SAMA Notice on BCBS Finalized Principles for the Supervision of Financial Conglomerates

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BJJ,.iking Supervision Dept.
From
To
Attention
Subject
Saudi Arabian Monetary Agency
All Banks
� o •• � I ·1 e I o , , • , : e----JJ1 't'rt'/''f'o :{;-,-JL-:i.ll Managing Directors, Chief Executive Officers and General Managers ,- : .:.L...i! .>',II Basel Committee on Banking Supervision (BCBS) Finalized Document entitled "Principles for the Supervision of Financial Conglomerates" The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, the International Organization of Securities Commission (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to banking, securities and insurance sectors. In 2009, Joint Forum recommended that the 1999 Principles should be updated and expanded. In this regard, the Joint Forum has now issued its finalized paper on Supervision of Financial Conglomerates which is relevant to banks in Saudi Arabia. We require all banks to access the above document from the Bank for International Settlement website: (http://www.bis.org). Banks are expected to study and review the relevant component of this document with the objective to further strengthening their internal governance, risk management and control systems. Best regards, r}/7 Abdulrahman A. Al-Kalaf Deputy Governor for Technical Affairs P. 0. Box 2992 - Riyadh 11169, Saudi Arabia - Tel.: 0 1-463 3000 - Telex 404390 SJ - Fax 0 1-466 2119