Risk in Financial Conglomerates: Management and Supervision

Financial conglomerates, combining banking, securities trading, and insurance, have become an important part of the financial landscape in many countries. Cross-sector consolidation has been fostered by trends such as disintermediation, globalization, and deregulation creating new challenges for both the group’s management as well as for regulators. We discuss the theoretical reasons why supervisors are interested in the riskiness of a financial firm and why – for firms – a similar concern emerges from the theory on risk management, both from a market and a firm perspective. After describing the Dutch institutional set-up, we turn to the discussion of the following question: How can a supervisor devise a framework of supervision that does justice to a financial conglomerate’s own responsibility and, at the same time, safeguards the general public’s interest? The framework, we feel, should be similar in flavor to the Supervisory Review, as proposed in the new Basel accord.supervision, financial conglomerates, banks, insurers, diversification

Efficacy of a Non-Hypercalcemic Vitamin-D2 Derived Anti-Cancer Agent (MT19c) and Inhibition of Fatty Acid Synthesis in an Ovarian Cancer Xenograft Model

BACKGROUND:Numerous vitamin-D analogs exhibited poor response rates, high systemic toxicities and hypercalcemia in human trials to treat cancer. We identified the first non-hypercalcemic anti-cancer vitamin D analog MT19c by altering the A-ring of ergocalciferol. This study describes the therapeutic efficacy and mechanism of action of MT19c in both in vitro and in vivo models. METHODOLOGY/PRINCIPAL FINDING:Antitumor efficacy of MT19c was evaluated in ovarian cancer cell (SKOV-3) xenografts in nude mice and a syngenic rat ovarian cancer model. Serum calcium levels of MT19c or calcitriol treated animals were measured. In-silico molecular docking simulation and a cell based VDR reporter assay revealed MT19c-VDR interaction. Genomewide mRNA analysis of MT19c treated tumors identified drug targets which were verified by immunoblotting and microscopy. Quantification of cellular malonyl CoA was carried out by HPLC-MS. A binding study with PPAR-Y receptor was performed. MT19c reduced ovarian cancer growth in xenograft and syngeneic animal models without causing hypercalcemia or acute toxicity. MT19c is a weak vitamin-D receptor (VDR) antagonist that disrupted the interaction between VDR and coactivator SRC2-3. Genome-wide mRNA analysis and western blot and microscopy of MT19c treated xenograft tumors showed inhibition of fatty acid synthase (FASN) activity. MT19c reduced cellular levels of malonyl CoA in SKOV-3 cells and inhibited EGFR/phosphoinositol-3kinase (PI-3K) activity independently of PPAR-gamma protein. SIGNIFICANCE:Antitumor effects of non-hypercalcemic agent MT19c provide a new approach to the design of vitamin-D based anticancer molecules and a rationale for developing MT19c as a therapeutic agent for malignant ovarian tumors by targeting oncogenic de novo lipogenesis

Une démarche pragmatique pour une vision convergente de la supervision des conglomérats financiers au sein de l’Union européenne

A pragmatic approach to a converging supervisory view on financial conglomerates in the EU In the development of financial conglomerates supervision, the Interim Working Committee of Financial Conglomerates « IWCFC » fits well into the current institutional European framework, allowing maximum benefit with minimum costs. Its format may need to be amended if circumstances change following the Lamfalussy review, the Financial Conglomerates Directive review or changing market circumstances, but also in that case a pragmatic and flexible format should be chosen. JEL classification : F36, G20, G28Dans le développement de la surveillance des conglomérats financiers, l’Interim Working Committee of Financial Conglomerates (IWCFC) trouve bien sa place dans la présente structure institutionnelle européenne, permettant un bénéfice maximal à un coût minimal. Ce cadre pourrait être amendé si les circonstances changent suite à la revue du processus Lamfalussy, la revue de la directive sur les conglomérats financiers ou des changements dans les circonstances du marché. Dans tous les cas, cela doit se faire dans le sens d’un pragmatisme et d’une souplesse accrus. Classification JEL : F36, G20, G28Schilder Arnold. Une démarche pragmatique pour une vision convergente de la supervision des conglomérats financiers au sein de l’Union européenne . In: Revue d'économie financière, n°92, 2008. Les nouvelles frontières de la finance. pp. 101-111

Risk in Financial Conglomerates: Management and Supervision

Financial conglomerates, combining banking, securities trading, and insurance, have become an important part of the financial landscape in many countries. Cross-sector consolidation has been fostered by trends such as disintermediation, globalization, and deregulation creating new challenges for both the group's management as well as for regulators. We discuss the theoretical reasons why supervisors are interested in the riskiness of a financial firm and why - for firms - a similar concern emerges from the theory on risk management, both from a market and a firm perspective. After describing the Dutch institutional set-up, we turn to the discussion of the following question: How can a supervisor devise a framework of supervision that does justice to a financial conglomerate's own responsibility and, at the same time, safeguards the general public's interest? The framework, we feel, should be similar in flavor to the Supervisory Review, as proposed in the new Basel accord.supervision; financial conglomerates; banks; insurers; diversification.

Principles of Auditing an Introduction To International Standards on Auditing

xxvi,; 214 hlm,; 24 c