Joint Consultation Paper / response to the European Commission’s Call for Advice on the Fundamental Review of the FICOD

EBA, EIOPA and ESMA’s responded to the European Commission’s Call for Advice on the Fundamental Review of the Financial Conglomerates Directive.

The Joint Committee of the European Supervisory Authorities’ received a Call for Advice from the European Commission to look at the (A) scope of application, especially the inclusion of non3regulated entities (B) internal governance requirements and sanctions, and (C) supervisory empowerment of Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (FICOD1).

This advice shall contribute to the European Commission’s fundamental review of the FICOD, following the short technical review, resulting in Directive 2011/89/EU (hereafter FICOD12).