Joint Consultation Paper / response to the European Commission’s Call for Advice on the Fundamental Review of the FICOD
This consultation covers three broad areas where advice is sought by the European Commission: the scope of application, the group wide internal governance requirements and sanctions and supervisory empowerments under the FICOD.
In its proposed response, the Joint Committee issues a series of recommendations for the review of the FICOD, including the widening of the scope of supervision, addressing requirements and responsibilities to a designated entity within the financial conglomerate and the framework of supervisory powers provided by the FICOD.
Moreover, the Joint Committee will be providing later this year, a supervisory contribution to the wider fundamental review of the FICOD, which is being carried out by the European Commission.