EBA, ESMA and EIOPA consult on supervisory practices for financial conglomerates
12 March 2014
The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched today 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).
These areas include in particular the mapping of the financial conglomerate structure and written agreements; the coordination of information exchange, supervisory planning and coordination of supervisory activities in emergency situations; the supervisory assessment of financial conglomerates; other decision-making processes among the competent authorities.
The Joint Committee of the three European Supervisory Authorities expects to publish the final guidelines in the second half of 2014.
The proposed draft Guidelines have been developed on the basis of Article 11 of the Financial Conglomerates Directive, which mandates the EBA, ESMA and EIOPA to develop, through the Joint Committee, guidelines aimed at the convergence of supervisory practices with regard to the consistency of supervisory coordination arrangements in accordance with Article 131a of Directive 2006/48/EC (currently Article 116 of Directive 2013/36/EU) and Article 248(4) of Directive 2009/138/EC.
Comments to this consultation can be sent clicking on the "send your comments" button on the consultation page. Please note that the deadline for the submission of comments is 12 June 2014.
All contributions received will be published following the close of the consultation, unless requested otherwise.
The ESAs will hold a public hearing on the draft Guidelines, which will take place at the EBA premises in London on 19 May 2014, from 14:00 to 16:00 UK time.