The European Supervisory Authorities, EBA, ESMA and EIOPA respectively, have today published a consultation paper on the Financial Conglomerates Directive (FICOD).
The Joint Committee of the European Supervisory Authoritiesin April 2011had received a Call for Advice from the European Commission to look at the (A) scope of application, especially the inclusion of non-regulated entities (B) internal governance requirements and sanctions, and (C) supervisory empowerment of Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.
The ESA advice shall contribute to the European Commission’s fundamental review of the FICOD.
Stakeholders are invited to comment by August 13.
