-EMAC adopted the report on Financial Conglomerates at first reading.
The Committee rejected a number of amendments seeking to dilute a ban on multiple gearing of prudential capital through the introduction of prudential capital requirements.
The definition of financial conglomerates was modified by lowering the threshold of consolidated or aggregated balance sheet total of financial sector entities within a group from 50 to 40%.
The adopted report also allows the free choice of calculation method for financial conglomerates to choose one of the three methods laid down in Annex I for the calculation of the capital adequacy requirements.
see full report.
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