The JCFC received a progress letter in respect to its CfA No. 3 from the European Commission

10 February 2009


The Joint Committee on Financial Conglomerates (JCFC) received a letter from the European Commission (EC) requesting further work in relation to its April 2008 Call for Advice (IWCFC - CfA No. 3) - stocktake of existing national implementation practices of the Financial Conglomerates Directive (FCD) in the context of its review.

EC asks JCFC to also come forward with a range of possible solutions to the issues it has identified in its work to date in the 3 requested areas (language, scope and internal control mechanisms).  JCFC is currently developing and incorporating suggested solutions and finalizing a paper for public consultation by end May 2009. The JCFC also plans to hold a public hearing during the consultation period in late June/early July before submitting its final advice in the autumn.

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