The FSA has issued a joint press release from the senior supervisor group. In this press release it states that senior financial supervisors from five countries have published a report entitled Observations on risk management practices during the recent market turbulence (the Report).
The Report summarises a joint review that financial supervisors initiated in the Autumn of 2007. The seven supervisory agencies participating in this review were the French Banking Commission, the German Federal Financial Supervisory Authority, the Swiss Federal Banking Commission, the UK FSA, and, in the United States, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Federal Reserve. The Report also reflects the results of a roundtable discussion that participating supervisory agencies held with industry representatives on 19 February 2008 at the Federal Reserve Bank of New York.