many lessons are offered and they will prove useful and relevant for countries currently considering or undergoing the process of integration and particularly for the countries of Latin America and the Caribbean, some of which have already started to move towards an integrated approach. We anticipate that this study will help promote an active discussion on the implementation of institutional reforms in the supervisory frameworks of the countries of Latin America and the Caribbean. In addition, we hope that the analysis and information provided will stimulate further studies and policy recommendations. ??? To obtain a hard copy of this publication, please submit your request to: IFM Publications Infrastructure and Financial Markets Division Inter-American Development Bank 1300 New York Avenue, N.W. Washington, D.C. 20577 Mail Stop W-0508 E-mail: sds/ifm@iadb.org Fax: 202-623-2157</description><identifier>DOI: 10.18235/0008851</identifier><language>eng</language><subject>Finance ; Financial Markets ; Financial Policy ; Financial Service ; financial supervision ; Public Administration ; supervision ; Transparency and Anticorruption</subject><creationdate>2011</creationdate><tpages>41</tpages><format>41</format><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Uhttps://webimages.iadb.org/publications/english/image/4992.png</thumbnail><link.rule.ids>780,27451</link.rule.ids><linktorsrc>$$Uhttps://publications.iadb.org/en/integrated-financial-supervision-experiences-selected-countries$$EView_record_in_Inter-American_Development_Bank$$FView_record_in_$$GInter-American_Development_Bank$$Hfree_for_read</linktorsrc></links><search><creatorcontrib>Demaestri, Edgardo C</creatorcontrib><creatorcontrib>Sourrouille, Diego</creatorcontrib><creatorcontrib>Sustainable Development Department</creatorcontrib><title>Integrated Financial Supervision: Experiences in Selected Countries</title><description>This paper represents one of the first comparative analyses of experiences of integrated supervision. 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The institutional aspects of financial regulation and supervision are receiving great attention around the world. This interest has increased as several developed and developing countries integrated their specialized regulatory structures during the last few years, sometimes introducing a single financial regulator. The recent literature on financial regulation and supervision reflects the debate on the advantages and disadvantages of integrating the supervision of banks, insurance, securities, and other financial sector activities. It also recognizes the importance of issues and risks associated with the processes of implementing supervisory integration. The experiences of those countries that have already integrated their financial supervisory structures provide insights that could be useful for other countries that are studying a move toward integration. This paper (a previous version of which was presented at the Latin American Regional Financial Forum in October 2002) represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis management. The paper reaches several conclusions, among them: the countries that have been able to integrate their regulatory structures are quite diverse; the scope of the financial activities and services covered is broad; the integrated agencies are not homogeneous regarding their assumed regulatory powers; most of the supervisors operate with a good degree of independence from government, although they are accountable to government; and the organizational structure of the agencies reflects aspects of institutional and functional organizational models. The paper also concludes that the effective implementation of integrated supervision is not an easy task. It takes time and effort to harmonize procedures across different activities and maximize the benefits of integration. This study confirms the advantages of integration, but it finds that there is no one way of integrating financial supervision. Many lessons are offered and they will prove useful and relevant for countries currently considering or undergoing the process of integration and particularly for the countries of Latin America and the Caribbean, some of which have already started to move towards an integrated approach. We anticipate that this study will help promote an active discussion on the implementation of institutional reforms in the supervisory frameworks of the countries of Latin America and the Caribbean. In addition, we hope that the analysis and information provided will stimulate further studies and policy recommendations. ??? To obtain a hard copy of this publication, please submit your request to: IFM Publications Infrastructure and Financial Markets Division Inter-American Development Bank 1300 New York Avenue, N.W. 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The institutional aspects of financial regulation and supervision are receiving great attention around the world. This interest has increased as several developed and developing countries integrated their specialized regulatory structures during the last few years, sometimes introducing a single financial regulator. The recent literature on financial regulation and supervision reflects the debate on the advantages and disadvantages of integrating the supervision of banks, insurance, securities, and other financial sector activities. It also recognizes the importance of issues and risks associated with the processes of implementing supervisory integration. The experiences of those countries that have already integrated their financial supervisory structures provide insights that could be useful for other countries that are studying a move toward integration. This paper (a previous version of which was presented at the Latin American Regional Financial Forum in October 2002) represents one of the first comparative analyses of experiences of integrated supervision. It discusses how several countries around the world have developed the processes of integrating financial regulation and supervision, and covers numerous relevant technical issues as well as the policy options. It describes the scope of the activities, institutions, responsibilities, and regulatory powers that integrated supervisors are expected to cover. Issues related to the organizational structures and the management of staff resources are also considered. In particular, the paper discusses how the supervisory agencies have dealt with three important aspects: the treatment of financial conglomerates, the risk assessment process, and crisis management. The paper reaches several conclusions, among them: the countries that have been able to integrate their regulatory structures are quite diverse; the scope of the financial activities and services covered is broad; the integrated agencies are not homogeneous regarding their assumed regulatory powers; most of the supervisors operate with a good degree of independence from government, although they are accountable to government; and the organizational structure of the agencies reflects aspects of institutional and functional organizational models. The paper also concludes that the effective implementation of integrated supervision is not an easy task. It takes time and effort to harmonize procedures across different activities and maximize the benefits of integration. This study confirms the advantages of integration, but it finds that there is no one way of integrating financial supervision. Many lessons are offered and they will prove useful and relevant for countries currently considering or undergoing the process of integration and particularly for the countries of Latin America and the Caribbean, some of which have already started to move towards an integrated approach. We anticipate that this study will help promote an active discussion on the implementation of institutional reforms in the supervisory frameworks of the countries of Latin America and the Caribbean. In addition, we hope that the analysis and information provided will stimulate further studies and policy recommendations. ??? To obtain a hard copy of this publication, please submit your request to: IFM Publications Infrastructure and Financial Markets Division Inter-American Development Bank 1300 New York Avenue, N.W. Washington, D.C. 20577 Mail Stop W-0508 E-mail: sds/ifm@iadb.org Fax: 202-623-2157</abstract><doi>10.18235/0008851</doi><tpages>41</tpages><oa>free_for_read</oa></addata></record> |
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| source | Inter-American Development Bank |
| subjects | Finance Financial Markets Financial Policy Financial Service financial supervision Public Administration supervision Transparency and Anticorruption |
| title | Integrated Financial Supervision: Experiences in Selected Countries |
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