International Survey of Integrated Financial Sector Supervision

de Luna Martinez, Jose ; Rose, Thomas A.

World Bank, Washington, DC

关键词: ACCOUNTABILITY;    ACCOUNTING;    ACCOUNTING PRACTICES;    ACCOUNTING RULES;    ARBITRAGE;   

DOI  :  10.1596/1813-9450-3096
RP-ID  :  WPS3096

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Despite the intense debate on theadvantages and disadvantages of adopting integratedsupervision that has taken place in recent years, little isknown about the experiences of countries that have adoptedit and the obstacles and challenges they have faced toimplement it. In an attempt to shed light on this area, theauthors present the results of a survey conducted in a groupof 15 countries that have adopted integrated supervision.After a brief review of the literature on integratedsupervision, the authors examine four topics: 1) The reasonscited by this group of countries for establishing anintegrated supervisory agency. 2) The scope of regulatoryand supervisory powers of these agencies. 3) The progress ofthese agencies in harmonizing their regulatory andsupervisory practices across the intermediaries theysupervise. 4) The practical problems faced by policymakersin adopting integrated supervision. The survey revealed thatthe group of integrated supervisory agencies is not ashomogeneous as it seems. Important differences arise withregard to the scope of regulatory and supervisory powers theagencies have been given. In fact, contrary to popularbelief, less than 50 percent of the agencies can becategorized as mega-supervisors. Another finding is that inmost countries progress toward the harmonization ofprudential regulation and supervision across financialintermediaries remains limited. Interestingly, the surveyrevealed that practically all countries believe they haveachieved a higher degree of harmonization in the regulationand supervision of banks and securities companies thanbetween banks and insurance firms. The survey alsoidentified some practical problems faced by this group ofcountries in establishing their unified supervisoryagencies. The authors discuss these problems, along with thepractical lessons and recommendations provided by the 15agencies to other countries considering integratedsupervision, in the final section of the paper.