International convergence in supervision and regulation

Abstract

This paper examined the role of supervision and regulation in the financial system in any economy which helps in promoting growth and development. It also considers the driving force behind international convergence in supervision and regulation and areas of common interest to supervisors and regulators as well as the international agencies that have come into existence to address them. Furthermore, section four focuses on the major international standards and codes that have been agreed upon and are being implemented by the different regulatory/supervisory jurisdictions worldwide. Section five discusses the emergence of regional groupings, with emphasis on the African continent, and the key areas for the achievement of harmonization in supervision and regulation.