Joint Forum for keeping tab on tax element of financial conglomerates

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Joint Forum for keeping tab on tax element of financial conglomerates By TII News Service Dec 23, 2011 , London
A global institution named Joint Forum (JF) has advised financial supervisors across the globe to keep a tab on tax element of financial conglomerates while assessing the appropriateness of the distribution of capital resources within the group. The advice forms part of the explanatory statement to the draft Principles for the Supervision of Financial Conglomerates issued by JF, which is an apex body of global financial regulatory associations. It has given this advice in its consultative report captioned ‘Principles for the Supervision of Financial Conglomerates’ that was issued on 19 December. Established in 1996, JF comprises Basel Committee on Banking, Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS), senior banks, insurance and securities supervisors. JF deals with issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates.

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