Meeting of the Joint Forum in Tendo City, Yamagata Prefecture
- On 18th and 19th of July, a meeting of the Joint Forum was held in the City of Tendo, Yamagata Prefecture for the first time in Japan. ''It was the most memorable experience of all 17 meetings to date,'' said the members, with reference to the warm reception by the Yamagata Governor and the Tendo Mayor, the preparation of the Forum, and the abundance of nature, culture and history of Tendo.
- At the Joint Forum meeting in Tendo, a Working Group submitted a report that compares the core principles of supervising banking, securities and insurance businesses (model bank laws, securities and exchange laws and insurance laws that may be instructive to countries worldwide). The report found no inconsistencies among the principles of supervising the three types of businesses, but identified differences in their implementation. Subsequent to discussions at the meeting, the content of the report was largely accepted, and a decision was made to submit it to parent organizations of the Joint Forum, i.e., the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS).
- Another Working Group also submitted a report on risk management practices and regulatory capital frameworks. The report recognized that the risk management methods for the three types of businesses are similar in some respects but different in others due to the nature of each type of business. Further to discussions in the meeting, the content of the report was largely accepted. This report is a high quality document that summarizes the basic concepts of risk management.
- Financial Services Agency Commissioner Shoji Mori, who hosted the official dinner party, confirmed his commitment to deliver the financial and corporate reform measures included in the Emergency Economic Measures of April and the Structural Reform in the Japanese Basic Policy for Fiscal and Economic Management and for Economic and Social Structural Reform in June, and thereby to tackle the non-performing loans problem. Members of the Joint Forum expressed their strong support to Mr. Mori's Commitment.
- On (Tuesday) 17th of July, Joint Forum Chairman Jarl Symreng (Head of the Insurance Department of Finansinspektionen of Sweden), Tanis MacLaren (Head of the Office of International Affairs, Ontario Securities Commission of Canada), Katsunori Mikuniya, Comptroller of the Tokyo Stock Exchange of the Financial Services Agency were invited to give a speech in celebration of the Joint Forum meeting, for which some 100 people from the local financial sector gathered. Simultaneously, a round table discussion was organized at the Lifetime Learning and Culture Center Yugakukan, in which 4 Joint Forum members had a warm discussion with 14 local high school students, and exchanged opinions with each other in a congenial atmosphere. ''We were more inspired by them than they were by us,'' said the participating members, after experiencing the enthusiasm and knowledge of the high school students.
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