European Insurance and Occupational Pensions Authority (EIOPA)
Before and during the financial crisis in 2007 and 2008, the European Parliament has called for a move towards more integrated European supervision in order to ensure a true level playing field for all actors at the level of the European Union and to reflect the increasing integration of financial markets in the Union. As a result, the supervisory framework was strengthened to reduce risk and severity of future financial crises. EIOPA is part of a European System of Financial Supervisors that comprises three European Supervisory Authorities, one for the banking sector, one for the securities sector and one for the insurance and occupational pensions sector, as well as the European Systemic Risk Board.
EIOPA’s main goals are
- Better protecting consumers, rebuilding trust in the financial system.
- Ensuring a high, effective and consistent level of regulation and supervision taking account of the varying interests of all Member States and the different nature of financial institutions.
- Greater harmonisation and coherent application of rules for financial institutions & markets across the European Union.
- Strengthening oversight of cross-border groups.
- Promote coordinated European Union supervisory response.
Please visit the site of EIOPA for more information
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International Association of Insurance Supervisors (IAIS)
Established in 1994, the IAIS represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries, accounting for 97% of the world's insurance premiums. It also has more than 120 observers.
Its main objectives are to:
- cooperate to contribute to improved supervision of the insurance industry on a domestic as well as on an international level in order to maintain efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders;
- promote the development of well-regulated insurance markets; and
- contribute to global financial stability.
For more information, visit the IAIS website.
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Financial Action Task force (FATF)
In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit held in Paris in 1989. Recognising the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and the President of the European Commission convened the Task Force from the G-7 member states, the European Commission and eight other countries.
The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action already taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering. In 2001, the development of standards in the fight against terrorist financing was added to the mission of the FATF. Today, the FATF has 34 members. It has issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.
For more information, visit the FATF website.
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Organisation for Economic Cooperation and Development (OECD)
The Organisation for Economic Cooperation and Development (OECD) was established in 1961 and is based in Paris. Its membership, currently comprising 30 countries across the world, is growing continuously. Through the OECD, member countries can compare their policies on specific issues, seek answers to common problems and coordinate their national policies with international policy.
The OECD brings together the governments of countries committed to democracy and the market economy from around the world to:
- support sustainable economic growth;
- boost employment;
- raise living standards;
- maintain financial stability;
- assist other countries' economic development; and
- contribute to growth in world trade.
For more information, visit the OECD website .
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