The Joint Forum of Basel, IOSCO and the IAIS has published its final report on Principles for the Supervision of Financial Conglomerates (FICON). The updated principles focus on closing regulatory gaps, eliminating supervisory "blind spots" and making sure supervision properly captures the risks that unregulated activities pose. The principles are divided into headings covering:
- supervisory powers and authority;
- supervisory responsibility;
- corporate governance;
- capital adequacy and liquidity; and
- risk management.