{
  "title": "Consolidated Regulation and Supervision in the United States",
  "publication": "IMF Working Papers, January 1, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/index.md",
  "summary": "This paper builds on a Technical Note produced as part of the IMF’s 2010 Financial Sector Assessment Program (FSAP) review of the United States. It addresses enterprise-wide oversight of financial groups, a key tool to mitigate systemic risk.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Author: Ashok Vir Bhatia\n- Publication date: January 1, 2011\n- Builds on: a Technical Note produced as part of the IMF’s 2010 Financial Sector Assessment Program (FSAP) review of the United States.\n- Core focus: enterprise-wide oversight of financial groups as a tool to mitigate systemic risk, with emphasis on legal arrangements."
    },
    {
      "heading": "Key findings",
      "content": "- Enterprise-wide (consolidated) oversight is a key tool to mitigate systemic risk for financial groups.\n- Existing legal arrangements create exceptions and inconsistencies that weaken consolidated supervision.\n- Some nonbank financial groups with systemic relevance lie outside the consolidated regulatory perimeter."
    },
    {
      "heading": "Principal policy recommendations",
      "content": "- Eliminate exceptions for holding companies owning certain limited-purpose banks.\n- Harmonize arrangements for bank and thrift holding companies.\n- Bring into the regulatory perimeter a few systemic nonbank financial groups.\n- Designate the Federal Reserve as the sole consolidated regulator and supervisor."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject areas: Banking; Brokers and dealers; Commercial banks; Consolidated banking supervision; Financial institutions; Financial markets; Financial regulation and supervision; Securities.\n- Keywords (as provided): Bank holding company; Brokers and dealers; Commercial banks; company; consoldated regulation; Consolidated banking supervision; consolidated supervision; derivative product company; Europe; Fed oversight; Fed umbrella supervision; full-scope securities underwriting; futures commission merchants; Global; group structure; holding company; investment banking group; net capital; nonfinancial group; savings and loan holding company; Securities; securities broker-dealers; securities broker-dealing; WP\n\n---\n\n Content in this bundle\n\n- wp1123\n  - wp1123 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1123 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/bundle-manifest.json)",
    "Authors: Ashok Vir Bhatia",
    "Published: January 1, 2011",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455211920.001",
    "Author: Ashok Vir Bhatia",
    "Publication date: January 1, 2011",
    "Builds on: a Technical Note produced as part of the IMF’s 2010 Financial Sector Assessment Program (FSAP) review of the United States.",
    "Core focus: enterprise-wide oversight of financial groups as a tool to mitigate systemic risk, with emphasis on legal arrangements.",
    "Enterprise-wide (consolidated) oversight is a key tool to mitigate systemic risk for financial groups.",
    "Existing legal arrangements create exceptions and inconsistencies that weaken consolidated supervision.",
    "Some nonbank financial groups with systemic relevance lie outside the consolidated regulatory perimeter.",
    "Eliminate exceptions for holding companies owning certain limited-purpose banks.",
    "Harmonize arrangements for bank and thrift holding companies.",
    "Bring into the regulatory perimeter a few systemic nonbank financial groups.",
    "Designate the Federal Reserve as the sole consolidated regulator and supervisor.",
    "Subject areas: Banking; Brokers and dealers; Commercial banks; Consolidated banking supervision; Financial institutions; Financial markets; Financial regulation and supervision; Securities.",
    "Keywords (as provided): Bank holding company; Brokers and dealers; Commercial banks; company; consoldated regulation; Consolidated banking supervision; consolidated supervision; derivative product company; Europe; Fed oversight; Fed umbrella supervision; full-scope securities underwriting; futures commission merchants; Global; group structure; holding company; investment banking group; net capital; nonfinancial group; savings and loan holding company; Securities; securities broker-dealers; securities broker-dealing; WP",
    "**_wp1123**"
  ],
  "related": [
    {
      "title": "_wp1123",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2011/_wp1123.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2011/_wp1123.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2011/_wp1123.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/consolidated-regulation-and-supervision-in-the-united-states-24607/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T11:04:38.659Z"
}