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The text will impose rules of solvency on conglomerates and ban duplication of own funds to cover risks in various entities of the same conglomerate. It will leave some margin to manoeuvre to companies to choose the method of how to eliminate duplication.
On the definition of conglomerates, one of the key concerns, the threshold of financial activity was fixed to 40 percent instead of 50 percent mentioned in the original proposal.
On the other key concern of supervision, the Council accepted mechanisms for coordinating control authorities and strengthened the obligations on information.
The political agreement is to become a Common Position.
Proposed Common Position
Commission press release