This proposal deals with the single most urgent technical issue based on a limited review of the existing Directives and it is the subject of this report. In the second step the Commission intends to start a more fundamental review, in the context of developments regarding supplementary supervision. That review is expected to take place at the end to 2011.
The purpose of the Commission's proposal is to provide a so called "quick fix" for a situation that manifested itself in a more problematic way during the financial crisis, but which has been known for almost a decade. It is useful for supervisors to be able to supervise mixed financial holding companies in a similar way as financial holding companies (banking sector) and insurance holding companies (insurance sector). Although the present Directives do not seem to prohibit Member States to adapt their legislation to exert this power over these mixed financial holding companies, a European coordination is useful in order to make this mandatory. In this light, the proposal should have been part of the full review next year.
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