22 November 2007
Recpmmendations to address the consequences of the differences in sectoral rules on the calculation of own funds of financial conglomerates
The Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Penstions (CEIOPS) - through the Interim Working Committee on Financial Conglomerates (IWCFC) are publishing today the formal consultation on its advice to the European Commission (EC) on recommendations for action that the IWCFC considers appropriate to address the consequences of the differences in sectoral rules on eligible capital for the supervision of financial conglomerates. The advice forms the conclusion to its previous reports analysing the existence and impact of the sectoral differences published in January and August 2007 (link).
In order to allow for a focused consultation, the IWCFC has developed some concrete questions on which it would be very keen to hear market participants’ views. Participants are of course welcome to raise any other issues they think are relevant. Industry representatives are invited to send their comments by 7 March 2008.
Unless respondents request otherwise, comments received will be published on the CEBS and CEIOPS website.