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Swiss regulator identifies institutions for oversight


BASEL, Switzerland—The Switzerland-based Financial Stability Board said Monday that it has identified financial institutions that should be subject to regulatory oversight, but denied a published report that said a list of 30 organizations, including insurers, had been created.

The Financial Times reported Monday that 30 financial institutions were on a list put together under the auspices of the Basel-based FSB. The newspaper said the list included 24 banks in the United Kingdom, continental Europe, North America and Japan, as well as insurers AXA Group, AEGON N.V., Allianz S.E., Aviva P.L.C., Zurich Financial Services Group Inc. and Swiss Reinsurance Co.

The newspaper said the list was created “in an effort to pre-empt systemic risks from spreading around the world in any future financial crisis.” The report said the list had not been made public.

The FSB, an agency established in April to succeed the Financial Stability Forum and charged with pinpointing and correcting vulnerabilities in financial systems, said in a statement that it does not have a systemic risk list.

“A simple ex ante (or before-the-event) determination of which institutions are systemically important cannot be made because systemic importance is situation specific, as this crisis has shown,” the FSB said in the statement.

The FSB acknowledged that it has identified “a number of globally active financial institutions” that should be subject to oversight by “supervisory colleges” of regulators.

But the group of financial institutions “is subject to change and does not match the institutions outlined by the FT. The institutions that should have a supervisory college were chosen based on the needs for information sharing and cooperation in ongoing supervision, and not necessarily based on systemic importance,” the FSB said.