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Supplementary Supervision

The Financial Conglomerates Directive aims at the supplementary supervision of regulated entities that form part of a financial conglomerate, i.e. groups with licenses in both the banking and the insurance sector, by focusing on potential risks of double gearing (multiple use of capital) and on “group risks” (the risks of contagion, management complexity, risk concentration, and conflicts of interest).

Publication of the delegated regulation with regard to regulatory technical standards – 03.04.2014

On 21 January 2014 the Commission adopted a delegated Regulation with regard to regulatory technical standards for the application of the calculation methods of capital adequacy requirements for financial conglomerates. The delegated Regulation was published on 3 April 2014, after the expiry of the objection period by the European Parliament and the Council. It enters into force on the twentieth day following its publication.

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Report on the review of the Financial Conglomerates Directive 2002/87/EC – 20.12.2012

On 20 December 2012 the Commission adopted a report on the review of the Financial Conglomerates Directive.

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Revision of the Financial Conglomerates Directive – 16.08.2010

On August 2010 the Commission proposed to amend existing European rules on the supervision of financial conglomerates.

The new rules were adopted by the EU in November 2011 and entered into force on December 09, 2011

Conglomerates’ Conference: “The ‘invisibilities’ within the most visible” – 07.06.2010

On 7 June the European Commission hosted a high level one-day conference on the challenge of supervising financial conglomerates.

Call for advice no. 3 from IWCFC (Interim Working Committee on Financial Conglomerates)

09.02.2009 Progress Call for Advice no. 3pdf Choose translations of the previous link 
11.04.2008Call for technical advice no. 3 from IWCFC on the Review of Financial Conglomerates Directive PDF 11,5 KBEnglishEnglishEnglishEnglish

Transposition of the Financial Conglomerates Directive

14.11.2005 Issues arising from the transposition, interpretation and implementation of the Directivepdf Choose translations of the previous link 

Legislation

16.12.2002 Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate

Decision process

20.11.2002 Commission welcomes the European Parliament’s adoption of Directive
20.09.2002Communication from the Commission to the European Parliament concerning the Common Position of the Council on the adoption of a Directive on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate
07.05.2002Commission welcomes Council agreements on Market Abuse and Financial Conglomerates Directives
11.04.2002Follow up of the second mapping exercise on European Union Financial Conglomerates (Summary of the findings by the Mixed Technical Grouppdf Choose translations of the previous link )
14.03.2002Commission welcomes significant progress in European Parliament on Financial Services Action Plan
26.04.2001Commission proposes Directive on prudential supervision of financial conglomerates
19.12.2000Commission launches consultations on regulation of conglomerates