REVISITING THE FINANCIAL CONGLOMERATE BUSINESS MODEL 3 RD BIENNIAL INTERNATIONAL CONFERENCE ON BUSINESS, BANKING AND FINANCE May 28, 2009 University of.

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REVISITING THE FINANCIAL CONGLOMERATE BUSINESS MODEL 3 RD BIENNIAL INTERNATIONAL CONFERENCE ON BUSINESS, BANKING AND FINANCE May 28, 2009 University of the West Indies, St. Augustine Carl Hiralal Inspector of Financial Institutions

Current Mixed Groups Holding Co. Banking Entity SPV Insurance Entity SPV Widget Company Securities Company Super market Financial Advisory Co

Preferred Structure Holding Co. Financial Holding Co. BankInsuranceSecurities Holding Co. Widget Co Super Market Garment Factory

Preferred Structure Holding Co. Bank InsuranceSecurities Finance House commercial

Legislative Requirements under the Financial Institutions Act, Separation of financial activities from non-financial activities, possibly through the establishment of a financial holding company. 2.The financial holding company will require a permit under either the banking or insurance law depending on the predominant activity. 3.Introduction of connected party exposure limit – 10% of capital base. 4.Introduction of consolidated prudential reporting.

Consolidated Supervision 1.College of Regulators -Conglomerate – specific -Concept of lead regulator -Emergence of Multilateral Memorandum of Understanding -Home-Host Relationships Defined

International Requirements 1.Principle 11 – Exposure to related parties 2.Principle 19 – Supervisory Approach 3.Principle 21 – Supervisory Reporting 4.Principle 24 – Consolidated Supervision 5.Principle 25 – Home-Host Relationships