Joint Forum of the International Organisation of Securities Commissions has published a new report on supervisory colleges for financial conglomerates.

The global securities regulator, which has Nigeria’s Securities and Exchange Commission as a member, said in a statement on Tuesday that the report was meant to boost the supervision and operations of financial conglomerates across the world.

According the statement published on the IOSCO website, the report contains the findings of a self-assessment survey of joint forum members.

The findings cover how cross-sectoral issues and specific questions related to financial conglomerates are addressed within supervisory colleges.

The report also provides feedback on the implementation of the Joint Forum principles for the supervision of financial conglomerates and its principle (Principle 6) concerning supervisory cooperation, coordination and information-sharing.

According to IOSCO, the report identifies several gaps and issues in relation to the implementation of Principle 6.

For instance it said, “Not all jurisdictions have in place a specific supervision framework for financial conglomerates or coordination agreements with other supervisors of financial conglomerates on a cross-sectoral level.

“Gaps also exist in the coordination of on-site and off-site supervision with other domestic or international supervisors, and in arrangements or processes for taking enforcement actions with other domestic or international authorities.”

According to it, there appears to be insufficient specific mechanisms for supervisory cooperation and coordination in periods of crisis/stress, thereby possibly hindering effective intervention in times of crisis.”