It is a cross-sector association of banking, insurance and securities institutions that was set up 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).
The development of the financial conglomerates and the increasing difficulty to distinguish the activities carried out in different sectors, emphasize the necessity to set up mechanisms and tools to improve the cross-sector and cross-border supervision.
The performance of the Joint Forum is based on the mandates received from the above mentioned International Associations (parent committees) and, in some cases, from the Financial Stability Board and the G-20.
The Joint Forum usually meets three times a year. Its president takes part in the Coordination Group meetings (formed by presidents and general secretariats from the parent committees), and in the Financial Stability Forum meetings. The CNMV is a founder member. It attends the plenary meetings and works actively in the different working groups.
There is only one permanent working group on the Credit Risk Management in which the CNMV participates.
There are, currently, the following subgroups:
- Financial conglomerates.
- Customers suitability: on financial products commercialised to the retail investors.
- Credit risk transfer.