Global financial regulators published a revised set of principles for overseeing financial conglomerates.

The Joint Forum, which comprises global banking, securities and insurance regulators, Monday issued its final report on principles for the supervision of conglomerates.

The purpose of the revisions is to close regulatory gaps, eliminate supervisory “blind spots”, and ensure effective supervision of risks arising from unregulated financial activities and entities.

The principles, which are designed to apply to large internationally active financial conglomerates, address supervisory powers and authority; supervisory responsibility; corporate governance; the role of supervisors in assessing capital adequacy, taking into account the risks that unregulated entities pose to regulated firms; and, risk management, with an increased emphasis on group-wide risk management.

“The global adoption of these supervisory principles and their application in proportion to the risks posed will help strengthen the global financial system,” said Therese Vaughan, chairwoman of the Joint Forum and CEO of the U.S. National Association of Insurance Commissioners.