ERM [12]

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Bullet points include: Modern regulatory frameworks typically have 3 components or ‘Pillars’ (e.g. Basel II/III, Solvency II, proposed IORP Directive, UK insurance regulatory approach, …) Pillar 1: Minimum (regulatory) capital requirements Pillar 2: Supervisory review process – regulators (supervisors) review how firms themselves assess they have adequate capital Pillar 3: Market discipline – firms have to disclose information on (amongst other things) adequacy of their capitalisation

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