EUROPE: The Joint Committee of three European Supervisory Authorities (EBA, ESMA and EIOPA) Consult on Supervisory Practices for Financial Conglomerates

Wednesday March 12 2014

The Joint Committee of the three European Supervisory Authorities, EBA, ESMA and EIOPA has launched a public consultation on its draft Guidelines on the convergence of practices aimed at ensuring consistency of supervisory coordination arrangements for financial conglomerates. This public consultation will run until 12 June 2014.

These Guidelines will enhance the level playing field in the financial market and reduce administrative burdens for firms and supervisory authorities. Their objective is to clarify and enhance cooperation between national competent authorities on cross-border groups that have been identified as financial conglomerates.

The document focuses on how authorities should cooperate in order to achieve a supplementary level of supervision of financial conglomerates. This will serve the purpose of addressing loopholes in present legislation, as prescribed by the FICOD (Financial Conglomerates Directive).

The Joint Committee of the three European Supervisory Authorities expects to publish the final guidelines in the second half of 2014.

Click on the above link for further details.