Search

These ITS aim at offering a single framework of requirements for the reporting of intra-group transactions and risk concentration by financial conglomerates subject to supplementary supervision in the European Union.

These Regulatory Technical Standards (RTS) developed by the Joint Committee of the European Supervisory Authorities (ESAs) aim to clarify which risk concentrations and intra-group transactions within a financial conglomerate should be considered as significant. In addition, the RTS provide some supervisory measures for coordinators and other relevant competent authorities when identifying types of significant risk concentration and intra-group transactions, their associated thresholds and reports, where appropriate.

The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) published today its joint final draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions under the Financial Conglomerates Directive (FICOD). These standards clarify which risk concentration and intra-group transactions shall be considered as significant at the level of financial conglomerate and aim at ensuring consistent application across the EU of the FICOD’s requirements on this topic.

The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) published today the Joint Guidelines on the convergence of practices aimed at ensuring consistency of supervisory coordination arrangements for financial conglomerates. The first Guidelines developed jointly by the three ESAs in relation to the FICOD (Financial Conglomerates Directive) aim to clarify and enhance cooperation between national competent authorities on cross-border groups that have been identified as financial conglomerates.

The Joint Committee publishes the 2014 List of Identified Financial Conglomerates. The latest version of the list shows 71 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.

The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched today a consultation on draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD). The consultation runs until 24 October 2014.