Annual Meeting Symposium:
November 7, 2008
Regulatory modernization, now an urgent concern, has an important global dimension. As concerns for financial stability, risk management, corporate governance disciplines, and trade commitments enhance financial sector transparency, they also foster trust in the reliability of financial transactions for ever greater numbers of participants. The spread of global standards for insurance as well as banking fosters an environment in which supervisory coordination becomes easier in time of crisis. And in normal times global standards make financial services more available to more people worldwide, helping them manage their risks and improve their well-being.
At the same time, globalization presents new challenges to financial regulators. Traditional means of assuring the integrity of the financial system do not address all the complexities of this new environment. Calls for reform and modernization come from many quarters, including those seeking to improve the regulation of cross-border transactions.
On November 7, 2008, the International Insurance Foundation's Annual Symposium examined proposals for the modernization of financial regulation from a global perspective.