EBA: Joint Committee response to the CfA on the Fundamental Review of the Financial Conglomerates Directive

24 October 2012

The European Banking Authority, EIOPA and ESMA responded to the European Commission's Call for Advice on the Fundamental Review of the Financial Conglomerates Directive.

The Joint Committee of the European Supervisory Authorities’ received a Call for Advice from the European Commission to look at:

• the scope of application, especially the inclusion of non-regulated entities;
• the internal governance requirements and sanctions; and
• the supervisory empowerment of Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (FICOD1).

The Joint Committee wishes to highlight that the sectoral legislations are still under negotiation at the time of delivery of this report. Therefore the Commission would need to pay due attention and take into consideration the final versions of the sectoral texts once stabilised.

This advice shall contribute to the European Commission’s fundamental review of the FICOD, following the short technical review, resulting in Directive 2011/89/EU.

Full information

Full response

© EBA