Joint Forum. The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates (mandate). The Joint Forum is comprised of an equal number of senior bank, insurance and securities supervisors representing each supervisory constituency. Chair Membership Frequency of meetings The Joint Forum usually meets three times per year.
Main subgroups Risk Assessment and Capital; Conglomerate Supervision. 1 Effective August 2005, the Ontario Securities Commission and the Autorité des marchés financiers (Québec) (AMF) share this seat on a rotational basis. Joint Forum - Aggregation. BIS. IAIS. CEIOPS. BaFin. FSA. MiFID - FSA. The original Markets in Financial Instruments Directive (MiFID) was implemented in November 2007. It introduced competition to the EU trading landscape and provided a ‘passport’ for trading venues and investment firms to operate throughout Europe on the basis of authorisation in their home Member State (MS). It also introduced various investor protection measures. MiFID has been in force for four years and is the cornerstone of the European Union’s regulation of financial markets. On 20 October 2011, the European Commission (EC) adopted a legislative proposal for the revision of MiFID.
The proposals take the form of a revised Directive and a new Regulation, which together are commonly referred to as ‘MiFID II’. The new proposals are designed to take into account developments in the trading environment since the implementation of MiFID in 2007, including advances in technology and gaps in transparency to investors and regulators. It is also a response to the financial crisis. Passporting - FSA. Passporting rights allow firms to conduct business into the EEA under a single market directive. The relevant directives are: Markets in Financial Instruments Directive (for investment firms), Banking Directive (for credit institutions and financial institutions), UCITS Directive (for UCITS management companies), Insurance Mediation Directive (for insurance and reinsurance intermediaries) Third Non-Life Insurance and Consolidated Life Assurance Directives (for insurers) Reinsurance Directive (for reinsurers).
Payment Services Directive (PSD). Electronic Money Directive A UK firm which is entitled to carry on an activity in another EEA State may either establish a branch or provide cross-border services into another EEA State, subject to the fulfillment of the conditions under the relevant directive. Passporting rights only apply within the EEA. The activities which are 'passportable' are set out in the relevant single market directives. ACP.